Zealand Pharma (CPH: ZEAL) financial statements
The consolidated income statement, balance sheet and cash flow statement of Zealand Pharma for its last 7 fiscal years, as filed with the regulator, in millions of Danish kroner. At the end of fiscal 2025 it had DKK 15,949m in total assets and DKK 14,831m in equity.
Income statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | DKK 9,215m | DKK 62.7m | DKK 342.8m | DKK 104.0m | DKK 108.5m | DKK 353.3m | DKK 41.3m |
| Cost of sales | DKK 0.8m | DKK 7.9m | DKK 10.0m | DKK 0.0m | DKK 0.0m | DKK 90.6m | DKK 0.0m |
| Gross profit | DKK 9,214m | DKK 54.8m | DKK 323.6m | DKK 104.0m | DKK 97.6m | DKK 262.7m | DKK 40.9m |
| Operating profit | DKK 6,959m | −DKK 1,272m | −DKK 572.2m | −DKK 837.2m | −DKK 784.3m | −DKK 792.4m | −DKK 587.9m |
| Finance costs | DKK 332.8m | DKK 51.5m | DKK 190.7m | DKK 268.2m | DKK 15.8m | DKK 49.3m | DKK 3.4m |
| Profit before tax | DKK 7,001m | −DKK 1,083m | −DKK 708.9m | −DKK 972.0m | −DKK 758.9m | −DKK 839.7m | −DKK 576.7m |
| Income tax | DKK 546.1m | −DKK 4.6m | −DKK 5.1m | −DKK 6.4m | −DKK 3.9m | DKK 7.1m | −DKK 5.1m |
| Net profit | DKK 6,455m | −DKK 1,079m | −DKK 703.7m | −DKK 1,202m | −DKK 1,018m | −DKK 846.7m | −DKK 571.5m |
| Earnings per share | DKK 91.56 | −DKK 16.24 | −DKK 12.44 | −DKK 26.02 | −DKK 23.75 | −DKK 22.07 | −DKK 16.91 |
| Diluted earnings per share | DKK 90.22 | −DKK 16.24 | −DKK 12.44 | −DKK 26.02 | −DKK 17.61 | −DKK 22.07 | −DKK 16.91 |
Balance sheet
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Total assets | DKK 15,949m | DKK 9,506m | DKK 1,980m | DKK 1,540m | DKK 2,068m | DKK 1,762m | DKK 1,600m |
| Current assets | DKK 15,670m | DKK 8,528m | DKK 1,780m | DKK 1,316m | DKK 1,722m | DKK 1,420m | DKK 1,427m |
| Inventories | DKK 0.0m | DKK 10.7m | DKK 7.9m | DKK 1.3m | DKK 118.4m | DKK 65.0m | DKK 0.0m |
| Property, plant and equipment | DKK 69.9m | DKK 46.5m | DKK 47.0m | DKK 50.5m | DKK 86.5m | DKK 85.0m | DKK 39.7m |
| Cash | DKK 4,577m | DKK 480.3m | DKK 449.3m | DKK 1,069m | DKK 1,129m | DKK 960.2m | DKK 1,081m |
| Total liabilities | DKK 1,118m | DKK 888.9m | DKK 387.2m | DKK 723.9m | DKK 1,140m | DKK 532.6m | DKK 356.8m |
| Current liabilities | DKK 665.0m | DKK 403.5m | DKK 284.6m | DKK 195.5m | DKK 334.3m | DKK 355.3m | DKK 195.1m |
| Equity | DKK 14,831m | DKK 8,617m | DKK 1,593m | DKK 815.9m | DKK 927.8m | DKK 1,229m | DKK 1,243m |
| Equity including minorities | DKK 14,831m | DKK 8,617m | DKK 1,593m | DKK 815.9m | DKK 927.8m | DKK 1,229m | DKK 1,243m |
Cash flow statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | DKK 6,532m | −DKK 930.8m | −DKK 425.7m | −DKK 942.3m | −DKK 1,212m | −DKK 688.7m | −DKK 409.5m |
| Investing cash flow | −DKK 2,249m | −DKK 7,333m | −DKK 1,094m | DKK 281.3m | −DKK 18.1m | −DKK 196.8m | −DKK 51.7m |
| Financing cash flow | −DKK 378.2m | DKK 8,288m | DKK 907.0m | DKK 587.5m | DKK 1,333m | DKK 760.9m | DKK 674.5m |
| Capital expenditure | DKK 33.4m | DKK 10.1m | DKK 11.2m | DKK 11.7m | DKK 22.1m | DKK 25.0m | DKK 21.0m |
Where each figure comes from
From the annual report Zealand Pharma files every year in the European single electronic format (ESEF). The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2020. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the Zealand Pharma page.
Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.