Cash flow Zealand Pharma A/S

Stocks

ZEAL

DK0060257814

Biotechnology & Medical Research

Market Closed - Nasdaq Copenhagen Other stock markets 11:20:00 2026-06-12 am EDT			5-day change	1st Jan Change
295.80 ^DKK	+0.51%		-9.35%	-36.58%

Jun. 12	After Euphoria, a Traffic Jam on the Multi-Billion Dollar Kilo-Highway
Jun. 11	Weight-loss drug developers line up to tap lucrative market as competition heats up	RE

4993210034c79c3c5caeb2660.2DqO3tJnYcEX_1wgqfbmS66rWE5dtM91tM0F5w1xB7Q.j0jWv-AxV7citj5ZwdueDYPAES8ag_gx-Z9f00gQcOCgXc2PkAgurn-taA

Published financial data: ZEALAND PHARMA A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	293M	104M	343M	62.69M	9.21B
Total Revenues	293M	104M	343M	62.69M	9.21B
Cost of Goods Sold, Total	119M	-	3.2M	7.87M	816K
Gross Profit	174M	104M	340M	54.82M	9.21B
Selling General & Admin Expenses, Total	636M	270M	216M	404M	496M
Stock-Based Compensation (IS)	-	-11.24M	-	-	-
R&D Expenses	588M	612M	685M	920M	1.6B
Other Operating Expenses	-759K	48.27M	-	-	196M
Other Operating Expenses, Total	1.22B	918M	901M	1.32B	2.3B
Operating Income	-1.05B	-814M	-561M	-1.27B	6.92B
Interest Expense, Total	-4.09M	-57.79M	-25.83M	-34.05M	-29.06M
Interest And Investment Income	44K	6.54M	45.32M	170M	309M
Net Interest Expenses	-4.05M	-51.25M	19.49M	136M	280M
Currency Exchange Gains (Loss)	39.32M	25.6M	-9.71M	18.29M	-295M
Other Non Operating Income (Expenses)	-3.47M	11.01M	-1.99M	-17.46M	8.73M
EBT, Excl. Unusual Items	-1.02B	-829M	-553M	-1.13B	6.91B
Restructuring Charges	-	-19.1M	-	-	-
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-6.36M	2.34M	-8.84M	52.34M	47.71M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-2.17M	-3.99M	-11M	-	-
Legal Settlements	-	-	-	-3.14M	-
Other Unusual Items	-	-123M	-136M	-	42.34M
EBT, Incl. Unusual Items	-1.03B	-972M	-709M	-1.08B	7B
Income Tax Expense	-8.79M	-6.43M	-5.13M	-4.62M	546M
Earnings From Continuing Operations	-1.02B	-966M	-704M	-1.08B	6.46B
Earnings Of Discontinued Operations	-	-237M	-	-	-
Net Income to Company	-1.02B	-1.2B	-704M	-1.08B	6.46B
Net Income - (IS)	-1.02B	-1.2B	-704M	-1.08B	6.46B
Net Income to Common Incl Extra Items	-1.02B	-1.2B	-704M	-1.08B	6.46B
Net Income to Common Excl. Extra Items	-1.02B	-966M	-704M	-1.08B	6.46B
Per Share Items
Net EPS - Basic	-23.75	-26.02	-12.44	-16.24	91.56
Basic EPS - Continuing Operations	-23.75	-20.9	-12.44	-16.24	91.56
Basic Weighted Average Shares Outstanding	42.87M	46.2M	56.59M	66.43M	70.5M
Net EPS - Diluted	-23.75	-26.02	-12.44	-16.24	90.22
Diluted EPS - Continuing Operations	-23.75	-20.9	-12.44	-16.24	90.22
Diluted Weighted Average Shares Outstanding	42.87M	46.2M	56.59M	66.43M	71.55M
Normalized Basic EPS	-14.85	-11.21	-6.11	-10.66	61.27
Normalized Diluted EPS	-14.85	-11.21	-6.11	-10.66	60.37
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	-1.02B	-727M	-555M	-1.26B	6.93B
EBITA	-1.04B	-814M	-561M	-1.27B	6.92B
EBIT	-1.05B	-814M	-561M	-1.27B	6.92B
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	0.86	0.66	0.72	0.43	7.8
Normalized Net Income	-637M	-518M	-346M	-708M	4.32B
Interest on Long-Term Debt	7.56M	57.79M	28.98M	40.9M	37.7M
Supplemental Operating Expense Items
Selling and Marketing Expenses	375M	32.3M	30.63M	88.12M	139M
General and Administrative Expenses	261M	237M	185M	316M	357M
Research And Development Expense From Footnotes	588M	614M	685M	920M	1.6B
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., COGS (Total)	521K	-	-	-	-
Stock-Based Comp., R&D Exp. (Total)	22.16M	33.84M	29.76M	41.26M	55.54M
Stock-Based Comp., S&M Exp. (Total)	2.26M	649K	1.73M	3.47M	10.39M
Stock-Based Comp., G&A Exp. (Total)	27.97M	31.7M	29.94M	42.3M	49.96M
Stock-Based Comp., Other (Total)	-	-11.24M	-	-	-
Total Stock-Based Compensation	52.91M	54.94M	61.43M	87.03M	116M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.13B	1.07B	449M	480M	4.58B
Short Term Investments	-	-	-	23.63M	-
Trading Asset Securities, Total	299M	109M	1.18B	7.72B	10.53B
Total Cash And Short Term Investments	1.43B	1.18B	1.63B	8.23B	15.11B
Accounts Receivable, Total	73.02M	116M	122M	194M	174M
Other Receivables	37.36M	21.6M	16.44M	97.44M	145M
Total Receivables	110M	137M	139M	291M	320M
Inventory	118M	1.29M	7.94M	10.7M	-
Prepaid Expenses	64.63M	-	-	-	242M
Restricted Cash	-	-	-	-	-
Total Current Assets	1.72B	1.32B	1.78B	8.53B	15.67B
Gross Property Plant And Equipment	290M	237M	220M	203M	231M
Accumulated Depreciation	-68.89M	-71.36M	-70.43M	-77.72M	-79.84M
Net Property Plant And Equipment	221M	165M	150M	125M	151M
Long-term Investments	26.91M	37.84M	21.38M	820M	-
Other Intangibles, Total	53.79M	-	12.26M	12.62M	44.96M
Accounts Receivable Long-Term	-	18.1M	15.79M	-	-
Deferred Tax Assets Long-Term	13.52M	2.02M	925K	985K	872K
Other Long-Term Assets, Total	30.36M	-	-	19.41M	81.41M
Total Assets	2.07B	1.54B	1.98B	9.51B	15.95B
Liabilities
Accounts Payable, Total	64.56M	181M	91.61M	181M	257M
Accrued Expenses, Total	28.7M	-	51.73M	93.66M	115M
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	14.9M	14.73M	16.66M	16.04M	22.63M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	53.03M	-	-	-	65.34M
Other Current Liabilities	173M	-	125M	113M	206M
Total Current Liabilities	334M	195M	285M	403M	665M
Long-Term Debt	648M	401M	-	285M	303M
Long-Term Leases	125M	108M	103M	90.39M	80.21M
Unearned Revenue Non Current	14.55M	-	-	-	-
Other Non Current Liabilities	18.43M	19.06M	-	110M	70.08M
Total Liabilities	1.14B	724M	387M	889M	1.12B
Common Stock, Total	43.63M	51.7M	58.75M	71.02M	71.52M
Additional Paid In Capital	4.25B	-	6.41B	14.68B	14.73B
Retained Earnings	-3.31B	-	-4.89B	-6.16B	6.29M
Treasury Stock	-71.89M	-	-	-	-
Comprehensive Income and Other	14.16M	764M	22.7M	22.39M	23.38M
Total Common Equity	928M	816M	1.59B	8.62B	14.83B
Total Equity	928M	816M	1.59B	8.62B	14.83B
Total Liabilities And Equity	2.07B	1.54B	1.98B	9.51B	15.95B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	43.22M	51.47M	58.38M	70.65M	70.61M
ECS Total Common Shares Outstanding	43.22M	51.47M	58.38M	70.65M	70.61M
Book Value / Share	21.47	15.85	27.28	121.96	210.04
Tangible Book Value	874M	816M	1.58B	8.6B	14.79B
Tangible Book Value Per Share	20.22	15.85	27.07	121.78	209.41
Total Debt	787M	524M	119M	392M	406M
Net Debt	-641M	-654M	-1.51B	-8.65B	-14.7B
Debt Equivalent Oper. Leases	-	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	35.82M	1.29M	7.94M	10.7M	-
Inventories - Work In Process, Total	29.59M	-	-	-	-
Inventories - Finished Goods, Total	53.03M	-	-	-	-
Buildings, Total	36.6M	-	-	-	-
Machinery, Total	107M	82.82M	78.57M	84.91M	108M
Full Time Employees	355	196	253	335	481
Part Time Employees	-	-	-	20	20

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-1.02B	-1.2B	-704M	-1.08B	6.46B
Depreciation & Amortization - CF	32.39M	102M	20.12M	23.12M	24.01M
Amortization of Goodwill and Intangible Assets - (CF)	7.86M	-	-	-	-
Depreciation & Amortization, Total	40.25M	102M	20.12M	23.12M	24.01M
Amortization of Deferred Charges, Total - (CF)	-	1.34M	1.2M	16.49M	20.38M
(Gain) Loss From Sale Of Asset	2.7M	-	-	-	-
Asset Writedown & Restructuring Costs	6.52M	-1.06M	4.71M	-	-
Stock-Based Compensation (CF)	53.5M	52.58M	61.43M	87.03M	116M
Net Cash From Discontinued Operations	-	13.5M	-	-	-
Other Operating Activities, Total	-130M	81.38M	139M	-101M	-171M
Change In Accounts Receivable	-64.49M	18.22M	-6.76M	-48.96M	-88.26M
Change In Inventories	-52.77M	50.69M	9.34M	-2.76M	10.7M
Change In Accounts Payable	-49.06M	-58.65M	39.84M	89.92M	-178M
Change In Income Taxes	-	-	-	-	546M
Change in Other Net Operating Assets	-	-	9.68M	84.19M	-202M
Cash from Operations	-1.21B	-942M	-426M	-931M	6.53B
Capital Expenditure	-22.13M	-11.71M	-11.24M	-10.05M	-33.36M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-12.51M	-3.1M	-35.71M
Investment in Marketable and Equity Securities, Total	-	187M	-1.07B	-7.32B	-2.18B
Other Investing Activities, Total	4.01M	106M	-	-	-
Cash from Investing	-18.12M	281M	-1.09B	-7.33B	-2.25B
Long-Term Debt Issued, Total	648M	-	-	370M	-
Total Debt Issued	648M	-	-	370M	-
Long-Term Debt Repaid, Total	-14.72M	-450M	-543M	-16.44M	-20.16M
Total Debt Repaid	-14.72M	-450M	-543M	-16.44M	-20.16M
Issuance of Common Stock	775M	1.08B	1.56B	8.52B	49.15M
Repurchase of Common Stock	-28.59M	-	-41.6M	-352M	-407M
Other Financing Activities, Total	-46.9M	-47.46M	-71.91M	-237M	-
Cash from Financing	1.33B	587M	907M	8.29B	-378M
Foreign Exchange Rate Adjustments	66.22M	13.68M	-7.24M	6.23M	-54.74M
Net Change in Cash	169M	-59.87M	-620M	30.99M	3.85B
Supplemental Items
Cash Interest Paid	3.3M	34.41M	25.25M	24.03M	22.33M
Cash Income Tax Paid (Refund)	41.63M	-9.28M	-11.3M	-11.16M	567M
Levered Free Cash Flow	-741M	-382M	-229M	-736M	4.39B
Unlevered Free Cash Flow	-738M	-347M	-214M	-729M	4.39B
Change In Net Working Capital	153M	-16.29M	-78.94M	35.45M	4.72M
Net Debt Issued / Repaid	633M	-450M	-543M	353M	-20.16M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-34.28	-28.21	-19.93	-13.81	33.97
Return on Total Capital	-42.7	-33.31	-22.99	-14.8	35.66
Return On Equity %	-94.4	-110.75	-58.43	-21.13	55.06
Return on Common Equity	-94.4	-110.75	-58.43	-21.13	55.06
Margin Analysis
Gross Profit Margin %	59.39	100	99.07	87.44	99.99
SG&A Margin	217.47	259.18	62.99	644.47	5.38
EBITDA Margin %	-350.07	-698.78	-161.83	-2.01K	75.17
EBITA Margin %	-356.27	-782.86	-163.73	-2.02K	75.06
EBIT Margin %	-358.96	-782.86	-163.73	-2.02K	75.06
Income From Continuing Operations Margin %	-348.01	-928.6	-205.3	-1.72K	70.05
Net Income Margin %	-348.01	-1.16K	-205.3	-1.72K	70.05
Net Avail. For Common Margin %	-348.01	-928.6	-205.3	-1.72K	70.05
Normalized Net Income Margin	-217.56	-498.09	-100.91	-1.13K	46.87
Levered Free Cash Flow Margin	-253.28	-367.48	-66.8	-1.17K	47.66
Unlevered Free Cash Flow Margin	-252.4	-334.03	-62.37	-1.16K	47.67
Asset Turnover
Asset Turnover	0.15	0.06	0.19	0.01	0.72
Fixed Assets Turnover	1.35	0.54	2.17	0.46	66.61
Receivables Turnover (Average Receivables)	4.9	0.77	2.88	0.43	70.51
Inventory Turnover (Average Inventory)	1.3	-	0.69	0.85	-
Short Term Liquidity
Current Ratio	5.15	6.73	6.25	21.14	23.57
Quick Ratio	4.6	6.73	6.23	21.11	23.2
Operating Cash Flow to Current Liabilities	-3.63	-4.82	-1.5	-2.31	9.82
Days Sales Outstanding (Average Receivables)	74.55	472.24	126.7	850.51	5.18
Days Outstanding Inventory (Average Inventory)	281.82	-	526.71	433.05	-
Average Days Payable Outstanding	143	-	5.05K	4.69K	-
Cash Conversion Cycle (Average Days)	213.37	-	-4.4K	-3.41K	-
Long Term Solvency
Total Debt/Equity	84.87	64.23	7.49	4.55	2.74
Total Debt / Total Capital	45.91	39.11	6.96	4.35	2.66
LT Debt/Equity	83.26	62.43	6.44	4.36	2.58
Long-Term Debt / Total Capital	45.04	38.01	5.99	4.17	2.51
Total Liabilities / Total Assets	55.13	47.01	19.55	9.35	7.01
EBIT / Interest Expense	-256.71	-14.09	-21.73	-37.27	238.04
EBITDA / Interest Expense	-246.87	-12.32	-20.95	-36.6	238.86
(EBITDA - Capex) / Interest Expense	-252.28	-12.53	-21.38	-36.89	237.71
Total Debt / EBITDA	-0.78	-0.74	-0.22	-0.31	0.06
Net Debt / EBITDA	0.63	0.92	2.8	6.95	-2.12
Total Debt / (EBITDA - Capex)	-0.76	-0.72	-0.22	-0.31	0.06
Net Debt / (EBITDA - Capex)	0.62	0.9	2.74	6.89	-2.13
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-17.19	-4.2	229.65	-81.71	14.6K
Gross Profit, 1 Yr. Growth %	-33.87	6.57	226.58	-83.86	16.71K
EBITDA, 1 Yr. Growth %	29.24	-5.46	-23.96	126.88	-650.43
EBITA, 1 Yr. Growth %	29.96	4.08	-31.27	126.12	-645.05
EBIT, 1 Yr. Growth %	29.83	4.08	-31.27	126.12	-645.05
Earnings From Cont. Operations, 1 Yr. Growth %	20.24	27.91	-27.12	53.3	-698.34
Net Income, 1 Yr. Growth %	20.24	18.07	-41.46	53.3	-698.34
Normalized Net Income, 1 Yr. Growth %	19.1	10.03	-33.42	104.65	-710.17
Diluted EPS Before Extra, 1 Yr. Growth %	7.61	18.68	-40.5	30.58	-655.54
Accounts Receivable, 1 Yr. Growth %	57.1	-24.65	5.83	97.91	99.85
Inventory, 1 Yr. Growth %	82.1	-98.91	517.03	34.82	-
Net Property, Plant and Equip., 1 Yr. Growth %	3.95	-25.27	-9.45	-16.42	20.91
Total Assets, 1 Yr. Growth %	17.35	-25.53	28.59	380.08	67.78
Tangible Book Value, 1 Yr. Growth %	-25.41	-6.65	93.72	444.36	71.84
Common Equity, 1 Yr. Growth %	-24.53	-12.06	95.22	440.97	72.11
Cash From Operations, 1 Yr. Growth %	75.98	-22.26	-54.83	118.67	-801.74
Capital Expenditures, 1 Yr. Growth %	-11.62	-47.09	-4.01	-10.57	231.89
Levered Free Cash Flow, 1 Yr. Growth %	70.81	-35.2	-40.38	221.6	-696.34
Unlevered Free Cash Flow, 1 Yr. Growth %	70.93	-40.84	-38.8	240.95	-702.65
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	166.05	-26.41	77.71	-22.35	418.48
Gross Profit, 2 Yr. CAGR %	106.07	-26.41	86.56	-27.39	420.89
EBITDA, 2 Yr. CAGR %	33.55	11.59	-15.04	31.34	253.38
EBITA, 2 Yr. CAGR %	33.15	14.02	-15.29	24.66	251.07
EBIT, 2 Yr. CAGR %	33.65	14.02	-15.29	24.66	251.07
Earnings From Cont. Operations, 2 Yr. CAGR %	33.47	20.17	-3.45	5.7	202.86
Net Income, 2 Yr. CAGR %	33.47	19.15	-16.86	-5.27	202.86
Normalized Net Income, 2 Yr. CAGR %	32.56	10.92	-14.28	16.73	253.37
Diluted EPS Before Extra, 2 Yr. CAGR %	18.51	9.51	-15.97	-11.85	169.35
Accounts Receivable, 2 Yr. CAGR %	886.09	57.71	-10.7	29.39	33.46
Inventory, 2 Yr. CAGR %	-	-85.94	-74.12	188.42	-
Net Property, Plant and Equip., 2 Yr. CAGR %	32.92	-11.86	-17.74	-13	0.53
Total Assets, 2 Yr. CAGR %	13.7	-6.52	-2.14	148.46	183.81
Tangible Book Value, 2 Yr. CAGR %	-16.05	-16.56	34.48	224.74	205.85
Common Equity, 2 Yr. CAGR %	-13.59	-18.53	31.03	224.98	205.14
Cash From Operations, 2 Yr. CAGR %	72.05	16.96	-40.74	-0.61	291.73
Capital Expenditures, 2 Yr. CAGR %	2.57	-31.62	-28.73	-7.34	72.28
Levered Free Cash Flow, 2 Yr. CAGR %	52.75	5.63	-37.69	38.47	337.93
Unlevered Free Cash Flow, 2 Yr. CAGR %	52.97	5.57	-39.66	44.46	353.29
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	97.5	36.01	21.31	-16.72	345.83
Gross Profit, 3 Yr. CAGR %	71.21	36.46	20.93	-17.49	345.82
EBITDA, 3 Yr. CAGR %	32.33	8.16	-1.67	17.87	111.76
EBITA, 3 Yr. CAGR %	32.66	11.46	-3.59	17.51	103.85
EBIT, 3 Yr. CAGR %	32.99	11.46	-3.59	17.51	103.85
Earnings From Cont. Operations, 3 Yr. CAGR %	20.54	19.1	1.72	12.64	88.38
Net Income, 3 Yr. CAGR %	20.54	28.13	-5.98	1.95	75.11
Normalized Net Income, 3 Yr. CAGR %	29.26	12.66	-6.34	14.57	102.58
Diluted EPS Before Extra, 3 Yr. CAGR %	7.84	7.32	-10.64	-2.67	62.82
Accounts Receivable, 3 Yr. CAGR %	181.49	435.96	38.07	8.05	14.64
Inventory, 3 Yr. CAGR %	-	-	-50.4	-55.13	-
Net Property, Plant and Equip., 3 Yr. CAGR %	141.98	9.7	-11.07	-17.3	-2.92
Total Assets, 3 Yr. CAGR %	18.91	-1.26	3.97	66.28	117.98
Tangible Book Value, 3 Yr. CAGR %	-7.83	-13.03	10.49	114.32	162.66
Common Equity, 3 Yr. CAGR %	-5.98	-13.08	9.02	110.2	162.93
Cash From Operations, 3 Yr. CAGR %	37.97	32.02	-14.82	-8.42	90.67
Capital Expenditures, 3 Yr. CAGR %	76.32	-17.74	-23.43	-23.13	41.77
Levered Free Cash Flow, 3 Yr. CAGR %	-11.21	6.36	-12.56	7.68	125.29
Unlevered Free Cash Flow, 3 Yr. CAGR %	-11.38	3.25	-11.81	7.47	132.55
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	4.85	-5.27	55.27	8.69	116.89
Gross Profit, 5 Yr. CAGR %	-2.77	-3.17	57.88	6.02	116.88
EBITDA, 5 Yr. CAGR %	55.23	24.41	4.65	16.99	64.02
EBITA, 5 Yr. CAGR %	54.34	26.78	4.68	16.64	61.67
EBIT, 5 Yr. CAGR %	54.57	26.78	4.68	16.64	61.67
Earnings From Cont. Operations, 5 Yr. CAGR %	45.28	28.61	3.9	13.55	57.37
Net Income, 5 Yr. CAGR %	45.28	34.37	3.9	13.55	50.12
Normalized Net Income, 5 Yr. CAGR %	44.3	24.24	3.25	14.34	59.31
Diluted EPS Before Extra, 5 Yr. CAGR %	29.7	16.23	-8.07	-0.81	38.93
Accounts Receivable, 5 Yr. CAGR %	44.7	82.71	106.31	203.55	30.24
Net Property, Plant and Equip., 5 Yr. CAGR %	74.61	59.34	57.16	-0.01	-6.6
Total Assets, 5 Yr. CAGR %	24.38	16.38	9.99	42.82	55.36
Tangible Book Value, 5 Yr. CAGR %	25.73	9.65	7.2	47.31	66.03
Common Equity, 5 Yr. CAGR %	27.24	9.65	7.37	47.3	64.55
Cash From Operations, 5 Yr. CAGR %	96.95	27.58	-1.6	17.85	56.82
Capital Expenditures, 5 Yr. CAGR %	53.47	10.14	22.72	-13.73	5.91
Levered Free Cash Flow, 5 Yr. CAGR %	50.55	23.13	-26.38	18.32	66.57
Unlevered Free Cash Flow, 5 Yr. CAGR %	45.63	22.61	-27.42	18.23	69.75