Zealand Pharma (ZEAL) investor relations material

Strategic vision and pipeline development

• Focus on transforming metabolic health with a differentiated obesity pipeline and five launches targeted in the next five years, including mid- to late-stage candidates for obesity and rare diseases.

• Over 25 years of peptide R&D expertise, with a Boston research site established to accelerate innovation and leverage AI/ML for drug discovery.

• Partnerships with Roche and Boehringer Ingelheim drive co-development and commercialization of key assets, aiming for over 10 clinical programs by 2030.

• Strong cash position of USD 2.3B as of December 2025 supports ongoing R&D and strategic priorities.

Obesity: Market landscape and unmet needs

• Obesity is a global epidemic, with 50% of adults expected to be overweight or obese by 2030 and only 3-5% of eligible U.S. patients currently treated with GLP-1 therapies.

• Treatment persistence is low due to adverse effects and cost, with gastrointestinal side effects being the primary reason for discontinuation.

• Patients' weight loss goals are individualized, with most aiming for 10-20% reduction, and primary care providers drive 90% of GLP-1 prescriptions.

• There is a need for new drug classes beyond GLP-1s to address comorbidities, usability, and long-term maintenance.

Petrelintide: Clinical progress and partnership

• Petrelintide, a long-acting amylin analog, showed up to 10.7% mean weight loss at week 42 in Phase 2, with a tolerability profile comparable to placebo and nearly 100% of participants achieving weight reduction.

• Gastrointestinal adverse events were minimal, and discontinuation rates due to AEs were similar to placebo.

• Phase 3 initiation is expected in H2 2026, with a robust collaboration and license agreement with Roche, including up to $5.3B in total consideration and 50/50 profit sharing in the U.S. and Europe.