Report published August 13, 2026
Zealand Pharma (ZELA.CO) 2Q26 Review: Goldman Sachs Equity Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 13, 2026
- Analysis as of
- Not stated in source
Authors / editors: Rajan Sharma, Avantika B, Theodora Rowe Beadle
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs reiterates a Buy rating on Zealand Pharma A/S while reducing its 12-month price target from DKK 471 to DKK 452 following 2Q26 earnings and model adjustments. Near-term focus remains centered on 2H26 clinical readouts for obesity pipeline candidates survodutide and petrelintide.
Key Takeaways
- 1.Goldman Sachs maintains a Buy rating on Zealand Pharma but reduces its 12-month DCF-based price target to DKK 452 (from DKK 471) following 2Q26 results and pipeline adjustments.
- 2.Near-term investor focus centers on obesity pipeline catalysts in 2H26, including Phase 3 SYNCHRONIZE-2 data for survodutide at EASD and Phase 2 ZUPREME-2 topline data for petrelintide.
- 3.Model changes include lowering survodutide peak sales by 20% to DKK 2.4bn, pushing out dasiglucagon launch to 2028, and factoring in the $100mn royalty monetization deal for rusfertide.
Table of Contents
- Notable takeaways from the call:
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement (Dkr mn)
- Balance Sheet (Dkr mn)
- Cash Flow (Dkr mn)
- Key takeaways from the call
- 2Q26 financial summary
- 2026 guidance
- Catalyst Calendar
- Model changes
- Exhibit 4: New vs Old estimates
- Valuation and risks
- Disclosure Appendix
Report data
Exhibit 4: New vs Old estimates
| Metric | Estimate | Context |
|---|---|---|
| 12m Price Target | 452.0 DKK | Revised down from DKK 471.00 following model changes and lower peak sales estimates for survodutide. |
| 2Q26 Revenue | 4491.0 DKK mn | Reported 2Q26 revenue compared to GSe of DKK 4,563mn (-2%) and VA consensus of DKK 3,416mn (+31%). |
| 2Q26 Total OpEx | 632.0 DKK mn | Reported 2Q26 OpEx spend was 18% below GSe (DKK 772mn) and 20% below consensus (DKK 789mn). |
| Rusfertide Royalty Sale Value | 100.0 USD mn | Proceeds from the monetization of part of royalty rights in development stage drug candidate rusfertide. |
| Survodutide Peak Sales Estimate | 2.4 DKK bn | Trimmed by 20% from DKK 3.0bn previously. |
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Authors / Editors
Reported Data Context
- 12m Price Target: 452.0 DKK (12-month forward) · Source: Goldman Sachs Research
- 2Q26 Revenue: 4491.0 DKK mn (2Q26) · Source: Company data
- 2Q26 Total OpEx: 632.0 DKK mn (2Q26) · Source: Company data
- Rusfertide Royalty Sale Value: 100.0 USD mn (2Q26) · Source: Company data
- Survodutide Peak Sales Estimate: 2.4 DKK bn (Peak sales) · Source: Goldman Sachs Research estimates
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