Zealand Pharma A/s · OMXCOP:ZEAL
Zealand Pharma A/s — Q1 2026 Earnings Presentation
17 slides from Zealand Pharma A/s's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Presentation
Q1 2026 Presentation Zealand Pharma May 7, 2026
Slide 2: Forward-looking statements
Forward-looking statements This presentation contains “forward-looking statements”, as that term is defined in the Private Securities Litigation Reform Act of 1995 in the United States, as amended, even though no longer listed in the United States this is used as a definition to provide Zealand Phar
Slide 3: Agenda
Agenda Q&A Opening remarks R&D pipeline Financials Adam Steensberg David Kendall Henriette Wennicke Chief Executive Chief Medical Chief Financial Officer Officer Officer 3
Slide 4: Executing on the commitments we made in December
Executing on the commitments we made in December
Slide 5: Significant advancements delivered since start of 2026
Opening remarks Significant advancements delivered since start of 2026 Petrelintide Early pipeline ✓ Positive ZUPREME-1 topline results, ✓ Positive Phase 1a SAD topline results with Kv1.3 demonstrating double-digit weight loss and inhibitor (ZP9830) placebo-like tolerability profile ✓ Announced esta
Slide 6: Petrelintide has potential to redefine the weight management experience
Petrelintide has potential to redefine the weight management experience • Potential first choice treatment option setting a new standard for what to expect from a weight management journey • Petrelintide/enicepatide (CT-388) (GLP-1/GIP) for people who need greater weight loss and/or better glycemic
Slide 7: Executing on our strategy to establish leadership in obesity and metabolic health
Opening remarks Executing on our strategy to establish leadership in obesity and metabolic health Redefining the near-term future Expanding capabilities METABOLIC of weight management to enhance our pipeline FRONTIER 2030 Leading programs Leverage internal 5 Two mid- to late- Partnerships for launch
Slide 8: Significant pipeline progress and several Phase 2/3 clinical readouts remaining in 2026
Opening remarks Significant pipeline progress and several Phase 2/3 clinical readouts remaining in 2026 NON-EXHAUSTIVE Petrelintidea Survodutideb Building the pipeline (amylin analog) (GCGR/GLP-1R) of the future ✓ Results from Ph2 ZUPREME-1 Results from Ph3 obesity ZP9830 (Kv1.3) program Results fro
Slide 9: Clinical pipeline: Five launches by 2030
R&D pipeline Clinical pipeline: Five launches by 2030 INDICATION PRODUCT CANDIDATE a PRE-CLINICAL PHASE 1 PHASE 2 PHASE 3 REGISTRATION Petrelintideb Obesity +/- T2D amylin analog H2 2026 Petrelintide/enicepatideb Obesity +/- T2D H1 2026 amylin/GLP-1/GIP Survodutidec Obesity +/- T2D GCGR/GLP-1R dual
Slide 10: Phase 2 trials with petrelintide to initiate this year
R&D pipeline Phase 3 trials with petrelintide to initiate this year Phase 2 results showed double-digit weight loss with placebo-like tolerability Phase 2 ZUPREME-1 results (Petrelintide DG3) • Double-digit weight loss at 42 weeks ✓Advancing to Phase 3 registrational trials in H2 2026 • 98% of parti
Slide 11: In Phase 3 trial, survodutide delivered competitive weight loss and meaningful metabolic improvements
R&D pipeline In Phase 3 trial, survodutide delivered competitive weight loss and meaningful metabolic improvements Survodutide holds potential as a differentiated therapy for people living with obesity or overweight, delivering competitive weight loss with the potential to directly support liver fun
Slide 12: Results from the Phase 3 SYNCHRONIZE program may pave the way for regulatory submissions in 2026
R&D pipeline Results from the Phase 3 SYNCHRONIZETM program may pave the way for regulatory submissions in 2026 Large, global Phase 3 program in obesity ADA - June 7, 2026 ✓ SYNCHRONIZETM-11: Overweight/obesity w/o T2D (N=725) • SYNCHRONIZETM-22: Overweight/obesity with T2D (N=~750) • SYNCHRONIZETM-
Slide 13: Q1 2026 Profit & Loss
Financials Q1 2026 Profit & Loss DKK million Q1 2026 Q1 2025 P&L reflecting strategic investments in differentiated R&D assets and organization Revenue 34 8 Gross profit 34 8 Q1 2026 OPEX compositiona DKK million Research and development expenses -469 -291 Sales and marketing expenses -22 -37 82 (14
Slide 14: Financial muscle to deliver on Metabolic Frontier 2030 strategy
Financials Financial muscle to deliver on Metabolic Frontier 2030 strategy 16000 15,109 14,468 -672 31 14000 Total milestones of USD 700 million from Roche in 2026c Cash position (DKK million)a 12000 9,022 Executing on key strategic priorities and more: 10000 ✓ Maximize the value of petrelintide 800
Slide 15: 2026 financial outlook
Financials 2026 financial outlook DKK billion 2026 Guidance 2026 Guidance 2025 as of May 7, 2026 as of February 19, 2026 Actuals Collaboration revenue 4.5b No guidance 9.2 Net operating expenses excl. OOIa 2.7–3.3 2.7-3.3 2.1 aNet operating expenses consist of R&D, S&M, and G&A; bIncludes a developm
Slide 16: 2026 transformational milestones shaping long-term value creation
Concluding remarks 2026 transformational milestones shaping long-term value creation NON-EXHAUSTIVE H1 2026 H2 2026 Petrelintide/enicepatide (CT-388) Petrelintide Initiation of Phase 2 Topline results from Phase 2 ZUPREME-2 Petrelintide Petrelintide ZUPREME-1 data at ADA Initiation of Phase 3 progra
Slide 17: Zealand Pharma upcoming investor conferences
Q&A Zealand Pharma upcoming investor conferences • Berenberg Healthcare Conference, New York, May 19 • Jefferies Global Healthcare Conference, New York, June 3 • Goldman Sachs 47th Annual Global Healthcare Conference, June 9 • SEB Summer Seminar, Copenhagen, June 17 • J.P. Morgan European Healthcare