Zealand Pharma A/s · OMXCOP:ZEAL
Zealand Pharma A/s — Q3 2025 Earnings Presentation
20 slides from Zealand Pharma A/s's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Presentation
Q3 2025 Presentation Zealand Pharma November 13, 2025 1
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: Leading programs progressing at full speed into most catalyst-rich period in Zealand Pharma's history
Opening remarks Leading programs progressing at full speed into most catalyst-rich period in Zealand Pharma’s history Accelerated execution in Q3 2025, and strong momentum behind 1 our partnership with Roche for petrelintide CMD on 11-Dec to highlight our unique opportunities and intensified 2 effor
Slide 5: Two years of building the strongest possible foundation for catalyst-rich next chapter
Opening remarks Two years of building the strongest possible foundation for catalyst-rich and exciting next chapter 16-week data with petrelintide Dec- Obesity R&D Event Feb- Phase 2 MASH data Jun- followed by USD 1bn capital raise 23 Outlined vision to become a 24 with survodutide 24 Announced posi
Slide 6: Petrelintide is backed by a partner committed to becoming a top 3 obesity company
Opening remarks Petrelintide is backed by a partner that is committed to becoming a top 3 obesity company Global footprint with >100,000 employees in >150 markets1 CHF 60.5 billion net sales in 20241 Establishing next-generation obesity Teresa Graham, CEO, Roche Pharmaceuticals and portfolio with pe
Slide 7: Survodutide is backed by a company positioned to be the next entrant in the obesity market
Opening remarks Survodutide is backed by a company positioned to be the next entrant in the obesity market “See Obesity, Think Liver” Global footprint with ~55,000 employees in 130 markets1 EUR 26.8 billion net sales in 20242 Global leader in CVRM, including world’s best-selling SGLT-2 inhibitor Jar
Slide 8: Petrelintide and survodutide hold potential to redefine the near-term future of obesity in key segments
Opening remarks Petrelintide and survodutide hold potential to redefine the near-term future of obesity in key segments Two distinct segments shaping the weight loss therapy market Prescriber-driven Patient-driven High-risk obesity Moderate-risk obesity Specialist-driven prescriptions with focus on
Slide 9: Our R&D pipeline addresses unmet medical needs across several therapeutic areas
R&D Pipeline Our R&D pipeline addresses unmet medical needs across several therapeutic areas Product candidatea Partnered Pre-clinical Phase 1 Phase 2 Phase 3 Registration , Petrelintide (amylin analog)b Obesity related co-morbidities Petrelintide/CT-388 (amylin + GLP-1/GIP)b Obesity Obesity and Sur
Slide 10: Petrelintide holds potential as a foundational therapy for weight management
R&D Pipeline Petrelintide holds potential as a foundational therapy for weight management Petrelintide is progressing at full speed with Phase 2 topline data rapidly approaching LPLV for the primary endpoint at 28 weeks in Phase 2 ZUPREME-1 trial ZUPREME-1 42-week topline data expected in H1 2026 Co
Slide 11: Unlocking the full potential of petrelintide and establishing the leading amylin-based franchise
R&D Pipeline Unlocking the full potential of petrelintide and establishing the leading amylin-based franchise Petrelintide/CT-388 is the first petrelintide-based combination product under the Roche collaboration Phase 2 initiation with petrelintide/CT-388 expected in H1 2026 Petrelintide as the back
Slide 12: The Phase 3 obesity program with survodutide, SYNCHRONIZE, is expected to complete in 2026
R&D Pipeline The Phase 3 obesity program with survodutide, SYNCHRONIZETM, is expected to complete in 2026 Survodutide demonstrated highly competitive weight loss of up to 18.7% at 46 weeks in Phase 2 obesity trial Phase 2 obesity trial1 Mean relative change 0 at Week 46 (%) Large, global Phase 3 pro
Slide 13: We expect topline results from the Phase 3 SYNCHRONIZE-1 trial with survodutide in H1 2026
R&D Pipeline We expect topline results from the Phase 3 SYNCHRONIZETM-1 trial with survodutide in H1 2026 Randomized, double-blind, placebo-controlled Phase 3 trial in people with overweight or obesity without T2D1 Dose escalation Safety Primary endpoint: (every 4 weeks) follow-up • Percentage chang
Slide 14: There are currently two therapies approved for the treatment of MASH and liver fibrosis
R&D Pipeline There are currently two therapies approved in the U.S. for the treatment of MASH and liver fibrosis Phase 3 trial (MAESTRO-NASH) with Phase 3 (ESSENCE) trial with Phase 2 trial with resmetirom in people with MASH semaglutide in people with MASH survodutide in people with MASH (F1B-F3)1,
Slide 15: Q3 2025 YTD Profit & Loss
Financials Q3 2025 YTD Profit & Loss P&L reflecting strategic investments DKK million Q3-25 YTD Q3-24 YTD in differentiated R&D assets and organization Revenue 9,145.9 53.6 • Revenue of DKK 9,146 million is driven by the initial upfront payment under the partnership agreement with Roche for petrelin
Slide 16: Zealand Pharma is very well-funded, providing a strong foundation ahead of major upcoming catalysts
Financials Zealand Pharma is very well-funded, providing a strong foundation ahead of major upcoming catalysts Solid financial position with ample room for investments in the R&D pipeline DKK million -21 16.169 Potential near-term cash inflows -407 USD 250 million in anniversary payments 7.575 USD 1
Slide 17: 2025 financial guidance has been narrowed
Financials 2025 financial guidance has been narrowed DKK million 2025 Guidance 2025 Guidance 2024 as of November 13, 2025 as of February 20, 2025 Actuals Revenue anticipated from existing and new No guidance No guidance 63 license and partnership agreements Net operating expensesa 2,000 – 2,300 2,00
Slide 18: Major catalysts across the portfolio rapidly approaching
Major catalysts across the portfolio rapidly approaching NON-EXHAUSTIVE Q4 2025 H1 2026 H2 2026 Glepaglutide (SBS) Petrelintidea Petrelintidea Initiation of additional Ph3 trial (EASE-5) Topline results from Ph2 ZUPREME-1 trial Expected initiation of Ph3 program Petrelintide/CT-388a Petrelintidea Ze
Slide 19: Join us at our Capital Markets Day on December 11, 2025, in London or online
Join us at our Capital Markets Day on December 11, 2025, in London or online Zealand Pharma presenters • Adam Steensberg, Chief Executive Officer December 11, 2025 • Henriette Wennicke, Chief Financial Officer • David Kendall, Chief Medical Officer • Eric Cox, Chief Commercial Officer 1.00–5.30 pm G
Slide 20: Q&A
Q&A Adam Steensberg David Kendall Henriette Wennicke Chief Executive Chief Medical Chief Financial Officer Officer Officer 20