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(CercleFinance.com) – Danish biopharmaceutical company Zealand Pharma reported on Thursday a widening of its losses in the first six months of the year due to an increase in its investments in the field of obesity.
The Copenhagen-based company says it more than doubled its revenue in the first half of the year to over DKK 49 million, compared to DKK 24 million in the same period in 2023.
Its operating expenses, however, increased to 558.7 million crowns, compared to 388.1 million crowns a year earlier.
As a result, its operating loss widened to 523.5 million Danish crowns, compared with a shortfall of 364 million in the first half of 2023.
In its press release, Zealand nevertheless expressed its optimism regarding its various projects in the treatment of obesity, in which it says it is now investing “significantly”.
Following its capital increase completed in June, the group declared that it had a cash position of 9.7 billion crowns at the end of the first half, compared to 1.6 billion at the end of December.
Due to its investment efforts, Zealand Pharma has revised upwards its operating expenses forecast for 2024, now expected to be between 1.25 billion and 1.35 billion crowns for the year, compared to a previous estimate of 1.10 billion to 1.20 billion.
This half-yearly publication was, however, welcomed favourably by the market, since the title rose by more than 3% on Thursday morning on the Copenhagen Stock Exchange.
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