Company announcement - No. 8 / 2018
Zealand Pharma 2017 full-year results in line with guidance - considerable progress in the clinical portfolio
Copenhagen, March 7, 2018 - Zealand Pharma A/S ("Zealand") (CVR No. 20 04 50 78) announces financial results in line with guidance and considerable progress for its product portfolio and business for the 12-month period from January 1 to December 31, 2017.
Financial results for the full year 2017
o Revenue of DKK 139.8 million/USD 22.5 million (-40% vs. 2016).
· Royalty revenue of DKK 38.8 million/USD 6.2 million (+59% vs. 2016).
· Milestone revenue of DKK 101.0 million/USD 16.3 million (-52% vs. 2016).
o Net operating expenses of DKK 371.5 million/USD 59.9 million (+16% vs. 2016).
o Net loss for the year of DKK 272.3 million/USD 43.9 million (+77% vs. 2016).
o Cash including securities amounted to DKK 669.7 million/USD 107.9 million at year-end (2016: DKK 642.1 million/USD 91.0 million).
Business highlights and updates for Q4 2017 and the period thereafter
o Glepaglutide, a long acting GLP-2 analog for the treatment of short bowel syndrome:
· Orphan drug designation granted by the FDA.
· Phase 2 results presented at ASPEN conference in Las Vegas.
· PK trial concluded, confirming potential for once-weekly dosing.
· Principal investigators for Phase 3 program appointed.
o Dasiglucagon HypoPal® rescue pen: First Phase 3 trial completed and second Phase 3 trial ongoing with results expected in 2018.
o Dasiglucagon for the treatment of congenital hyperinsulinism: Safe-to-proceed letter from the FDA, confirming readiness for Phase 3 initiation.
o Dasiglucagon for the treatment of diabetes in dual-hormone pump: Phase 2a data presented at ATTD conference in Vienna.
o Research collaborations with Uniquest (Australia) and Torrey Pines (U.S.) to identify peptides relevant to specialty gastrointestinal and metabolic diseases.
o Strengthening of organizational capabilities and Ivan Møller appointed as Senior Vice President, Technical Development & Operations.
o Zealand has retained Dr. Francois Nader, MD, MBA as strategic adviser to Management to leverage his deep U.S. and global biopharma expertise,
Britt Meelby Jensen, President and CEO of Zealand, comments on the year:
"2017 was a defining year for Zealand, with significant progress across the business. Our portfolio includes four late stage clinical programs where we have full ownership, one in Phase 3 and two planned for Phase 3 initiation this year, with potential to launch into major markets in three to four years. With expanded market access for Soliqua® 100/33 in the U.S., we expect substantial increases in royalty revenue from Sanofi in the years to come. I look forward to strong progress for our late-stage clinical programs during 2018, to the benefit of both patients and shareholders."
Conference call today at 4:00 pm CET / 10:00 am ET
Zealand's Management will be hosting a conference call today at 16:00 CET to present the full-year results and the Annual Report for 2017. Participating in the call will be President and Chief Executive Officer Britt Meelby Jensen, Executive Vice President and Chief Financial Officer Mats Blom and EVP Chief Medical & Development Officer Adam Steensberg. The presentation will be followed by a Q&A session.
The conference call will be conducted in English, and the dial-in numbers are:
DK standard access +45 3515 8121
U.K. and international +44 (0) 330 336 9411
U.S. (free dial-in) +1 646 828 8143
Source: Zealand Pharma A/S