Z 
245.00
+5.20%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 9.21bn
FY2016FY2025
Net income
DKK 6.46bn
FY2016FY2025
Free cash flow
DKK 6.50bn
FY2016FY2025
Shareholders' equity
DKK 14.83bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 9.21bn | DKK 62.7m | DKK 342.8m | DKK 104.0m | DKK 292.6m | DKK 353.3m | DKK 41.3m | DKK 38.0m | DKK 139.8m | DKK 234.8m |
| Research and development | DKK 1.58bn | DKK 919.9m | DKK 684.9m | DKK 614.0m | DKK 588.5m | DKK 604.1m | DKK 561.4m | DKK 438.2m | DKK 324.7m | DKK 268.2m |
| Operating income | DKK 7.16bn | −DKK 1.27bn | −DKK 572.2m | −DKK 915.6m | −DKK 1.05bn | −DKK 832.8m | −DKK 587.9m | DKK 652.4m | −DKK 255.1m | −DKK 118.6m |
| Net income | DKK 6.46bn | −DKK 1.08bn | −DKK 703.7m | −DKK 965.6m | −DKK 1.02bn | −DKK 846.7m | −DKK 571.5m | DKK 581.3m | −DKK 272.3m | −DKK 153.9m |
| Diluted earnings per share | 91.42 | -15.27 | -12.05 | -19.39 | -23.33 | -20.09 | -15.85 | 18.85 | -8.85 | -6.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 16.46bn | DKK 9.51bn | DKK 1.98bn | DKK 1.54bn | DKK 2.07bn | DKK 1.92bn | DKK 1.60bn | DKK 1.23bn | DKK 737.2m | DKK 694.6m |
| Cash and short-term investments | DKK 15.11bn | DKK 8.23bn | DKK 1.63bn | DKK 1.18bn | DKK 1.43bn | DKK 1.16bn | DKK 1.38bn | DKK 1.16bn | DKK 663.8m | DKK 323.3m |
| Total liabilities | DKK 1.63bn | DKK 888.9m | DKK 387.2m | DKK 723.9m | DKK 1.14bn | DKK 747.5m | DKK 356.8m | DKK 113.5m | DKK 208.8m | DKK 416.4m |
| Debt | DKK 325.6m | DKK 391.8m | DKK 119.2m | DKK 524.1m | DKK 787.4m | DKK 130.1m | DKK 85.8m | — | DKK 135.7m | DKK 332.2m |
| Shareholders' equity | DKK 14.83bn | DKK 8.62bn | DKK 1.59bn | DKK 815.9m | DKK 927.8m | DKK 1.18bn | DKK 1.24bn | DKK 1.12bn | DKK 528.5m | DKK 278.2m |
| Shares outstanding | 71m | 71m | 58m | 50m | 44m | 42m | 36m | 31m | 31m | 26m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 6.53bn | −DKK 930.8m | −DKK 425.7m | −DKK 942.2m | −DKK 1.21bn | −DKK 688.7m | −DKK 409.5m | −DKK 460.4m | −DKK 278.7m | DKK 40.9m |
| Capital spending | −DKK 33.4m | −DKK 13.1m | −DKK 23.7m | −DKK 11.7m | −DKK 22.1m | −DKK 25.0m | −DKK 23.5m | −DKK 4.0m | −DKK 7.2m | −DKK 2.6m |
| Free cash flow | DKK 6.50bn | −DKK 944.0m | −DKK 449.4m | −DKK 953.9m | −DKK 1.23bn | −DKK 713.8m | −DKK 433.0m | −DKK 464.4m | −DKK 286.0m | DKK 38.3m |
| Dividends paid | — | — | — | — | −DKK 647.9m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 4.49bn | DKK 34.0m | DKK 68.9m | DKK 49.6m | DKK 9.09bn | DKK 8.1m | DKK 9.1m | DKK 4.4m |
| Operating income | DKK 3.86bn | −DKK 539.0m | −DKK 510.6m | −DKK 461.3m | DKK 8.34bn | −DKK 407.0m | −DKK 399.3m | −DKK 349.4m |
| Net income | DKK 3.92bn | −DKK 394.0m | −DKK 379.1m | −DKK 404.2m | DKK 7.57bn | −DKK 335.3m | −DKK 291.0m | −DKK 266.4m |
| Diluted earnings per share | 55.34 | -5.57 | -5.37 | -5.73 | 107.27 | -4.75 | -4.12 | -3.77 |
| Cash from operations | DKK 406.0m | −DKK 672.0m | −DKK 1.04bn | −DKK 443.0m | DKK 8.52bn | −DKK 500.0m | −DKK 180.0m | −DKK 295.0m |
| Capital spending | −DKK 13.0m | −DKK 11.0m | −DKK 16.0m | −DKK 3.0m | −DKK 6.0m | −DKK 8.0m | −DKK 2.0m | — |
| Free cash flow | DKK 393.0m | −DKK 683.0m | −DKK 1.06bn | −DKK 446.0m | DKK 8.51bn | −DKK 508.0m | −DKK 182.0m | — |
| Total assets | DKK 19.76bn | DKK 15.30bn | DKK 16.46bn | DKK 16.80bn | DKK 17.18bn | DKK 9.12bn | DKK 9.51bn | DKK 9.63bn |
| Cash and short-term investments | DKK 14.46bn | DKK 14.47bn | DKK 15.11bn | DKK 16.17bn | DKK 16.58bn | DKK 8.54bn | DKK 8.23bn | DKK 8.47bn |
| Debt | DKK 29.0m | DKK 336.0m | DKK 348.2m | DKK 321.0m | DKK 311.5m | DKK 322.7m | DKK 317.4m | DKK 312.9m |
| Shareholders' equity | DKK 18.00bn | DKK 14.47bn | DKK 14.83bn | DKK 15.16bn | DKK 15.61bn | DKK 8.31bn | DKK 8.62bn | DKK 8.88bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 77.7% | -2029.3% | -166.9% | -880.5% | -359.0% | -235.7% |
| Net margin | 70.0% | -1720.9% | -205.3% | -928.6% | -348.0% | -239.7% |
| Return on equity | 43.5% | -12.5% | -44.2% | -118.3% | -109.7% | -71.9% |
| Return on assets | 39.2% | -11.3% | -35.5% | -62.7% | -49.2% | -44.0% |
| Free cash flow yield | 34.0% | -4.8% | -2.5% | -6.8% | -10.0% | -5.8% |
| Revenue growth | 14598.9% | -81.7% | 229.6% | -64.5% | -17.2% | 754.8% |
| Earnings growth | -698.3% | 53.3% | -27.1% | -5.2% | 20.2% | 48.1% |
| Current ratio | 23.57x | 21.14x | 6.25x | 6.73x | 5.15x | 2.16x |
| Debt to equity | 0.02x | 0.03x | 0.01x | 0.41x | 0.71x | 0.01x |
| Equity ratio | 90.1% | 90.6% | 80.4% | 53.0% | 44.9% | 61.2% |
| Interest coverage | 189.81x | -31.11x | -19.75x | -16.22x | -256.71x | -107.82x |
| R&D as a share of sales | 17.2% | 1467.3% | 199.8% | 590.5% | 201.1% | 171.0% |
| Buybacks as a share of market value | 0.1% | -21.0% | -17.2% | -14.2% | -3.5% | -16.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 345.8% | 92.0% | 47.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 63.4% | 45.2% | 24.2% | 19.3% |
| Net margin | 57.9% | 38.1% | 17.8% | 11.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 3.3 | -29.8 | -19.7 | -6.6 | -4.0 | -7.0 | -9.4 | 2.8 | -6.1 | -11.3 |
| Price to sales | 2.3 | — | 40.4 | 61.4 | 13.8 | 16.7 | 130.6 | 42.6 | 11.9 | 7.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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