I doubt they're going to beat Intel with Zen, and it's likely that they're not really even attempting it. After all, Intel has so much more resources (and more advanced manufacturing technology) that even if AMD got ahead, they wouldn't actually stay ahead for long unless a miracle happened. AMD just needs to make CPUs that don't cost too much to produce, aren't too much behind Intel in efficiency and have a good price-to-performance ratio, kinda like what they had with Phenom IIs back in 2009. As long as Zen makes their CPU division profitable again and gives them market share in the low-end and mid-class markets, I'd say it's a success.
Looking at AMD's cash reserves and loans, to me it seems that they'll die if Zen and the 2016 Radeons don't change their current course.
This news is far more exciting than anything Intel has done for the desktop after Sandy Bridge though. I hope they're not overestimating that 40% IPC gain over Excavator, and that it doesn't lead to much lower clock rates.