Zealand Pharma A/s · OMXCOP:ZEAL
Zealand Pharma A/s — FY 2025 Earnings Presentation
20 slides from Zealand Pharma A/s's earnings presentation, Feb 19, 2026
Slide 1: FY 2025 Presentation
FY 2025 Presentation Zealand Pharma February 19, 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: 2026: Most defining and catalyst-rich year yet
Opening remarks 2026: Most defining and catalyst-rich year yet 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 from Ph1a SAD and MAD, and clinical advancemen
Slide 5: Public health challenge: We must improve treatment penetration and maintenance
Opening remarks Public health challenge: We must improve treatment penetration and maintenance BMI distribution and GLP-1 usage todaya,1-3 Overweight Obesity High Share of population (%) Treated with GLP-1: ~3% of eligible people in the U.S.2 Have been exposed to GLP-1: ~12% of Americans4 Low 15 20
Slide 6: Obesity demands new classes of drugs
Opening remarks Obesity demands new classes of drugs Hypertension Dyslipidemia Type 2 diabetes Obesity • Diuretics • Statins • Metformin • GLP-1RA-based therapies • Beta-blockers • Cholesterol absorption • Sulfonylureas (GLP-1 and GLP-1/GIP) • ACE inhibitors inhibitors • Meglitinides • ARBs • PCSK9
Slide 7: Shared commitment to redefine obesity care
Opening remarks Shared commitment to redefine obesity care • Equal partnership with co-development and co-commercialization • Strong financials, including 50/50 profit sharing in U.S. and Europe • Zealand Pharma scaling alongside Roche, to build customer-centric commercial and medical affairs footpr
Slide 8: From one strong partner to another
Opening remarks From one strong partner to another Boehringer Ingelheim positioned as next obesity market entrant with survodutide “See Obesity, Think Liver” People who are overweight or have obesity ~15–30%2,3 T2D MASLD ~75%1 ~10–15%4 MASH ~34%1 CVD CKD ~20%5,6 Boehringer Ingelheim at ObesityWeek 2
Slide 9: Building the world's most valuable metabolic health pipeline
Opening remarks Building the world’s most valuable metabolic health pipeline METABOLIC FRONTIER 2030 ACCELERATE 5 launches in 5 years Progress pre-clinical programs at speed PARTNER +10 clinical programs Evolve and fuel our platform Industry-leading cycle EXPAND times from idea to clinic Establish B
Slide 10: Clinical pipeline: Five launches in the next five years
R&D pipeline Clinical pipeline: Five launches in the next five years Obesity and related comorbidities Rare disease Product candidatea Product candidatea Petrelintide Dasiglucagon Obesity Phase 2 Congenital hyperinsulinism Registration (amylin analog)b SC continuous infusion Petrelintide/CT-388 Phas
Slide 11: ZUPREME-1 Phase 2 results expected in this quarter
R&D pipeline ZUPREME-1 Phase 2 results expected in this quarter ZUPREME-1 features a balanced gender distribution and a higher BMI at baseline compared to Phase 1 ZUPREME-1: Overweight/obesity without T2D1 Baseline characteristics2,a N=494 Topline data expected in Q1 2026 Petrelintide dose group 5 W
Slide 12: Comprehensive Phase 3 program to establish petrelintide as a future foundational therapy
R&D pipeline Comprehensive Phase 3 program to establish petrelintide as a future foundational therapy Comprehensive Phase 3 program Target product profile Phase 3a: Focus on accelerated launch Weight loss – Potential for ~15–20% Expected initiation in H2 2026 reduction in body weight Phase 3b: Unloc
Slide 13: Survodutide: Results from Phase 2 obesity program
R&D pipeline Survodutide: Results from Phase 3 obesity program may pave the way for regulatory submissions in 2026 Phase 2 trial in people with overweight/obesity without T2D1,a Differentiated GLP-1RA-based therapy with comprehensive Phase 3 obesity program Mean relative change 0 Adjusted mean (95%
Slide 14: ZP9830: Highly potent and specific Kv1.3 channel blocker
R&D pipeline ZP9830: Highly potent and specific Kv1.3 channel blocker Development program Positive results from Phase 1a SAD trial progressing at full speed ✓ Well tolerated, with no serious or severe AEs or ➢ Topline data from MAD part of Phase 1a trial dose-limiting safety findings at any dose lev
Slide 15: In 2025, we delivered a net positive result of DKK 6.5 billion
Financials In 2025, we delivered a net positive result of DKK 6.5 billion DKK million FY 2025 FY 2024 P&L reflecting strategic investments in differentiated R&D assets and organization Revenue 9,215 63 Gross profit 9,214 55 FY 2025 OPEX compositiona DKK million Research and development expenses -1,6
Slide 16: Financial muscle to deliver on Metabolic Frontier 2030 strategy
Financials Financial muscle to deliver on Metabolic Frontier 2030 strategy 13x increase vs. 2022 15,109 Cash position (DKK million)a 9,022 1,633 1,178 2022 2023 2024b 2025b a Cash position includes cash, cash equivalents and marketable securities; bEIB loan Tranches B and C (EUR 20 million each) are
Slide 17: Financial guidance for 2026 OPEX
Financials Financial guidance for 2026 OPEX 2026 Guidance on Short- to mid-term topline drivers Net operating expensesa DKK million • USD 125 million - anniversary payment (Roche) 2026 Guidance 2025 Actual 2026 • USD 575 million - development milestone (Roche)b 2,700 - 3,300 2,101 • USD 125 million
Slide 18: Delivering today's innovation with tomorrow in mind
Financials Delivering today’s innovation with tomorrow in mind Highlights & ambitions Patients – further advanced our pipeline designed to deliver lasting value for patients People - Notable organizational growth while maintaining high engagement and low turnover Operations - Joined UN Global Compac
Slide 19: 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 Petrelintide Topline results from Phase 2 ZUPREME-1 Topline results from Phase 2 ZUPREME-2 Petrelintide/CT-388 Petrelintide Initiation of Phase 2 Initiation of Phase 3 pro
Slide 20: Q&A: Zealand Pharma upcoming investor conferences
Q&A Zealand Pharma upcoming investor conferences • Morgan Stanley European Healthcare Conference, London, March 2-3 • UBS European Healthcare Conference, London, March 3-4 • Jefferies Biotech on the Beach Summit, Miami, March 10-11 • Barclays 28th Annual Global Healthcare Conference, Miami, March 12