Earnings call transcript: Zealand Pharma Q3 2026 stock slips as pipeline advances

Zealand Pharma reported robust earnings for the third quarter of 2026, with revenue reaching DKK 4.5 billion and net profit of DKK 3.5 billion. The company's strong performance was driven by revenue from its collaboration with Roche, as well as milestone payments. Despite these positive results, the company's shares fell 3.02% to $240.6 in early trading, indicating cautious investor sentiment.

The decline was attributed to the company's continued heavy investment in clinical development, rather than a reflection of earnings performance. Zealand's R&D spending totaled DKK 1.6 billion, with a focus on petrelintide, survodutide, and glepaglutide. The company also completed a DKK 1.2 billion share buyback program, returning capital to shareholders.

Cash and cash equivalents stood at DKK 13.5 billion as of September 30, 2026, and management expects to generate additional cash through upcoming Roche milestones. Management highlighted the pipeline's progress, but the stock's decline suggests investors remain cautious about the company's long-term prospects in the obesity and metabolic health space.