Copenhagen - Zealand Pharma A/S ('Zealand') (NASDAQ: ZEAL) (CVR-no. 20 04 50 78), a biotechnology company focused on the discovery, development and commercialization of innovative peptide-based medicines, announced financial results for the 12-month period from January 1 to December 31, 2021.

In 2021, a number of significant milestones were accomplished by Zealand Pharma, including the U.S. Food and Drug Administration (FDA) approval of Zegalogue (dasiglucagon) injection for the treatment of severe hypoglycemia in patients with diabetes aged six and above, and the product's subsequent commercial launch in the U.S.; advancements in multiple parts of the EASE-SBS Phase 3 program of glepaglutide in patients with short bowel syndrome (SBS); presentation of data from the Phase 2a study of the dasiglucagon mini-dose pen in people with type 1 diabetes; successful completion of a Phase 1b study for dapiglutide; initiation of a Phase 1a study for Amylin Analog; FDA Fast Track Designation for BI456906 in adults with non-alcoholic steatohepatitis (NASH); and patient enrolment completed for the Phase 2 trials for obesity and Type 2 diabetes in the BI456906 program.

Financial results for the full year 2021

Revenue of DKK 292.6 million / USD 44.6 million (2020: DKK 353.3 million / USD 54.2 million).

Net operating expenses of DKK 1,224.7 million / USD 186.7 million (2020: DKK 1,092.1 million / USD 166.9 million).

Operating result for the year of DKK -1,052.4 million / USD -160.4 million (2020: DKK -792.4 million / USD -121.4 million).

Cash including marketable securities amounted to DKK 1,428.1 million / USD 217.7 million at year-end (2020: DKK 1,257.6 million / USD 192.2 million).

Emmanuel Dulac, President and Chief Executive Officer at Zealand Pharma, comments:

'2021 was a transformational year for Zealand Pharma as we launched our first commercial product and advanced our innovative pipeline. With the FDA approval and launch of Zegalogue (dasiglucagon) in the U.S., our established research capabilities in Denmark are now complemented by a commercial organization committed to ensuring our medicines reach the patients who need them most. In 2022 we are eagerly anticipating our pivotal phase 3 results with both glepaglutide for SBS and dasiglucagon for CHI, and continuing our strategy to discover and develop innovative peptide therapeutic options for patients with type 1 diabetes, rare diseases, obesity, and inflammation. With this established momentum across our robust preclinical and clinical pipeline we feel well positioned for continued progress in the year ahead.'

Financial guidance

In 2022, Zealand Pharma expects net product revenue from the sales of its commercial products of DKK 235.0 million +/-10% compared to 2021 of DKK 184.0 million.

In 2022, Zealand Pharma expects revenue from existing license agreements. However, since such revenue is uncertain in terms of size and timing, Zealand Pharma does not intend to provide guidance on such revenue.

Net operating expenses in 2022 are expected to be DKK 1,200.0 million +/-10% compared to 2021 of DKK 1,224.7 million.

Update regarding COVID-19

Zealand Pharma continues to monitor the COVID-19 pandemic and take precautions to keep our employees, patients, business and clinical partners safe. We maintain compliance with guidance from applicable government and health authorities as appropriate.

Commercial Update

Zegalogue (dasiglucagon) injection

Zegalogue launched in the U.S. in late June 2021. The Company's primary goal in the initial phase of launch was to establish favorable market access coverage working with Pharmacy Benefit Managers (PBMs), Managed Care Organizations (MCOs), and state Medicaid agencies to add Zegalogue to their respective formularies. As a result of this work, Zegalogue now has favorable coverage in approximately 70% of commercial lives which accounts for more than 130 million lives and approximately 95% of Medicaid lives, which accounts for 69.1 million Medicaid lives. In the second quarter of 2022 we expect to initiate a clinical study in children aged 1 to 6 years to explore the safety and effectiveness of 0.6 mg/0.6mL dasiglucagon injection in this age group.

Zegalogue net revenue for FY 2021 was DKK 5.5 million / USD $0.8 million.

V-Go wearable insulin delivery device

The V-Go series of Wearable Insulin Delivery Devices are indicated for continuous subcutaneous infusion of either 20 Units of insulin (0.83 U/hr), 30 Units of insulin (1.25 U/hr) or 40 Units of insulin (1.67 U/hr) in one 24-hour time period and on-demand bolus dosing in 2-Unit increments (up to 36 Units per one 24-hour time period) in adults requiring insulin.

V-Go net revenue for the FY 2021 was DKK 178.5 million / USD $28.5 million.

Contact:

Zealand Pharma Investor

Maeve Conneighton

Argot Partners

E: investors@zealandpharma.com

Zealand Pharma Media

David Rosen

Argot Partners

E: media@zealandpharma.com

About Zealand Pharma A/S

Zealand Pharma A/S (Nasdaq: ZEAL) ('Zealand') is a biotechnology company focused on the discovery, development, and commercialization of innovative peptide-based medicines. More than 10 drug candidates invented by Zealand have advanced into clinical development, of which two have reached the market and three candidates are in late-stage development. In addition, license collaborations with Boehringer Ingelheim and AstraZeneca create opportunities for more patients to potentially benefit from Zealand-invented peptide investigational agents currently in development.

Zealand was founded in 1998 in Copenhagen, Denmark, and has presence throughout the U.S. that includes key locations in Boston, and Marlborough (MA). For more information about Zealand's business and activities, please visit http://www.zealandpharma.com.

Forward-Looking Statements

This announcement may contain forward-looking statements, including 'forward-looking' statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on the beliefs and assumptions and on information currently available to management of Zealand, including with respect to the company's anticipated revenue and expenses for 2021 and potential product approval by the FDA. All statements other than statements of historical fact contained in this announcement are forward-looking statements, including statements regarding the anticipated final terms of the Investment. In some cases, you can identify forward-looking statements by terminology such as 'may,' 'will,' 'should,' 'expects,' 'plans,' 'anticipates,' 'believes,' 'estimates,' 'predicts,' 'potential' or 'continue' or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Zealand's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the 'Risk Factors' section of the Zealand's Annual Report on Form 20-F for the year ended December 31, 2019 filed with the SEC on March 13, 2020 and subsequent reports that Zealand has filed or will file with the SEC. Forward-looking statements represent Zealand's beliefs and assumptions only as of the date of this announcement. Although Zealand believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements.

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