Copenhagen, 2012-04-25 11:30 CEST (GLOBE NEWSWIRE) -- Company Announcement
No. 12/2012
─ Net profit for the quarter of DKK 66 (EUR 9) million
─ Important pipeline progress, and revenue from milestone payments of DKK 120 (EUR 16) million
─ Cash and securities of DKK 526 (EUR 71) million on 31 March 2012
─ Financial guidance for 2012 maintained
Copenhagen, 25 April 2012 – Zealand Pharma A/S (NASDAQ OMX Copenhagen: ZEAL), a Danish biopharmaceutical company dedicated to the discovery and development of peptide drugs, reports pipeline progress, a net profit and an increase in cash and securities for the interim period 1 January to 31 March 2012.
Highlights for Q1 2012
- Revenue of DKK 120.3 (EUR 16.2) million consisting of milestone payments from Sanofi and Helsinn Healthcare (Q1 2011: DKK 0.0 (EUR 0.0) million).
- Royalty expenses of DKK 15.3 (EUR 2.1) million (Q1 2011: DKK 0.0 (EUR 0.0) million).
- Net operating expenses of DKK 39.4 (EUR 5.3) million (Q1 2011: DKK 43.3 (EUR 5.8) million), which is in line with expectations.
- A net profit of DKK 65.7 (EUR 8.8) million (Q1 2011: A net loss of DKK 44.9 (EUR 6.0) million).
- Cash and securities on 31 March 2012 amounted to DKK 525.9 (EUR 70.7) million (31 March 2011: DKK 390.2 (EUR 52.4) million).
- Pipeline advances:
Lixisenatide (Lyxumia®) for Type 2 diabetes - In registration phase in Europe (partnership with Sanofi):
- Positive top-line results from GetGoal-P, supportive for this once-daily GLP-1 drug candidate
- The GetGoal-P results marked the completion of the global GetGoal Phase III program for lixisenatide and triggered a USD 20 million milestone payment to Zealand Pharma from Sanofi
Elsiglutide for the prevention of chemotherapy-induced diarrhea (partnership with Helsinn Healthcare):
- Initiation of a Phase IIa study to evaluate the efficacy and safety of elsiglutide in patients with colorectal cancer, treated with chemotherapy
David Solomon, CEO and President of Zealand Pharma commented on the report:
“During the first months of 2012, we have further strengthened our cash position alongside important progress for our pipeline of peptide drug candidates. Our partner, Sanofi, completed the global Phase III program, GetGoal, for lixisenatide (Lyxumia®) – now in the registration phase in Europe – with positive results from the GetGoal-P study supporting the intended use of this novel once-daily GLP-1 in the treatment of patients Type 2 diabetes. We look forward to a response from the European Authorities on lixisenatide and to Sanofi’s planned filing in the US later this year while we concentrate on advancing the development of our internal peptide drug programs.”
Financial outlook for 2012
Zealand Pharma maintains its financial expectations for 2012 as announced in the 2011 full year results announcement on 15 March 2012 (Company Announcement 07/2012).
Revenue from milestone payments received in Q1 2012 from Sanofi and Helsinn Healthcare amounts to DKK 120 (EUR 16) with related royalty expenses of DKK 15 (EUR 2) million. The timing of other potential milestone based payments from partners is largely outside the control of Zealand Pharma, and therefore no further revenue guidance is provided for the full year at this point.
Total net operating expenses are expected in the range of DKK 150-170 (EUR 20-23) million.
# # #
For further information, please contact:
David H. Solomon, President and Chief Executive Officer
Tel: +45 22 20 63 00
Hanne Leth Hillman, Vice President for IR & Corporate Communication
Tel: +45 50 60 36 89, email: hlh@zealandpharma.com
About Zealand Pharma
Zealand Pharma A/S is a public (NASDAQ OMX: ZEAL) biotechnology company based in Copenhagen, Denmark with a mature clinical pipeline of innovative peptide drugs. The company's lead invention is lixisenatide (Lyxumia® 1)), a once-daily GLP-1 agonist licensed to Sanofi for the treatment of Type 2 diabetes. In October, Sanofi submitted a marketing authorization application (MAA) for lixisenatide in Europe and submission for regulatory approval in the United States is expected in Q4 2012. Zealand Pharma also has a collaboration with Boehringer Ingelheim covering dual acting glucagon/GLP-1 agonists, including ZP2929, for the treatment of diabetes and obesity, and a license agreement with Helsinn Healthcare on elsiglutide, a clinical stage GLP-2 drug for the prevention of chemotherapy-induced diarrhea.
Zealand Pharma specializes in the discovery, optimization and development of novel peptide drugs, and all drug candidates in its pipeline have been identified through the company's own drug discovery activities. Zealand Pharma's products target disease areas where existing treatments fail to adequately serve patient needs and where the market potential for improved treatments through the use of peptide drugs is high. For further information: www.zealandpharma.com.
Note 1) Lyxumia® is the intended trademark for lixisenatide. Lixisenatide is not currently approved or licensed anywhere in the world.
