October 2026
Largest Biopharmaceuticals Public Companies in Denmark
Benchmark revenue and EBITDA valuation multiples for public comps like
Novo Nordisk, Genmab, Ascendis Pharma, ALK and Lundbeck.
 | With roughly one-third of the global branded diabetes treatment market, Novo Nordisk is the leading provider of diabetes care products in the world. Based in Denmark, the company manufactures and markets a variety of human and modern insulins, injectable diabetes treatments such as GLP-1 therapy, oral antidiabetic agents, and obesity treatments. Novo also has a biopharmaceutical segment (contributing less than 10% of revenue) that specializes in protein therapies for hemophilia and other disorders. | $38 | -22% | $169B | $180B | 3.9x | 8.1x | ||
| Genmab is a Copenhagen-based biotechnology company specializing in antibody therapeutics for the treatment of cancer. Genmab's proprietary antibody technologies are DuoBody, HexaBody, DuoHexaBody, and HexElect. Johnson & Johnson partnered with Genmab to create Darzalex, which is regarded as the standard of care for multiple myeloma and is Genmab's leading product. Genmab also has Tepezza for thyroid eye disease (partnered with Horizon), Kesimpta for relapsing multiple sclerosis (partnered with Novartis), Rybrevant (partnered with Johnson & Johnson) for non-small cell lung cancer (NSCLC), Tivdak (partnered with Seagen) for cervical cancer, and Epkinly (partnered with AbbVie) for diffuse large B-cell lymphoma. Genmab has several pipeline candidates targeting other oncologic indications. | $366 | +28% | $23B | $25B | 6.8x | 21.2x | ||
| Ascendis Pharma AS is a biopharmaceutical company that applies its TransCon technology platform to make a meaningful difference for patients. The firm's product pipeline includes Endocrinology and Oncology, which includes TransCon PTH, TransCon CNP, and others. It operates in the United States, Europe, and the rest of the world and derives the majority of its revenue from the United States. | $229 | +15% | $15B | $15B | 18.2x | (100.9x) | ||
| Alk-Abello AS is a biotechnology company that focuses on pharmaceutical prevention, diagnosis, and treatment of allergies. The company is focused on respiratory diseases, including allergic rhinitis and allergic asthma. Moreover, the firm specializes in venom immunotherapy for patients suffering from bee and wasp allergies. The company's treatments induce a protective immune response that provides sustained symptom relief. Its primary focus is on allergy patients whose disease is not well controlled, despite the use of symptom-relieving medication. The company operates in Europe, North America and International Markets. It derives maximum revenue from Europe. | $34 | +3% | $7.6B | $7.4B | 7.8x | 24.6x | ||
| Lundbeck is a Denmark-based pharmaceutical firm that focuses on the development and commercialization of central nervous system drugs including antidepressants, antipsychotics, and antiepileptic products. The company’s portfolio includes Abilify Maintena and Rexulti for psychosis, Brintellix/Trintellix for depression, Northera for Parkinson’s disease symptoms, Sabril and Onfi for seizures, and Vyepti for migraine prevention. Most of the company's sales are derived in North America, followed by Asia and Europe. | $7 | -10% | $6.8B | $7.9B | 2.1x | 7.9x | ||
| Bavarian Nordic AS is a biotechnology company focused on the research, development, manufacturing, and commercialization of life-saving vaccines. The group is a supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and has a portfolio of travel vaccines. The vast majority of the company's revenue is generated in the United States, Germany, and other geographic markets. Its products include Encepur, Jynneos, Rabipur, Vaxchora and Vivotif. | $35 | -4% | $2.7B | $2.3B | 2.4x | 6.0x | ||
| Zealand Pharma AS is a biotechnology company. It is focused on the discovery, design, and development of peptide-based medicines. The company's product pipeline includes three product candidates in clinical development: glepaglutide, which is being developed to treat short bowel syndrome or SBS; dasiglucagon formulated for use in a dual-hormone artificial pancreas system for diabetes management; and dasiglucagon for use in the treatment of congenital hyperinsulinism. The company has out-licensed a peptide program to Boehringer Ingelheim that has been moved ahead into early clinical development: a once-weekly novel dual-acting GLP-1/glucagon agonist for the treatment of obesity and/or Type 2 diabetes. | $36 | -55% | $2.4B | $251M | 0.2x | 0.2x | ||
| Damora Therapeutics is the Nasdaq-listed biotechnology company formerly named Galecto. Galecto developed small-molecule therapies directed at fibrosis, cancer and related biological pathways and combined with PharmAkea at the end of 2019. In November 2025 it acquired a separate private company also called Damora Therapeutics, obtaining an antibody program directed at mutant calreticulin in myeloproliferative neoplasms. The listed buyer then changed its own corporate name from Galecto to Damora Therapeutics in March 2026 and continued under the same public-company identity. Its programs are developed for patients through clinical trials, with potential revenue from partnerships and future prescription products. The business is funded through public equity and strategic transactions rather than being an acquired subsidiary. Keeping this successor record distinct from the pre-acquisition private Damora target avoids the self-deal currently present in the database. | $21 | +188% | $1.3B | $890M | - | (4.2x) | ||
| Saniona is a Copenhagen-headquartered clinical-stage biopharmaceutical company founded in 2011. It discovers and develops small-molecule medicines that modulate ion channels, with a current focus on neurological and psychiatric disorders including epilepsy and depression. The company's discovery engine combines medicinal chemistry, cell biology, electrophysiology, imaging and computational methods with a proprietary library containing more than 20,000 compounds. Internal programs include candidates for pediatric epilepsy syndromes and major depressive disorder, while other assets are advanced with pharmaceutical partners. Saniona has entered research, licensing and development collaborations that can provide upfront payments, research funding, milestones and royalties. It is listed on the Nasdaq Stockholm Main Market and serves patients indirectly through clinical development and partnerships with drug manufacturers. The company used the 2020 directed share issue backed by Pontifax and other institutions to finance clinical programs and expand its organization. | $1 | -45% | $126M | $77M | 1.8x | 2.5x | ||
| Evaxion AS is a techBio company based on its AI platform, AI-Immunology. Evaxion’s proprietary and scalable AI prediction models harness the power of artificial intelligence to decode the human immune system and develop novel immunotherapies for cancer, bacterial diseases, and viral infections. Evaxion has developed a clinical-stage oncology pipeline of novel personalised vaccines and a preclinical infectious disease pipeline in bacterial and viral diseases with high unmet medical needs. The group is committed to transforming patients’ lives by providing innovative and targeted treatment options. | $3 | -39% | $28M | $21M | 2.8x | (2.8x) | ||
| Cessatech AS is a pharmaceutical company committed to developing and commercializing evidence-based medicines for children for the treatment of paediatric acute pain. Its product (CT001) is an analgesic nasal spray for the treatment of acute and planned painful procedures in children. Its other products CT002 which is a Non-invasive nasal spray and CT003 which is a local anaesthetic gel are in different stages development. | $1 | -27% | $27M | $26M | 30.5x | (11.7x) | ||
| Pharma Equity Group AS is an investment company specializing in the life science industry. The group is focused on an early investment in various life science companies that develop technologies and therapies that have the potential to improve human health and quality of life. The group specializes in early-stage investments in biotechnology, that are developing novel therapies for unmet medical needs. Its portfolio consists of companies dedicated to developing novel, effective treatments for diseases with patient and social impact for which current therapy is lacking or in need of improvement. Its drug candidates include RNX-011, RNX-021, RNX-022, RNX-023, RNX-041, and RNX-051 . | $0 | -31% | $14M | $16M | - | (4.5x) | ||
| Initiator Pharma AS is a Danish clinical-stage life science company developing drugs that target key unmet medical needs within the central and peripheral nervous system. Its pipeline consists of three clinical programs the clinical programs IP2018 and pudafensine for the treatment of erectile dysfunction of psychogenic and organic origin, respectively, and the rare disease program IPTN2021 for Trigeminal Neuralgia, a severe neuropathic pain condition. | $0 | -43% | $12M | $11M | - | (3.1x) | ||
| Strategic Partners A/S formerly Orphazyme AS is a Danish company. The company enters into strategic partnerships with companies with planned potential, where it can take active ownership and create value through its competencies. | $101 | -31% | $5M | $3M | 64.7x | (23.1x) | ||
| Stenocare AS is a Danish company engaged in the cultivation and production of medical cannabis products through pharmacies and hospitals. The Company’s business operations include the distribution and sales of imported products to several markets which also includes local cultivation and production of its medical cannabis products. Stenocare is well positioned to become a market leader in Denmark and a vendor in Europe. The Company is a supplier of medical cannabis oil for patients in Denmerk, Sweden, UK, Australia and Norway. It has an indoor production facility for the cultivation and production of medical cannabis at Randers, Denmark. | $0 | -50% | $5M | $5M | 4.4x | (18.6x) | ||
| IO Biotech Inc is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer vaccines based on T-win technology platform. The product candidates are designed to induce the immune system to simultaneously target and disrupt multiple pathways that regulate tumor-induced immunosuppression. | $0 | -100% | $14K | - | ||||
| Median | $14 | -29% | $713M | $251M | 4.1x | (2.8x) |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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