Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 1761949000 | dkk |
| ifrs-full:Assets | 2019-12-31 | 1599514000 | dkk |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 353314000 | dkk |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 41333000 | dkk |
| ifrs-full:Revenue | 2018-01-01 | 2018-12-31 | 37977000 | dkk |
XML
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<mrv:CorporateGovernanceReport contextRef="ctx-2" id="pp-value1" xml:lang="en">As a company incorporated under the laws of Den-mark, and with its shares admitted to trading and oîcial listing on Nasdaq Copenhagen, as well as having American Depositary Shares representing Z<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ea-land shares trading on Nasdaq Global Select Market in New Y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ork, Zealand is subject to various applicable legislations, standards and other regulations for pub-licly traded companies. These include Danish and US securities law and the recommendations on corpo-rate governance issued by the Danish Committee on Corporate Governance (in the below ââthe Recom-mendationsââ).Management structureZealand has a two-tier management structure com-posed of the Board of Directors (âthe Boardâ) and the Corporate Management. The Board is responsible for the overall visions, strategies and objectives, the fi-nancial and managerial supervision of Zealand as well as for regular evaluation of the work of the Corporate Management. In addition, the Board provides general oversight of Zealand's activities and ensures that it is managed in a manner and in accordance with appli-cable law and Zealand's articles of association.The Board approves the policies and procedures, and Corporate Management is responsible for the day-to-day management of Zealand in compliance with the guidelines and directions set by the Board of Directors. The allocation of responsibilities between the Board and the Corporate Management is stipulat-ed in the Rules of Procedure.Corporate governance structureBoard of DirectorsThe Board of Directors plays an active role in setting Zealand's strategies and goals and in monitoring the operations and results. The Board of Directors functions according to its rules of procedure. Board duties include establishing Zealandâs strategy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, poli-cies and activities to achieve Zealand's objectives in accordance with the Articles of Association.In line with the Recommendations, the Board of Directors annually reviews and determines the qual-ifications and experience needed on the Board. The chairman supervises the Board of Director's annual self-evaluation of its performance.The Board of Directors met eleven times in 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Board CommitteesThe Board has established a number of committees to support the Board in its duties: Audit Committee, Remuneration and Compensation Committee, and a Nomination Committee.Audit CommitteeThe Audit Committee assists the Board of Directors with oversight of financial reporting, internal con-trol and risk management systems, external auditing of the annual report, and control of the auditorâs independence, including oversight of non-audit services and other activities delegated by the Board of Directors. 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These policies and guidelines set out the various components of the remuneration, including fixed and variable remuner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ation such as pension schemes, benefits, retention bonuses, severance and incentive schemes as well as the related bonus and evaluation criteria. Specific topics discussed in 2020 included long-term incentive programs for management and Board of Directors, company goals, compensation policy for eligible employees, CEO and Board compensation and development of Zealand peer group. 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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-2" id="pp-value97" xml:lang="en">We have incorporated selected UN Sustainable De-velopment Goals that are aligned to our business to further connect Zealandâs eîorts with those of other companies to address global challenges.Zealandâs CSR policy focuses on areas most relevant to our core business:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Working envir<span class="_ _2f"/>onment, employee well-being, and </span>diversity,⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Quality in relation to research, development, and </span>supply chain activities,⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Patient-centric approach,</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Environmental sustainability and climate, and</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Business ethics.</span>Commitment to Sustainable Development GoalsZealand is committed to addressing global challeng-es through support of the Sustainable Development Goals established by the United Nations. Six goals that are relevant to our business were placed into fo-cus last year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and we continue to identify and imple-ment initiatives and metrics to evaluate our progress in these areas. Additional goals may be considered as our company continues to grow and evolve.For the statutory reporting on corporate social responsibility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>, gender distribution and diversity in management cf. the Danish Financial Statement Act §îîa, §îîb and §îîîd, please see the Corporate Social Responsibility Report îîîî atzealandpharma.com/csrZealandâs quality policy describes compliance with rigorous internationally recognized standards and guidelines at all stages of research and development, to ensure that we do not place patients or animals at risk due to inadequate safety<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, quality or eîca-cy. Z<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ealand maintains oversight of the outsourced GxP activities to ensure vendor compliance with the requirements of pharmaceutical quality standards as articulated in Good Laboratory Practice (GLP), Good Manufacturing Practice (GMP), Good Clinical Practice (GCP), Good Pharmacovigilance Practice (GVP), and others.Focus on patientsAt Zealand, we work to create better lives for pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>tients through collaborations with advocacy groups and patient organizations. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>e aim to demonstrate our commitment to patients and caregivers by serving their interests with the aim of consolidating relations and obtaining better treatment options. </mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-2" id="pp-value119" xml:lang="en">Diversity provides better understanding of the com-munities in which we operate, so that we can create value for patients and our stakeholders. Zealand aims to achieve equal representation of both genders at all management levels â from the Board of Directors to the heads of departments.Zealand has an even distribution of female and male managers, and slightly more women than men across the organization in general. Overall Zealand is made As of December 31, 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>, the Board of Directors consisted of four women and seven men, giving a female representation of 36% (2019: 33%). </mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" id="pp-value135" xml:lang="en">up of 58% females (2019: 58%) and is regarded to be an even gender distribution.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-2" id="pp-value159" xml:lang="en">The Board of Directors and Executive Management have today discussed and approved the Annual Report of Zealand Pharma A/S for the financial year January î â December îî, îîîî.The consolidated financial statements and parent company financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements under the Danish Financial Statements Act.We consider the accounting policies used to be appropriate. In our opinion, the financial statements give a true and fair view of the Groupâs and the parent companyâs financial position as of December îî, îîîî, and of the results of the Groupâs and the parent companyâs operations and cash ï¬ows for the financial year January î â December îî, îîîî.In our opinion, the Managementâs review includes a fair review of the development of the Groupâs and the parent companyâs operations and economic conditions, the results for the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and the Groupâs and the parent companyâs financial position, as well as a review of the principal risks and uncertainties to which the Group and the parent company are exposed.We recommend that the Annual Report be appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>oved at the Annual General Meeting.Søborg, March îî, îîîî</sob:StatementByExecutiveAndSupervisoryBoards>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the shareholders of Zealand Pharma A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value183" xml:lang="en">OpinionWe have audited the consolidated financial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>te-ments and the parent company financial statements of Zealand Pharma A/S for the financial year January 1 â December 31, 2020, which comprise income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, cash ï¬ow sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>tement and notes, including accounting policies, for the Group and the Parent Company. The consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ted financial statements and the parent company financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) and as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at December 31, 2020 and of the results of the Group's and the Parent Company's operations and cash ï¬ows for the finan-cial year January 1 â December 31, 2020 in accord-ance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB) and as adopted by the EU and additional requirements of the Danish Financial Statements Act.Our opinion is consistent with our long-form au-dit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-2" id="pp-value213" xml:lang="en">Basis for opinionWe conducted our audit in accordance with Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-national Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsi-bilities under those standards and requirements are further described in the "<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>e believe that the audit evi-dence we have obtained is suîcient and appropriate to provide a basis for our opinion.IndependenceWe are independent o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>f the Group in accordance with the International Ethics Standards Board for Account-ants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"/>o the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Appointment of auditorWe were initially appointed as auditor o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>f Zealand Pharma A/S on April 2, 2020 for the financial year 2020. </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-2" id="pp-value240" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>o-fessional judgement, were of most significance in our audit of the financial statements for the financial year 2020. These ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>tters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ovide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.We have fulfilled our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>esponsibilities described in the "<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Accordingly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, our audit includ-ed the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>es performed to address the matters below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>, provide the basis for our audit opinion on the financial state-ments.Valeritas business combination and bargain purchase gainAs disclosed in Note 29 to the consolidated financial statements, on April 2, 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>, Zealand Pharma A/S acquired substantially all the medical technology business from V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>aleritas Holding, Inc. a U<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>.S. based commercial-stage company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>. The consideration transferred was DKK 167<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"/>.7 million. The acquisition, which was accounted for as a business combina-tion, resulted in a bargain purchase gain of DKK 36<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>.7 million.The Company has accounted for the Valeritas business combination by applying the acquisition method of accounting, including the recognition and measurement of the identified assets acquired and liabilities assumed at the acquisition-date fair values and the recognition of the gain from the bargain purchase. Purchase price allocation is complex and bargain purchases are uncommon in nature. Auditing this matter required the involvement of valuation spe-cialists due to the highly judgmental nature of the initial and reassessed fair value assumptions. These fair value assumptions included prospective financial information relating to revenue and gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>oss margin growth and operating expense assumptions used in the fair value measurement process of intangible assets in the form of the V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-Go technology and phy-sician network and relationships. These assumptions have a significant eîect on the bargain purchase. How our audit addressed the key audit matterWe obtained an understanding of the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ocesses for accounting for business combinations and evaluated the design and tested the operating eîectiveness of controls relating to the measurement and valuation of the identified assets acquired and liabilities as-sumed. For example, we tested controls over man-agementâs use of external valuation specialists, man-agementâs review of the purchase price allocation, managementâs reassessment of the purchase price allocation, the revenue and gross margin growth and operating expense assumptions and related prospec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-tive financial information. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"/>o test the purchase price allocation, our audit procedures included, among others, evaluating the methodology used, the significant prospective financial information used in the initial fair value assumptions and reassessed fair value assumptions of the V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-Go technology and physician network and relationships, and the underlying data used by the Company. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e compared the assumptions used by management to historical trends and market partic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-ipant expectations. For example, we evaluated man-agementâs methodology for determining revenue and gross margin growth and operating expense assump-tions compared to relevant publicly available market data, including market participant expectations, and methodology for reassessment of the purchase price allocation. We involved valuation specialists to assist with our procedures.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"/>o evaluate the fair value of acquired intangible assets, we compared the initial fair value assump-tions and reassessed fair value assumptions applied with publicly available market data and assessed any entity-specific adjustments that were applied. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>e also tested the completeness and accuracy of the underlying data, including the market data provided by managementâs external valuation specialists.Accounting for rebates and discounts related to the Companyâs sales in the United StatesAs disclosed in Note 2 to the consolidated finan-cial statements revenue from products sold by the Company in the United States (U<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.S.) is impacted by estimates related to managed care reba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>tes, medicare part D rebates, and co-pay card redemption.The estimates for managed care rebates, medicar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>e part D rebates, and co-pay card redemption and related provisions are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ecognised as a reduction to gross sales in the period in which the underlying sales are recognised. As of December 31, 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, the provi-sions for sales discounts and rebates amounts to DKK 36.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"/>4 million, as disclosed in Note 25 in the consoli-dated financial statements. Auditing managed care rebates and medicare part D rebates, and co-pay card redemption and rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ted provisions is complex due to the judgmental nature of managementâs estimates, which involves multi-ple assumptions, as not all conditions are known at the time of sale. For both managed care rebates and the medicare part D rebates, the key assumptions relate to the rebate percentages by each pharmacy as determined in each pharmacy's contract with the Company and forecasted number of prescriptions that will be filled by each pharmacy (referred to as payor mix). For co-pay card redemptions, the key assumptions relate to expected settlement rates for sales units remaining in the channel that have yet to be presented under co-pay terms. These assump-tions are made based on historical actuals, which are used to estimate forecasted trends, including payor mix and settlement rates, which are used to estimate the expected settlement of managed care rebates and medicare part D rebates, and co-pay card re-demption, and the specific terms in the individual agreements.How our audit addressed the key audit matterWe gained and obtained an understanding of the Companyâs processes for accounting for managed care rebates, medicare part D r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ebates, and co-pay card redemptions related to sales in the U<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.S. including the methods for which management developed their assumptions used in the estimates, such as rebate percentages and payor mix for both managed care rebates and the medicare part D rebates and expect-ed settlement rate for sales units remaining in the channel that have yet to be presented under co-pay terms for co-pay card redemptions.We obtained managementâs calculation of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ovisions for managed care rebates, medicare part D r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ebates, and co-pay card redemptions and assessed the assumptions applied by management and compared them to applicable commercial policies, historical experience and the specific terms in the individu-al agreements. We further examined subsequent settlement obligations to assess completeness and accuracy of the recorded provisions. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e performed an independent assessment on the key assumptions of the provisions as of December 31, 2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, including the payor mix and expected settlement rates, and compared these to the actual provisions recognised. In addition, we have assessed the adequacy of the Companyâs disclosures on rebates and discounts related to the matter described above.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-2" id="pp-value394" xml:lang="en">Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>-press any form of assurance conclusion thereon.In connection with our audit of the financial state-ments, our responsibility is to read the Manage-ment's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be material-ly misstated. Moreover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-cordance with the requirements of the Danish Finan-cial Statements Act. We did not identify any ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>terial misstatement of the Management's review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>. </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-2" id="pp-value416" xml:lang="en">Management's responsibilities for the financial statementsManagement is responsible for the preparation of consolidated financial statements and parent compa-ny financial statements that give a true and fair view in accordance with International Financial Report-ing Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>om material misstatement, whether due to fraud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of ac-counting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-2" id="pp-value437" xml:lang="en">Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre-gate, they could reasonably be expected to inï¬uence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Den-mark, we exercise professional judgement and main-tain professional scepticism throughout the audit. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Identify and assess the risks of material misstate-</span>ment of the financial statements, whether due to fraud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, design and perform audit procedures responsive to those risks and obtain audit evidence that is suîcient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, as fraud may involve collusion, forgery<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>, intentional omissions, misrep-resentations or the override of internal control.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Obtain an understanding of internal control rele-</span>vant to the audit in order to design audit proce-dures that are appropriate in the cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>cumstances, but not for the purpose of expressing an opinion on the eîectiveness of the Group's and the Parent Com-pany's internal control.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Evaluate the appropria<span class="_ _2f"/>teness of accounting pol-</span>icies used and the reasonableness of accounting estimates and related disclosures made by Man-agement.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Conclude on the appropriateness of Management's </span>use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertain-ty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, if such disclosures are in-adequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Evaluate the overall presenta<span class="_ _2f"/>tion, structure and </span>contents of the financial statements, including the note disclosures, and whether the financial state-ments represent the underlying transactions and events in a manner that gives a true and fair view.⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Obtain suîcient appropriate audit evidence re-</span>garding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>esponsible for the direction, supervision and performance of the group audit. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>e remain solely responsible for our audit opinion.We communicate with those charged with govern-ance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in in-ternal control that we identify during our audit.We also provide those char<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>ged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consol-idated financial statements and the parent company financial statements of the current period and are therefore the key audit ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>tters. We describe these matters in our auditor's report unless law or regula-tion precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-2" id="pp-value531" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the financial statements of Zealand Pharma A/S we performed procedures to express an opinion on whether the annual report for the financial year January 1 â December 31, 2020 with the file name [name of file] is prepared, in all material respects, in compliance with the Commis-sion Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>epara-tion of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: The preparing of the annual report in XHTML format; The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, for financial information required to be tagged using judgement where necessary; Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human readable format; and For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all mate-rial respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>equire-ments set out in the ESEF Regulation, whether due to fraud or error<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The procedures include: T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"/>esting whether the annual report is prepared in XHTML format; Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tag-ging process; Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements; Evaluating the appropriateness o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2f"/>f the companyâs use of iXBRL elements selected from the ESEF taxono-my and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; Evaluating the use of anchoring of extension ele-ments to elements in the ESEF taxonomy; and Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report for the financial year January 1 â December 31, 2020 with the file name 549300ITBB1ULBL4CZ12-2020-12-31_en.zip is pre-pared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
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<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">Emmanuel Dulac</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-3" xml:lang="en">Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">Matthew Dallas</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-4" xml:lang="en">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-5" xml:lang="en">Adam Steensberg</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-5" xml:lang="en">Chief Medical Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Martin Nicklasson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-6" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-7" xml:lang="en">Kirsten A. Drejer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-7" xml:lang="en">Vice Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Jeffrey Berkowitz</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-8" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Bernadette Connaughton</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-9" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-10" xml:lang="en">Leonard Kruimer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-10" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-11" xml:lang="en">Alain Munoz</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-11" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-12" xml:lang="en">Michael John Owen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-12" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-13" xml:lang="en">Frederik Barfoed Beck</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-13" xml:lang="en">Employee-elected board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-14" xml:lang="en">Gertrud Koefoed Rasmussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-14" xml:lang="en">Employee-elected board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-15" xml:lang="en">Iben Louise Gjelstrup</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-15" xml:lang="en">Employee-elected board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-16" xml:lang="en">Jens Peter Stenvang</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-16" xml:lang="en">Employee-elected board member</cmn:TitleOfMemberOfSupervisoryBoard>
<gsd:LegalEntityIdentifierOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">549300ITBB1ULBL4CZ12</gsd:LegalEntityIdentifierOfSubmittingEnterprise>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">20045078</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx-2" xml:lang="en">Zealand Pharma A/S</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-2" xml:lang="en">Sydmarken 11</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-2" xml:lang="en">DK-2860 Søborg</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-2" xml:lang="en">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
<arr:SignatureOfAuditorsPlace contextRef="ctx-2" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-2" xml:lang="en">2021-03-11</arr:SignatureOfAuditorsDate>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-17" xml:lang="en">Christian Schwenn Joansen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-17" xml:lang="en">State-Authorized Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-17" xml:lang="en">mne33234</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-17" xml:lang="en">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-17" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="ctx-17" xml:lang="en">Dirch Passers Allé</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-17" xml:lang="en">36</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-17" xml:lang="en">2000</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx-17" xml:lang="en">Frederiksberg</gsd:AddressOfAuditorDistrictName>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-18" xml:lang="en">Rasmus Bloch Jespersen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-18" xml:lang="en">State-Authorized Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-18" xml:lang="en">mne35503</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-18" xml:lang="en">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-18" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
<gsd:AddressOfAuditorStreetName contextRef="ctx-18" xml:lang="en">Dirch Passers Allé</gsd:AddressOfAuditorStreetName>
<gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="ctx-18" xml:lang="en">36</gsd:AddressOfAuditorStreetBuildingIdentifier>
<gsd:AddressOfAuditorPostCodeIdentifier contextRef="ctx-18" xml:lang="en">2000</gsd:AddressOfAuditorPostCodeIdentifier>
<gsd:AddressOfAuditorDistrictName contextRef="ctx-18" xml:lang="en">Frederiksberg</gsd:AddressOfAuditorDistrictName>
</xbrli:xbrl>