Zealand Pharma (ZEAL) Barclays 28th Annual Global Healthcare Conference summary

Strategic priorities, vision, and partnerships

• Focused on transforming metabolic health and addressing obesity and related diseases, leveraging over 25 years in peptide drug discovery and metabolic research.

• Maintains strong partnerships with Roche and Boehringer Ingelheim for co-development and commercialization of key assets, including Petrelintide and Survodutide.

• Plans to expand the pipeline to over 10 clinical candidates in the next four years, supported by a new Boston research hub and increased partnerships.

• Holds a solid cash position of $2.3 billion as of December 31, 2025, with an expected $700 million more this year to support ongoing innovation and collaborations.

Market insights and unmet needs

• Only 3–5% of eligible obesity patients are currently on treatment, with poor persistence and high discontinuation rates due to adverse events.

• Current obesity care is limited to one drug class, highlighting the need for new therapeutic options to address diverse patient needs.

• Chronic therapy and improved tolerability are seen as key to unlocking market value, with volume expected to drive future growth.

Clinical insights, product differentiation, and pipeline progress

• Petrelintide phase II data showed double-digit weight loss with placebo-like GI tolerability and no vomiting; advancing to phase III.

• Petrelintide aims for simpler titration and better persistence, with minimal difference between efficacy and treatment estimands.

• Combination therapy with Petrelintide and CT-388 targets patients needing higher weight loss, with co-formulation confirmed as a key strategy.

• Survodutide, licensed to Boehringer Ingelheim, is positioned as a differentiated product targeting weight loss and liver health, with ongoing phase III trials.