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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="s10_notes__7__6" xml:lang="en">Sustainability: Our patients, people and operationsOur responsibilityAt Zealand, we are committed to changing lives with next-generation peptide therapeutics. Through our innovative pipeline, we seek to make a difference for people living with chronic diseases while acknowledging our responsibility to society, our employees, and the environment.Our focus areasAs we pursue our ambition of becoming the world's best peptide drug discovery and development company, our impact on global health and society continues to increase. We recognize the importance of operating a responsible and sustainable business as we grow and expand our pipeline. In 2023, Zealand further refined the company's Environmental, Social and Governance (ESG) strategy. We have identified three pillars within sustainability that are affected by our activities: our patients, our people, and our operations. For each pillar, we have or will set clear goals and ambitions to ensure that Zealand continues to act responsibly and sustainably. You can read more about our work within each pillar throughout this chapter. Our patientsWe leverage innovation to advance the health and well-being of patientsOur peopleWe foster an engaging and enriching workplace for our peopleOur operationsWe take responsibility for the impact of our operationsThe Sustainable Development Goals (SDGs)We have adopted and incorporated selected UN Sustainable Development Goals that are aligned with our business impact and connect Zealandâs efforts with those of other companies to address global challenges. We remain committed to these UN Sustainable Development Goals: SDG 3: Ensure healthy lives and promote well-being for all at all agesSDG 5: Achieve gender equality and empower all women and girlsSDG 10: Reduce inequality within and among countriesSDG 12: Ensure sustainable consumption and production patternsSDG 16: Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levelsSDG 17: Strengthen the means of implementation and revitalize the global partnership for sustain-able developmentOur patients We leverage innovation to advance the health and well-being of patientsHealth and quality of lifeWe work to develop patient-centric treatments that solve severe unmet medical needsPatient collaborationWe engage with patients to ensure their voices are heard by the medical systemOur peopleWe foster an engaging and enriching workplace for our peopleEngagementWe strive to make Zealand an enriching place to workGrowthWe support our employees in developing to their full potentialDiversity and inclusionWe foster an inclusive workplace for all groups and backgroundsOur operationsWe take responsibility for the impact of our operationsClimateWe recognize the importance of minimizing and mitigating our climate impact EthicsWe ensure safeguards and controls to avoid adverse outcomes from our research and our businessOur business modelOur business model is focused on delivering best-in-class treatment options that address patient needs and ease the burden on healthcare systems.Engaging with partners so that we can focus on our core competenciesOur core strength as a company lies in therapeutic peptide design and development, which has led to our R&D pipeline of promising candidates targeting obesity, rare diseases, and inflammation. You can read more about our peptide platform on pages 13-14.Our strategy is to pursue global co-development and commercialization partnerships that complement and extend our capabilities to deliver new therapies to patients with unmet medical needs. We aim to engage with part-ners across the value chain. We also have partnerships with academic and scientific institutions, leading contract research organizations (CROs), contract manufacturing organizations (CMOs), and distribution partners.Find out more about our peptide platformGo to pages 13-14Working with sustainability at ZealandSustainability is anchored with Corporate Management to ensure that our organizationâs ethical compass is set from the helm, fostering accountability and guiding responsible decision-making. GovernanceThe Board of Directors sets the overall corporate strategy for Zealand Pharma as well as our ESG strategy. The Audit Committee oversees ESG policies, governance, and reporting. Within Corporate Management, ESG is anchored with our Chief Financial Officer and our Chief People Officer. This ensures top-level commitment and underpins the importance of this emerging area.ESG governance structureBoard of DirectorsAudit CommitteeCorporate ManagementESG Steering CommitteeAccountabilityOur ESG steering committee, represented by members of the Corporate Management team from P&O, Finance, Operations and Legal, is responsible for executing our sustainability strategy and works diligently to ensure that ESG is embedded throughout the organization and inte-grated in our business model as well as to assure legal compliance.ESG is considered an integral part of the Zealand culture and DNA. We have undertaken extensive work to refine and formalize our efforts within ESG. Since 2022, ESG goals have been an integrated part of our Company Goals linked to our performance-based remuneration. This includes all employees as well as Corporate Management. In 2023, all sub-goals related to ESG were achieved. The 2024 ESG priorities therefore focus on CSRD readiness, ESG strategy, as well as efforts to enable measurable target setting within the "Our operations" pillar.Double Materiality AssessmentWe have advanced our double materiality assessment to shape the ESG strategy, pinpointing focus areas that align both with internal business impacts and external stakeholder priorities.Preparing for CSRDIn 2023, we advanced our double materiality assessment to prepare for the upcoming Corporate Sustainability Reporting Directive (CSRD). The preliminary inside-out and outside-in assessment has been an important part of formalizing the appropriate ESG strategy for Zealand and identifying our ESG strategy pillars, highlighting the most material and impactful topics for Zealand and across the value chain.Zealand must comply with the CSRD by the financial year 2025. Based on the outcome of the double materiality assessment, Zealand is required to report on data points related to the 12 material topics and we are currently working on closing the identified data gaps for these to ensure compliance with CSRD. This chapter continues to be based on the requirements of the Danish Financial Statements Act and complies with relevant laws, standards, and guidelines for reporting on corporate social responsi-bility activities.Preliminary assessment of material topicsEnvironmental Social GovernanceClimate change (incl. green Employee engagement Animal welfarehouse gas) Emissions)and developmentRisk mgmt. and ethical Energy management Diversity Equity and Inclusionbusiness practicesPatient access to medicines IP and Anti-trust Patient health and safety Privacy and data protectionHealth and SafetyEthical and responsible marketingOur patientsZealandâs most important contribution to a sustainable society is through improvement of the health and well-being of patients by developing new medical treatments. Our first strategy pillar focuses on Health and Quality of Life and Patient Collaboration.Health and quality of lifeWe work to develop patient-centric treatments that solve severe unmet medical needsPatient collaborationWe engage with patients to ensure their voices are heard by the medical systemOur investments in research and development are driven by the goal of addressing unmet medical needs, ultimately improving outcomes and care for patientsPatients are the heart of our business. We work with patient communities, thought leaders and external experts as we aim to improve the lives of people by addressing unmet medical needs. Our commitment is within Research and Development (R&D). In 2023, 76% of our operating expenditure (OPEX) was focused on R&D and 80% of our employees work within the R&D organi-zation. This ratio is expected to remain steady in 2024, as we continue to invest in R&D and seek partnerships for commercialization of our late-stage assets.During 2023, Zealand was sponsoring seven active clinical trials. Over the course of these trials, Zealand expects up 1to 337 trial participants to be enrolled. In 2024, we expect this figure to increase, as we plan to initiate a compre-hensive Phase 2b trial with petrelintide in obesity and a Phase 1 trial with our Kv1.3 Ion Channel Blocker targeting inflammation. As part of our work to increase awareness of our medical advances, we attend scientific congresses to update the community on the development of our product candidates. In 2023, we attended 20 congresses and delivered 30 scientific communications, including 12 abstracts, four posters and eight oral presentations, as well as six manuscripts. As we move into 2024, the number of scientific publications and congress attend-ances are expected to be at a similar level. Health and quality of lifeWe work to develop patient-centric treatments that address unmet medical needs. Our current pipeline includes potential treatment options for two rare diseases, chronic inflammation, as well as the greatest healthcare challenge of our time - obesity. You can read more about our pipeline and these disease areas on pages 15-25. Addressing the greatest healthcare challenge of our timeFor 300,000 years, the rate of obesity among humans has been low and stable⦠until now. During the last 50 years, obesity has become a global pandemic and arguably the greatest healthcare challenge of our time. Worldwide prevalence of obesity has nearly tripled between 1975 and today where 2 billion people are considered overweight or obese. Obesity places a substantial burden on indi-vidual patientsâ quality of life, impacting physical health, emotional well-being, and daily activities, often leading to challenges in mobility, increased risk of comorbid-ities, and psychological distress. More than 3 million people die each year as a consequence of obesity. This is equivalent to the estimated number of global deaths attributable to COVID-19 during 2020, just every year. We believe that our product candidates targeting obesity and obesity-related comorbidities represent some of the potential keys that can help unlock the challenges associated with the obesity pandemic. With more and better treatment options, our vision is that we can address obesity and obesity-related comorbidities during the next 50 years, preventing healthcare systems from becoming overwhelmed.Addressing unmet medical needs in rare diseasesDasiglucagon is designed to serve a critical need for newborns, infants, and children with congenital hyperin-sulinism (CHI). CHI imposes a drastically different lifestyle on affected families and is associated with significant morbidity as well as psychosocial and financial burden. The absence of safe and efficacious treatment options represents an urgent unmet medical need. We believe that dasiglucagon can substantially improve the quality of life of patients living with CHI and their families.In the first half of 2024, we expect to resubmit the New Drug Application (NDA) for dasiglucagon in CHI for up to three weeks of dosing, contingent on a successful reinspection of the third-party manufacturing site where the FDA has identified some deficiencies to be addressed. We also plan to submit the second part of the NDA supporting treatment beyond three weeks in the first half of 2024. In parallel, we will pursue a commercial partner-ship agreement to reach as many patients as possible. In 2023, we also submitted an NDA for glepaglutide for the treatment of short bowel syndrome (SBS). SBS with intestinal failure (SBS-IF) is a rare, often neglected, debilitating disease, severely impacting patient quality of life. Severe nutrient malabsorption may lead to severe malnutrition and dehydration if not treated with paren-teral support (PS) through a central venous catheter. Both symptoms of SBS-IF and potential PS complications impose significant life restrictions and daily challenges. Our long-acting GLP-2 analog, glepaglutide, provided in a ready-to-use autoinjector, may offer beneficial efficacy, safety/tolerability and convenience, reducing patient burden and improving quality of life. As with dasiglucagon for CHI, we will pursue a partnership agreement for the commercialization of glepaglutide to ensure maximum patient reach. Our patients KPIs76%of operating expenditure (OPEX) allocated to R&D in 2023.80%of full-time equivalents (FTEs) working in R&D in 2023.337sponsoring seven active clinical trials in 2023 in which up to 337 trial participants are expected to be enrolled.30scientific communications in 2023.Patient collaborationWe engage with patients to ensure that their voices are heard by the medical system. As we develop our novel treatments, we have a focus on patients' needs informed by strong collaborations with patient organizations. In rare diseases, this collaboration is especially critical to raise awareness and understanding of the diseases and improve access to care. At Zealand, we have long-standing relationships with organizations, including Congenital Hyperinsulinism International and The Oley Foundation (working with short bowel syndrome) through various initiatives such as funding support and clinical trial collaboration. We work with thought leaders and external experts in both disease areas of CHI and SBS to inform communities and maximize the reach of our potential medical treatment options. In 2023, we held both SBS and CHI Summits at our headquarters outside Copenhagen to gather key external experts and medical staff from sites that had participated in our clinical trials, as well as patient organizations, to exchange perspectives and insights directly relevant to our programs. Once our rare disease products are on the market, we will continue to monitor impacts on patient outcomes as well as expand efforts to inform and improve treatment decisions.As our obesity pipeline matures, we will engage with patient organizations where we, amongst other things, will work on changing the perception of the disease. Many continue to consider obesity a lifestyle choice, as opposed to a serious chronic disease, impacting the payer sentiment, patientsâ desire to seek medical advice and treatment, as well as the attitude of healthcare profes-sionals towards prescribing anti-obesity medications.Never compromising on qualityWhen conducting clinical trials, quality is of essence to ensure patient safety, product quality and data integ-rity. To remain compliant and in control, we ensure that we integrate quality and data integrity in our processes. Our Development and Operations areas outsource good practice (GxP) activities to qualified and approved suppliers, where the sponsor and product ownership responsibilities remain with us. Our reliance on external partners to perform GxP activities poses an inherent risk that partners may not follow requirements of pharma-ceutical quality standards. Such non-compliance could in turn jeopardize patient safety, quality, access, and safety and efficacy of our medicines. Oversight of the activities is carried out to ensure compliance with the applicable requirements including Good Laboratory Practice (GLP), Good Manufacturing Practice (GMP), Good Clinical Practice (GCP), Good Pharmacovigilance Practice (GVP), appropriate standards for medical devices and others. We work in close partnerships with our suppliers to achieve quality products and processes. Our partners are selected and maintained through a rigorous process where we focus on business ethics and business continuity as well as capability and capacity of the services provided. This includes, but is not limited to, use of specialized Mike lives with short bowel syndromecomputer systems, process understanding, regulatory understanding and suitability of the supplierâs own quality system. Elements in the assessment include quality audits, frequent follow-up and oversight, supplier management assessment, and evaluation of financial stability.Our Pharmaceutical Quality System is described in our Quality Manual, which also defines our Quality Policy. Ongoing evaluation of our quality system is performed through both internal audits and external inspections from relevant health authorities, including the Danish Medicines Agency and the US Food and Drug Administration.Our peopleWe foster an engaging and enriching workplace for our people through our focus on Engagement, Growth, and Diversity & Inclusion. EngagementWe strive to make Zealand an enriching place to workGrowthWe support our employees in developing to their full potentialDiversity and inclusionWe foster an inclusive workplace for all groups and backgroundsAt Zealand, we believe that engaged and motivated employees with a passion for making a difference bring a positive mindset and inspiring level of energy to work. Our highly skilled employees are at the center of the medical treatment options that we design and develop for patients. We pride ourselves on our ability to work together as one team and to foster a strong and engaging company culture founded on collaboration, courage, empowerment, and trust.The Zealand family continues to grow. We started 2023 with 196 employees and we ended 2023 with 253 employees. A total of 88 employees have been onboarded during the year. The turnover rate of 10.3% during 2023 is considered low, showcasing Zealandâs ability to attract and retain highly skilled workers even in a highly compet-itive market. EngagementWe strive to make Zealand an enriching place to work. We do so by leveraging our DNA: We are BOLD, we EMPOWER people, we work as ONE TEAM, and we can be TRUSTED. Throughout our 25-year history, we have built a unique company culture where employees are given autonomy to shape their work with a strong focus on a deeper purpose. To support our employeesâ well-being, we work systematically to maintain a safe, inclusive, secure, and healthy work environment. We have designed our poli-cies and governance systems to promote physical and psychosocial health, including a Works Council and an Occupational Safety and Health Committee (OSHA Committee), on which both management and employees are represented and where matters related to our work environment are regularly discussed. We have a hybrid working environment that allows our employees to work from home when it suits the individual employee and the specific work tasks. We continue to focus on optimizing the work-life balance of all our employees to ensure their well-being. Our commitment to an engaged workforce is evident from our latest engagement survey where Zealand employees responded with a high response rate (92%) and reported a high level of positive engagement (8.8/10). As part of our ESG strategy development in 2023, we aim for a continuous high target of a positive engagement score of +8.Results from the 2023 engagement survey also high-lighted future focus areas to ensure high engagement is maintained. We will continue to focus on work-life balance, optimization of processes and available technol-ogies, and clear communication around the strategy and direction for Zealand.In 2024, we will launch a new leadership development program for leaders across the organization. The lead-ership development program will, among other things, focus on creating a shared leadership framework, enhance strategic thinking, and provide better tools for open conversations and assembling the right team. We will also strengthen our HR Business Partner function to equip managers with the right tools to promote employee engagement and to assist people managers in their employee development skills.Health and safetyLaboratory operations contain inherent risks; therefore, we work systematically to maintain a safe and healthy work environment for all employees. Several procedures are in place, including a manual describing our policies on occupational safety and health (OSHA). All our employees are trained in the standard safety protocol and they are given the tools to manage their own occupational safety. We conduct quarterly safety walk throughs of our facili-ties and a near-accident reporting system is maintained to build on our strong safety track record and safeguard against potential future accidents. In 2023, one near- accident was reported under our near-accident reporting initiative (2022: 4) and we had one "obligated to notify" accident (2022: 0).GrowthAt Zealand, we support our employees in developing to their full potential. We prioritize employee growth via hands-on practical learning and delegating new respon-sibilities in a supportive environment. This strategy is backed by structured regular review processes to discuss performance and identify plans for future learning oppor-tunities. While individuals have ownership of their own development, they are constantly supported with tools and mentorship to grow. To support our growth initiatives, we plan to launch a consistent and transparent career framework for all employees, and offer relevant training. We are also devel-oping and launching an internal mentorship program during 2024 to leverage our strong internal competencies.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" id="s10_notes__9__11" xml:lang="en">Diversity and InclusionWe foster an inclusive workplace for all individuals regard-less of their background. We value diversity not only because we believe that this is the socially responsible thing to do, but because we believe that diverse teams arrive at better solutions, eventually benefitting patients, our company, and society at large.We are committed to providing equal employment oppor-tunities for all employees, and we evaluate recruitment of new employees, training and development opportunities for existing employees, promotions, and other personnel decisions regardless of race, color, gender identity or expression, religion, age, sexual orientation, national origin, disability, military or veteran status, part-time or full-time employee status, or any other basis.We acknowledge that diversity goes beyond gender and that we as a company embrace diverse backgrounds in terms of experience and competencies. In Zealand, we do not only have a diverse team in terms of gender, but also value different educational, cultural, and industry backgrounds. The age range of our employees is 27 to 68 (average of 47.1), showcasing our ability to attract young as well as experienced talent. One of the founders of Zealand, as well as the first employee to be hired, are still with us today, having celebrated their 25th anniversary along with the company. Inclusion is a focus area in our annual engagement survey with dedicated questions and a commitment to showcase this in future annual reports. In 2024, we plan to formalize and communicate our diver-sity and inclusion policy.Diversity in management Under Danish law, when reporting diversity in manage-ment, the Board of Directors and Executive Management (Zealand's CEO and CFO) are considered. We acknowl-edge that diversity in management as well as the organ-ization creates a better position for fruitful dicision making. As with the remaining organization, Management is selected and evaluated based on their capabilities, regardless of race, color, gender identity or expression, religion, age, sexual orientation, national origin or disa-bility. In 2023, there were no changes to the Executive Management nor Board of Directors, but as described the Board composition will change in 2024. If the Board observers are elected as members, they will bring exten-sive pharmaceutical industry experience and contribute to our diversity in terms of nationality, ethnicity and educa-tional background.Statutory gender reporting under Danish lawWe strive to achieve balanced representation of genders at all management levels, from the Board of Directors to the heads of departments. 20231Board of DirectorsTotal number of members 7Underrepresented gender (%) 29%2Other management positionsTotal number of members 22Underrepresented gender (%) 45%The Board of Directors consisted of two women and five men elected at the Annual General Meeting in 2023 and is therefore regarded as having an equal gender distribution (underrepresented gender: 29%). Consequently, Zealand is not obligated to set a gender distribution target for the Board. At the Annual General Meeting in 2024, two Board observers stand for election, one woman and one man. If elected, they will replace two male members of the Board, resulting in a female representation of 43% going forward.2As of December 31, 2023, Other Management Positionsconsisted of 22 employees of which 45% were women, thus giving an equal gender distribution. A target is there-fore not required.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="s10_notes__7__9" xml:lang="en">Diversity and InclusionWe foster an inclusive workplace for all individuals regard-less of their background. We value diversity not only because we believe that this is the socially responsible thing to do, but because we believe that diverse teams arrive at better solutions, eventually benefitting patients, our company, and society at large.We are committed to providing equal employment oppor-tunities for all employees, and we evaluate recruitment of new employees, training and development opportunities for existing employees, promotions, and other personnel decisions regardless of race, color, gender identity or expression, religion, age, sexual orientation, national origin, disability, military or veteran status, part-time or full-time employee status, or any other basis.We acknowledge that diversity goes beyond gender and that we as a company embrace diverse backgrounds in terms of experience and competencies. In Zealand, we do not only have a diverse team in terms of gender, but also value different educational, cultural, and industry backgrounds. The age range of our employees is 27 to 68 (average of 47.1), showcasing our ability to attract young as well as experienced talent. One of the founders of Zealand, as well as the first employee to be hired, are still with us today, having celebrated their 25th anniversary along with the company. Inclusion is a focus area in our annual engagement survey with dedicated questions and a commitment to showcase this in future annual reports. In 2024, we plan to formalize and communicate our diver-sity and inclusion policy.Diversity in management Under Danish law, when reporting diversity in manage-ment, the Board of Directors and Executive Management (Zealand's CEO and CFO) are considered. We acknowl-edge that diversity in management as well as the organ-ization creates a better position for fruitful dicision making. As with the remaining organization, Management is selected and evaluated based on their capabilities, regardless of race, color, gender identity or expression, religion, age, sexual orientation, national origin or disa-bility. In 2023, there were no changes to the Executive Management nor Board of Directors, but as described the Board composition will change in 2024. If the Board observers are elected as members, they will bring exten-sive pharmaceutical industry experience and contribute to our diversity in terms of nationality, ethnicity and educa-tional background.Statutory gender reporting under Danish lawWe strive to achieve balanced representation of genders at all management levels, from the Board of Directors to the heads of departments. 20231Board of DirectorsTotal number of members 7Underrepresented gender (%) 29%2Other management positionsTotal number of members 22Underrepresented gender (%) 45%The Board of Directors consisted of two women and five men elected at the Annual General Meeting in 2023 and is therefore regarded as having an equal gender distribution (underrepresented gender: 29%). Consequently, Zealand is not obligated to set a gender distribution target for the Board. At the Annual General Meeting in 2024, two Board observers stand for election, one woman and one man. If elected, they will replace two male members of the Board, resulting in a female representation of 43% going forward.2As of December 31, 2023, Other Management Positionsconsisted of 22 employees of which 45% were women, thus giving an equal gender distribution. A target is there-fore not required.</mrv:StatementOfTheDiversityPolicies>
<mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels contextRef="ctx-2" id="s10_notes__9__25" xml:lang="en">Diversity in management Under Danish law, when reporting diversity in manage-ment, the Board of Directors and Executive Management (Zealand's CEO and CFO) are considered. We acknowl-edge that diversity in management as well as the organ-ization creates a better position for fruitful dicision making. As with the remaining organization, Management is selected and evaluated based on their capabilities, regardless of race, color, gender identity or expression, religion, age, sexual orientation, national origin or disa-bility. In 2023, there were no changes to the Executive Management nor Board of Directors, but as described the Board composition will change in 2024. If the Board observers are elected as members, they will bring exten-sive pharmaceutical industry experience and contribute to our diversity in terms of nationality, ethnicity and educa-tional background.Statutory gender reporting under Danish lawWe strive to achieve balanced representation of genders at all management levels, from the Board of Directors to the heads of departments. 20231Board of DirectorsTotal number of members 7Underrepresented gender (%) 29%2Other management positionsTotal number of members 22Underrepresented gender (%) 45%The Board of Directors consisted of two women and five men elected at the Annual General Meeting in 2023 and is therefore regarded as having an equal gender distribution (underrepresented gender: 29%). Consequently, Zealand is not obligated to set a gender distribution target for the Board. At the Annual General Meeting in 2024, two Board observers stand for election, one woman and one man. If elected, they will replace two male members of the Board, resulting in a female representation of 43% going forward.2As of December 31, 2023, Other Management Positionsconsisted of 22 employees of which 45% were women, thus giving an equal gender distribution. A target is there-fore not required.</mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="ctx-4"
decimals="0"
id="s10_notes__9__12"
unitRef="pure">7</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-4"
decimals="2"
id="s10_notes__9__13"
unitRef="pure">0.29</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:TotalNumberOfOtherManagementLevels contextRef="ctx-4"
decimals="0"
id="s10_notes__9__21"
unitRef="pure">22</mrv:TotalNumberOfOtherManagementLevels>
<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-4"
decimals="2"
id="s10_notes__9__22"
unitRef="pure">0.45</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:ReasonForNotFulfillingTheTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-2" id="s10_notes__9__19" xml:lang="en">Consequently, Zealand is not obligated to set a gender distribution target for the Board.</mrv:ReasonForNotFulfillingTheTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="s10_notes__7__7" xml:lang="en">At Zealand, we are committed to apply data ethics that are consistent with the appropriate privacy regulations and consistent with accepted industry practice. We currently have policies on Data Integrity and Good Documentation that apply to the integrity and quality of data for clinical trials, as well as a Data Governance Manual that governs the way that certain categories are handled and used. We believe these policies provide adequate safeguards for our data.</mrv:StatementOfPolicyForDataEthics>
<mrv:CorporateGovernanceReport contextRef="ctx-1" id="s10_notes__7__8" xml:lang="en">Corporate GovernanceIntroductionThis chapter on the corporate governance of Zealand Pharma A/S (âZealandâ) has been integrated into the management review of the Annual Report 2023 and covers the period January 1 â December 31, 2023.As a company incorporated under the laws of Denmark, and with its shares admitted to trading and official listing on Nasdaq Copenhagen, Zealand is subject to various applicable legislation, standards, and other regulations for publicly traded companies. These include Danish securities law and the recommendations on corporate governance issued by the Danish Committee on Corporate Governance (in the below ââthe Recommendationsââ) updated on December 2, 2020. At Zealand, we regularly review our activities to ensure that we meet our obligations to shareholders, employees, regu-latory authorities, and other stakeholders while maximizing long-term value. Zealand also regularly reviews its rules, policies and practices within risk management and internal control to improve guidelines and policies for corporate governance, ensuring that the standards that we set are up to date with accepted practice for a company like Zealand. In addition to these, when relevant, we have corporate governance activities reviewed by a third party who carries out an evaluation of the Board and how it is governed.In addition to the reviews set out above, the Board of Directors and Corporate Management constantly seek to ensure that Zealand's management structure and control systems are efficient, function properly, and provide the right degree of control and management to the organi-zation. Several internal procedures have been developed and are continuously updated, with external assistance if required, to ensure active, secure, and efficient manage-ment of our company. Find out more about Zealand at zealandpharma.com/corporate-governance/Corporate governance structureZealand has a two-tier management structure composed of the Board of Directors (âthe Boardâ) and Corporate Management. The Board is responsible for the overall vision, strategies and objectives, the financial and managerial supervision of Zealand, as well as for regular evaluation of the work of 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, Zealand's articles of association, and the poli-cies and procedures that are put in place to ensure sound governance.The Board approves the policies and procedures, and Corporate Management is responsible for the day-to-day management of Zealand in compliance with the guide-lines and directions set by the Board. The allocation of responsibilities between the Board of Directors and Corporate Management is stipulated in the Rules of Procedure that are reviewed and signed every year by the members of the Board of Directors and Corporate Management after the Annual General Meeting.Board of DirectorsThe Board plays an active role in setting Zealand's strat-egies and goals as well as in monitoring its operations and results. The Board functions according to its Rules of Procedure. The duties include establishing Zealandâs poli-cies to achieve Zealand's objectives in accordance with its articles of association that form an important set of guard-rails for how the company should be governed. These also define the responsibilities of the Board, for example ensuring that Zealandâs bookkeeping, accounting, asset management, information technology systems, budgeting and internal control are properly organized. As of December 31, 2023, Zealandâs Board is comprised of seven Board members elected at the Annual General Meeting, four employee representatives elected by Zealand's employees, and two Board observers. The Annual General Meeting appoints each sharehold-er-elected member of the Board for a one-year term, whereas employee representatives are elected for a four-year term. The two Board observers appointed in 2023 will stand for election as Board members at the 2024 Annual General Meeting, whereas two current members of the Board do not stand for re-election. The other five current members of the Board and all the employee-elected members of the Board are up for re-election in 2024.Corporate governance structureAnnual General MeetingBoard of DirectorsNomination CommitteeAudit CommitteeRemuneration CommitteeScientific CommitteeCorporate ManagementOrganizationBoard members elected by the shareholders:⢠Martin Nicklasson, Chair⢠Kirsten A. Drejer, Vice Chair⢠Jeffrey Berkowitz⢠Bernadette Connaughton⢠Leonard Kruimer⢠Alain Munoz (not for re-election at AGM 2024)⢠Michael J. Owen (not for re-election at AGM 2024)Board members elected by the employees:⢠Jens Peter Stenvang⢠Frederik Barfoed Beck⢠Anneline Nansen⢠Iben Louise GjelstrupBoard observers for election as Board members at AGM 2024:⢠Enrique Conterno⢠Elaine Sullivan In line with the Recommendations, the Board reviews and determines the qualifications and experience needed on the Board with respect to: ⢠Scientific knowledge within bioscience and innovation of pharmaceutical products⢠Financial experience and knowledge⢠Experience in leading an innovative business and insight into the biopharmaceutical market⢠Experience with market entry and relationship with payers⢠Experience in handling and managing partnering agreements⢠Competency in ensuring that the obligations of a listed company are fulfilledIn 2023, the Board decided to carry out a full inde-pendent review of its performance. This performance was carried out independently by the Leadership Advisory Group (LAG) in compliance with article 3.5 of Danish Recommendations on Corporate Goverence 2020. They used a mixture of anonymous on-line questionnaires and one to one interviews with members of the Board and members of management. The results were presented to the Board before the 2023 annual general meeting and provided areas where the governance of the company could be the subject of annual review and further strengthened. These recommendations were instituted as part of the companyâs annual review as a matter of routine.At the beginning of 2024, the Board decided to follow this evaluation to check its progress and to ensure that there was independence when the Board was evaluated. Once again, the Board decided to use the services of the LAG to follow up from its last review of the Board in 2023. The LAG used an anonymous on-line questionnaire that was sent to each member of the Board and management. LAG produced a report that was sent to the Chair and the Company Secretary. The Chair also met one to one with the members of the Board to discuss the functioning of the Board.The report that is compiled measures 11 separate catego-ries and scores them based on an average of the scores from the member of the Board and Management (11 + 6 people in total). Of these 11 categories. The scores indi-cate the following performance against benchmarks for Danish companies.The results indicate that in six of the 11 categories (indi-cated in blue font in the chart below) Zealandâs perfor-mance was regarded as exceptional across various categories. The LAGâs assessment was that in these six categories Zealand represented a role model company board.The Board should meet at least 6 times a year and when-ever the Chair decides that it is necessary. The Board of Directors met for a total of 10 times in 2023 and of these 6 meetings were virtual. Audit CommitteeThe Audit Committee consists of Leonard Kruimer, Martin Nicklasson, Jeffrey Berkowitz, and Bernadette Connaughton. The committee is chaired by Leonard Kruimer.The Audit Committee plays an active role in setting Zealand's strategies and goals as well as in monitoring its operations and results, including ESG. The Committee LAG report resultsScore from Role Model Categorya total of 5 Benchmark DifferenceBenchmarkStrategy Development and implementation 4.10 3.53 +0.57 4.19Risk awareness, monitoring and reporting 3.96 3.48 +0.48 4.14Co-operation with CEO and Management 4.47 3.61 +0.86 4.47Board Composition and dynamics 4.13 3.57 +0.56 4.13On and Off Boarding 3.39 3.08 +0.21 3.90Meeting Structure and operation 4.36 3.70 +0.66 4.36Meeting effectiveness 4.31 3.72 +0.59 4.31Shareholders and stakeholder relations 4.03 3.41 +0.62 4.29Committee and Vice Chair value contribution 4.23 3.75 +0.48 4.24Evaluation of the Chair 4.67 4.09 +0.58 4.67General 4.41 3.79 +0.62 4.41Overall Score 4.23 3.61 +0.62 4.23functions according to its Charter that is reviewed on an annual basis. The duties include the internal controls and risk management systems related to financial reporting and evaluating the need for an internal audit.⢠establishing procedures for the receipt, retention and treatment of complaints received regarding accounting, internal controls, auditing and financial reporting matters (whistle-blower function);⢠nominating the statutory external auditor to be elected at the Annual General Meeting and preparing the recommendation to the Annual General Meeting regarding the election of our external auditor, as well as, if relevant, proposing to the Annual General Meeting that an external auditor is discharged;⢠monitoring the strategy, plan, scope and approach of the external auditorâs annual audit;⢠monitoring and approving the terms and compensation of the external auditor;⢠monitoring the external auditorâs reports to the Executive Management and the Board of Directors, including management letters and long-form reports, discussing any reports with the Executive Management and the external auditor and be mainly responsible for resolving any disagreements between the external auditor and the Executive Management;⢠considering (at least on an annual basis) the performance and independence of the external auditor and obtaining and reviewing of a report from the external auditor substantiating that the external auditor is independent;⢠reviewing policy in relation to the provision of non-audit services by the external auditor under which the Audit Committee approves non-audit services delivered by the external auditor;⢠engaging independent counsel and other advisors as the Audit Committee determines necessary to carry out its duties;⢠obtaining available appropriate funding as the Audit Committee determines necessary for the fulfilment of its tasks and duties; and⢠evaluating on an annual basis: (i) the performance of the Audit Committee, including independence and financial expertise; and (ii) the adequacy of the Audit Committeeâs charter and recommendation of any proposed changes to the Board of Directors.In 2023, specific topics discussed included auditorâs reports, accounting policies, internal controls, compli-ance, finance, going concern status, risk management, cybersecurity, insurance policy, year-end issues, ESG reporting, transactions not in the usual course of business and external financing. The Audit Committee met for a total of 7 times in 2023 and of these 5 meetings were virtual. The committee is composed of independent members.Remuneration CommitteeThe Remuneration Committee consists of Martin Nicklasson, Alain Munoz, and Michael J. Owen. The committee is chaired by Martin Nicklasson. Alain Munoz and Michael J. Owen do not stand for re-election at the 2024 Annual General Meeting.The Remuneration Committee proposes the remuner-ation policy as well as targets for company-operated performance-related incentive programs. These policies and guidelines set out the various components of the remuneration, including fixed and variable remuneration such as pension schemes, benefits, retention bonuses, severance, and incentive schemes as well as the related bonus and evaluation criteria. The committee functions according to its Charter that is reviewed on an annual basis.The proposed remuneration policy is subject to the approval of our shareholders at the Annual General Meeting. Our Remuneration Committee has the following principal responsibilities:⢠preparing and presenting proposals to the Board of Directors on the framework for remuneration packages for Executive Management, including, but not limited to salary, salary increases, pension rights and any compensation or termination payments, ensuring that the contractual terms are fair to the individual and to Zealand, that failure is not rewarded, and that the duty to mitigate loss is fully recognized;⢠preparing and presenting proposals to the Board of Directors on remuneration matters of material importance to Zealand, including incentive programs and payments for the Executive Management. The proposals for remuneration of Executive Management, including any incentive program, shall be in accordance with and not exceed relevant comparable market practice levels at any given time;⢠preparing and presenting proposals to the Board of Directors on the targets (bonus levels and performance targets) for company-operated performance-related incentive programs for Executive Management, as well as monitoring and evaluating the fulfilment of such targets;⢠overseeing the implementation of any pension, retirement, death or disability, or life insurance scheme and any incentive schemes for Executive Management; and⢠reviewing and considering the proposals from our Nomination Committee on remuneration for members of the Board of Directors and Executive Management.In 2023, specific topics discussed included long-term incentive programs for management and Board of Directors, company goals, and the compensation policy for eligible employees. Please refer to the 2023 Remuneration Report for more details. The Remuneration Committee met for a total of 6 times in 2023 and of these 5 meetings were virtual. The committee is composed of a majority of independent members.Nomination CommitteeThe Nomination Committee consist of Kirsten A. Drejer, Leon Kruimer and Bernadette Connaughton. The committee is chaired by Kirsten A. Drejer.The Nomination Committee makes recommendations for decisions to the Board of Directors regarding Board posi-tions, identifying and recommending candidates for the Board of Directors. The Committee functions according to its Charter that is reviewed on an annual basis.Specific topics discussed in 2023 included the compo-sition of the independent members of the Board of Directors as well as the selection and recommendation of new members of the Board of Directors.The Nomination Committee met for a total of 4 times in 2023 and of these 3 meetings were virtual. The committee is composed of independent members.Scientific CommitteeThe Scientific Committee consists of Kirsten A. Drejer, Alain Munoz, and Michael J. Owen. The committee is chaired by Kirsten A. Drejer. Alain Munoz and Michael J. Owen do not stand for re-election at the 2024 Annual General Meeting.The Scientific Committee is a forum with the purpose of leveraging the scientific expertise of the appointed Board members, understanding and challenging the approach and assumptions of the Zealandâs Research & Development strategy, providing technical assistance to the Board on research and development-related issues, and guiding the Board on the risks of the Companyâs Research & Development strategy. Specific topics discussed in 2023 included the development of the clinical pipeline, prepara-tion for potential interactions with regulatory authorities, and a review of the pre-clinical pipeline and innovation strategy.The Scientific Committee met for a total of 4 times in 2023 and of these 2 meetings were virtual. The committee is composed of a majority of independent members.Overview of meetings in 2023 Attended AbsentRemuneration Scientific Nomination Board Audit CommitteeCommitteeCommitteeCommitteeMartin Nicklassonâ¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢ â¢â¢â¢â¢â¢â¢â¢ â¢â¢â¢â¢â¢â¢N/A N/AKirsten A. Drejerâ¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢N/A N/Aâ¢â¢â¢â¢ â¢â¢â¢â¢Jeffrey BerkowitzN/A N/A N/Aâ¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢ â¢â¢â¢â¢â¢â¢â¢Bernadette Connaughtonâ¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢ â¢â¢â¢â¢â¢â¢â¢N/A N/Aâ¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢N/Aâ¢â¢â¢â¢â¢â¢ â¢â¢â¢â¢Leonard Kruimerâ¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢ â¢â¢â¢â¢â¢â¢â¢N/A N/Aâ¢â¢â¢â¢Michael J OwenN/AN/Aâ¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢ â¢â¢â¢â¢Jens Peter Stenvang â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢N/A N/A N/A N/AFrederik Barfoed Beckâ¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢N/A N/A N/A N/AAnneline Nansenâ¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢N/A N/A N/A N/AIben Louise Gjelstrupâ¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢â¢N/A N/A N/A N/AOn August 8 and August 23, Leon Kruimer was travelling and unable to attend the nomination committee meetings scheduled for those dates. He was able to discuss the matters discussed during those meetings with the Chair of the Nomination Committee to ensure that he was up to date with the process that was in place to select potential new board members.Corporate ManagementCorporate Management is composed of Executive Management and other members of Corporate Management:Executive Management⢠Adam Steensberg, President and Chief Executive Officer ⢠Henriette Wennicke, Executive Vice President and Chief Financial Officer Other members of the Corporate Management⢠Ivan Møller, Executive Vice President and Chief Operating Officer⢠Christina Sonnenborg Bredal, Executive Vice President, Chief People Officer⢠David Kendell, Chief Medical Officer and Head of Research & Development⢠Ravinder Singh Chahil, Executive Vice President and General Counsel</mrv:CorporateGovernanceReport>
<fsa:AverageNumberOfEmployees contextRef="ctx-1"
decimals="0"
id="s10_notes__7__93"
unitRef="pure">235</fsa:AverageNumberOfEmployees>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s10_notes__7__208" xml:lang="en">Statement of the Board of Directors and Executive ManagementThe Board of Directors and Executive Management have today discussed and approved the Annual Report of Zealand Pharma A/S for the financial year January 1 â December 31, 2023. The consolidated financial statements and parent company financial statements have been prepared in accordance with IFRS Accounting 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 consolidated financial statements and parent company financial statements give a true and fair view of the Groupâs and the parent companyâs financial position as of December 31, 2023, and of the results of the Groupâs and the parent companyâs operations and cash flows for the financial year January 1 â December 31, 2023.In our opinion, the Managementâs review includes a fair review of the development of the Groupâs and the parent companyâs oper-ations and economic conditions, the results for the year, 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. In our opinion, the Annual Report of Zealand Pharma A/S for the financial year January 1 - December 31, 2023 identified as 549300ITBB1ULBL4CZ12-2023-12-31-en.zip has in all material respects been prepared in compliance with the ESEF Regulation.We recommend that the Annual Report be approved at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="s10_notes__7__209" xml:lang="en">Søborg</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="s10_notes__7__210">2024-02-27</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-28" id="s10_notes__7__211" xml:lang="en">Adam Sinding Steensberg</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-28" id="s10_notes__7__212" xml:lang="en">President and Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-29" id="s10_notes__7__213" xml:lang="en">Henriette Wennicke</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-29" id="s10_notes__7__214" xml:lang="en">Executive Vice President and Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-30" id="s10_notes__7__215" xml:lang="en">Alf Gunnar Martin Nicklasson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-30" id="s10_notes__7__216" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-33" id="s10_notes__7__221" xml:lang="en">Kirsten Aarup Drejer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-33" id="s10_notes__7__222" xml:lang="en">Vice Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-31" id="s10_notes__7__217" xml:lang="en">Bernadette Connaughton</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-37" id="s10_notes__7__230" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-36" id="s10_notes__7__228" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-34" id="s10_notes__7__224" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-32" id="s10_notes__7__220" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-31" id="s10_notes__7__218" xml:lang="en">Board member</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-34" id="s10_notes__7__223" xml:lang="en">Leonard Kruimer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-37" id="s10_notes__7__229" xml:lang="en">Alain Munoz</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-38" id="s10_notes__7__231" xml:lang="en">Jens Peter Stenvang</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-35" id="s10_notes__7__225" xml:lang="en">Iben Louise Gjelstrup</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-40" id="s10_notes__7__236" xml:lang="en">Board member Employee elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-39" id="s10_notes__7__234" xml:lang="en">Board member Employee elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-38" id="s10_notes__7__232" xml:lang="en">Board member Employee elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-35" id="s10_notes__7__226" xml:lang="en">Board member Employee elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-36" id="s10_notes__7__227" xml:lang="en">Jeffrey Berkowitz</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-32" id="s10_notes__7__219" xml:lang="en">Michael John Owen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-39" id="s10_notes__7__233" xml:lang="en">Frederik Barfoed Beck</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="s10_notes__7__235" xml:lang="en">Anneline Nansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notes__7__238" xml:lang="en">To the shareholders of Zealand Pharma A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notes__7__239" xml:lang="en">We have audited the consolidated financial statements and the parent company financial statements of Zealand Pharma A/S for the financial year 1 January â 31 December 2023, which comprise statement of loss, statement of comprehensive loss, statement of financial position, statement of cash flows statement of sharehold-erâs equity and notes, including material accounting policy infor-mation, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with IFRS Accounting Standards 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 finan-cial position of the Group and the Parent Company at 31 December 2023 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January â 31 December 2023 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s10_notes__7__240" xml:lang="en">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and require-ments are further described in the "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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To 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.Appointment of auditorWe were initially appointed as auditor of Zealand Pharma A/S on April 2, 2020 for the financial year 2020. We have been reappointed annually by resolution of the general meeting for a total consecutive period of four years up until the financial year 2023.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="s10_notes__7__241" xml:lang="en">Key audit matters are those matters that, in our professional judge-ment, were of most significance in our audit of the financial state-ments for the financial year 2023. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide 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 responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Accordingly, our audit included 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 procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.Accounting for research and development expenses and accruals related to Clinical Research Organisations Zealand Pharma A/S engages with third-party clinical research organisations (CROs) for certain clinical development activities, including clinical trials. The diverse nature of these activities, along with varied contract terms, compensation arrangements, and impact from potential scope changes and the consequential impact on cost per patient and timelines, requires significant estimates and judgments by management in recognizing expenses and accruals for clinical development activities. Management has established CRO accrual models used to recognize the expenses for clinical development activities over the periods over which services are provided to the Group and the Parent Company and estimate clin-ical trial accruals at the balance sheet date. Refer to note 2.5 and 3.8 in the consolidated financial statements. Given the significance of clinical trial expenses and the complexity associated with management's estimates and judgment in recog-nizing accruals for clinical development activities, including alloca-tion of contract costs to clinical development phases, determination of clinical trial service periods, and the effect from changes to clinical trial scope, we considered the accounting for research and development expenses and accruals related to Clinical Research Organisations a key audit matter.How our audit addressed the key audit matterOur audit procedures related to research and development expenses and accruals related to Clinical Research Organisations included the following: ⢠Obtaining an understanding of Managementâs process for accounting for clinical development activities and controls related to monitoring services provided. ⢠Obtaining an understanding of terms and conditions of contrac-tual arrangements with CROs along with ongoing development phases and their timelines through inspection of contracts, evidence supporting their execution and corroborative inquiries of management.⢠Evaluation of the appropriateness of the methodology and accounting policies applied to comply with applicable accounting standards.⢠Evaluation of CRO accrual models and test of key input data applied, including contract cost, patient enrolment data and treat-ment timelines by tracing to supporting evidence.⢠Evaluation of key assumptions applied in the CRO models, including determination of variable costs, allocation of contract costs to development phases and timelines.⢠Checking the arithmetical accuracy of the computations within the CRO accrual models and reconciling the modelsâ output to the Group and Parent Companyâs financial records.⢠Performing test of details, including analytical procedures, over research and development expenses to verify occurrence and appropriateness of recorded expenses.⢠Examining transactions after balance sheet date to assess completeness and accuracy of the recorded transactions. ⢠Evaluation of appropriateness of the disclosures pertaining to accounting for research and development expenses and related accruals for compliance with applicable accounting standards.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s10_notes__7__242" xml:lang="en">Management is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any assurance conclu-sion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially incon-sistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regulations. Based on our procedures, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of relevant law and regulations. We did not identify any material misstatement of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s10_notes__7__243" xml:lang="en">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting 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 from material misstatement, whether due to fraud or error.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 accounting 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-1" id="s10_notes__7__244" xml:lang="en">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, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assur-ance, 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, indi-vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and addi-tional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient 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, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.⢠Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the finan-cial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condi-tions 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 uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.⢠Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.⢠Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged 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 inde-pendence, and where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with govern-ance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are there-fore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="s10_notes__7__245" xml:lang="en">As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of Zealand Pharma A/S, we performed procedures to express an opinion on whether the annual report of Zealand Pharma A/S for the financial year 1 January â 31 December 2023 with the file name 549300ITBB1ULBL4CZ12-2023-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. 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, for all 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 material 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 judge-ment, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: ⢠Testing whether the annual report is prepared in XHTML format; ⢠Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process; ⢠Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; ⢠Evaluating the appropriateness of the companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; ⢠Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and ⢠Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of Zealand Pharma A/S for the financial year 1 January â 31 December 2023 with the file name 549300ITBB1ULBL4CZ12-2023-12-31-en.zip is prepared, in all mate-rial respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="s10_notes__7__246" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="s10_notes__7__247">2024-02-27</arr:SignatureOfAuditorsDate>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-41" id="s10_notes__7__250" xml:lang="en">Christian Schwenn Johansen</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-42" id="s10_notes__7__253" xml:lang="en">Rasmus Bloch Jespersen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-42" id="s10_notes__7__254" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
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<gsd:NameOfSubmittingEnterprise contextRef="ctx-1" id="s10_notes__7__274" xml:lang="en">Zealand Pharma A/S</gsd:NameOfSubmittingEnterprise>
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<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="s10_notes__7__276" xml:lang="en">2860 Søborg</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
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