Zealand Pharma (CPSE:ZEAL) Valuation Revisited After New Petrelintide Phase 2 Obesity Data And Phase 3 Plans

Zealand Pharma (CPSE:ZEAL) is back in focus after presenting new Phase 2 ZUPREME-1 data at the American Diabetes Association 2026 meeting, highlighting petrelintide’s weight loss profile, cardiometabolic effects and plans for Phase 3 development.

See our latest analysis for Zealand Pharma.

Zealand Pharma’s latest Phase 2 data appears to be the main catalyst for the recent 9.02% one-day share price return to DKK326.3. This follows a share price decline of 29.08% year to date and a 1-year total shareholder return decline of 31.51%, set against a 5-year total shareholder return gain of 64.80%.

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With Zealand Pharma’s share price still down sharply over 2026, despite fresh enthusiasm around petrelintide and a sizeable gap to analyst targets, investors now face a key question: is there real upside here, or is future growth already priced in?

Most Popular Narrative: 37.1% Undervalued

With Zealand Pharma last closing at DKK326.3 against a narrative fair value of DKK519.07, the current price sits well below what this widely followed model implies.

The alliance with Roche for petrelintide significantly derisks commercialization and broadens access to manufacturing and distribution scale, positioning Zealand to capitalize on the global surge in obesity and metabolic disorder prevalence, a trend expected to underpin sustained long-term demand and topline expansion.

Read the complete narrative.

Curious what kind of revenue reset, margin path, and future P/E multiple could still justify that higher fair value? The underlying assumptions point to a much tougher earnings road than the headline discount suggests.

Result: Fair Value of DKK519.07 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, the story can change quickly if key obesity trials disappoint, or if pricing and reimbursement pressure hit future royalties and margins harder than analysts currently model.

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Another Take On Valuation

That DKK519 fair value is built on long term earnings assumptions, but the simple P/E story is more mixed. Zealand Pharma trades on 3.6x earnings, well below the Danish market at 16.5x and the European biotech average at 16.9x, yet slightly above a 2.9x fair ratio that the market could move toward. Is that gap a margin of safety or a warning that the rerating is already stretched?

To see how this earnings multiple stacks up in more detail and what it could mean for future valuation swings, See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

If this mix of optimism and concern leaves you undecided, it is worth looking at the numbers yourself and acting while sentiment is still forming. To see both sides clearly, start with the 2 key rewards and 3 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
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