Zealand Pharma A/S Q4 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas Schultz Bowers - Danske Bank A/S, Research Division - Analyst : A couple of questions here from my side. So if we just dive into your product revenue guidance, so if we are assuming, I know you don't split up V-Go and Zegalogue, but just assuming flat or low single-digit V-Go growth, we are looking at some [under DKK 50 million] in '22 sales for Zegalogue. I mean this is very close to your initial '21 guidance. So is there anything that materially has changed in how you looked at the market potential for Zegalogue. I mean now you have more or less 0 issues with payer coverage going forward or at least from Q2 or something, so prior to second half '22? That was my first question. So second question is just related to Sanofi. So I have seen your revenue that you have a 30 million milestone from Sanofi during the year and -- well, maybe it's mostly for modeling reasons, but that full amount that you expect from, you could say, the lixisenatide left over there, I believe -- I remember that, that the full amount was around USD 10 million to USD 15 million. So is this the 30 million that you're going to get? Or is there potentially additional revenue or milestones in the near future? And then my last question, maybe just -- if we just dig a little bit to Zegalogue and then also V-Go, so maybe a little bit more high level. So is there actually still an argument, against just pulling the plot here and sell or outlicensing this part of the pipeline. I mean, of course, the expected upcoming product launches you have with [glipen] and also in CHI and hopefully also dual hormone. I mean, those all target are the ultra-rare orphan segment that you can cope with a small sales force, and then, of course, the dual hormone stuff is probably going to be done with a medtech partner. So is there that much spill over aside from, of course, the back office functions? I remember also the -- your initial arguments were actually to keep the full control of dasiglucagon, so not out-license any particular indication. So maybe a little color on that, that would be very helpful?