Key Figures 2013

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Revenue in 2013 was made up of initial sales royalties following the launch of Lyxumia® by Sanofi in March 2013. With the first Zealand invented medicine now on the market, the way is paved for sustained revenue to our company. Still, as market presence is built on a country by country basis, sales in this first years after launch are typically limited.

As no milestone payments were recognized from our partners in 2013, we saw a decrease in revenue from previous years. Revenue in 2011 and 2012 was entirely milestone driven, and this type of revenue varies greatly from year to year.

Operating result

After two years with positive results, the negative operating result for 2013 was mainly a consequence of no recognized milestones for the period. R&D expenses were 10 % lower than in 2012. Due to a fall in other operating income in the form of cost reimbursements under our collaboration with BI, net R&D expenses increased 7%. Administrative expenses was 24% higher than in 2012 but unchanged compared to 2011. 

Cash, cash equivalents and securities

End 2013, Zealand had cash and securities of DKK 311 (EUR 41) million. In early 2014, an additional DKK 82 (EUR 11) million was received as a milestone payment from Sanofi upon first study protocol approval relating to the LixiLan Phase III program

Average number of employees

It is Zealand’s intention to retain a dynamic and agile organization focusing on our core competences in the invention, design and development of peptide medicines. On 14 March, the number of full time employees (FTE) was 91.