Interim Report for Q1 2026

‌Zealand Pharma Announces Financial

Results for the First Three Months of 2026.

A defining start to 202b, marked by pivotal progress for leading obesity assets, petrelintide and survodutide, and strong momentum in driving the next wave of metabolic health innovation.

• Announced decision to advance petrelintide into Phase 3 trials in H2 2026 following positive topline results from the Phase 2 ZUPREME-1 trial, demonstrating double-digit weight loss with a placebo-like tolerability, supporting its potential to redefine the weight management experience for people living with obesity or overweight.

• Announced Boehringer lngelheim's positive topline results from the SYNCHRONIZE'-1 Phase 3 trial with survodutide, supporting its potential as a meaningful and differentiated treatment option for people living with obesity or overweight and metabolic dysfunction.

  supercomputer, both key pillars to strengthen and		2026	2025
  accelerate drug discovery in line with Metabolic	Cash position2	14,468	15,109

• Announced the establishment of a new research hub in Cambridge, Massachusetts, and entered into an agreement with DCAI to access a world-leading AI

  Frontier 2030 strategy.

• Announced initiation of a USD 200 million share buy-back program, reflecting financial flexibility and a strengthened financial outlook following positive developments for leading obesity programs.

Copenhagen, Denmark, May 7, 2026 - Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company transforming the future of metabolic health, today announced the interim report for the three months ended March 31, 2026, and provided a corporate update.

A defining quarter

Adam Steensberg, President and Chief Executive Officer at Zealand Pharma said:

"In this first part of 202d, we leveraged our agility, speed and proven scientific foundation to execute on our Metabolic Frontier 2030 strategy: A new research hub in Cambridge, Al partnerships, Phase 2 topline results with petrelintide followed by confirmation of Phase 3 advancement, and Phase 3 results with survodutide from Boehringer lngelheim.

These advancements not only build on our momentum, but significantly strengthen our long-term financial outlook, enabling a share buy-back program while cementing our commitment to invest heavily in our pipeline."

Key financial results for a1 202d

Notes:

1. Net operating expenses consist of R&D, S&M, G&A and Other operating items (OOI).

2. Cash position includes cash, cash equivalents and marketable securities.

   Q1 202d Highlights and Recent Developments

   Obesity

   • Petrelintide, amylin analog. Reached a key milestone in the monotherapy program with the announcement of positive Phase 2 ZUPREME-1 topline results for petrelintide. Petrelintide demonstrated double-digit weight reduction and placebo-like tolerability, supporting its potential as a future foundational, first-choice therapy for chronic weight management.

   • Petrelintide, amylin analog. In April 202d, Zealand Pharma and Roche announced that they will advance petrelintide monotherapy into Phase 3 trials for chronic weight management with planned initiation of the Phase 3 program in the second half of 2026.

   • Survodutide, glucagon/GLP-1 receptor dual agonist. In April 2026, Zealand Pharma and Boehringer lngelheim reported positive topline results from the 7d-week SYNCHRONIZE'^-1 Phase 3 trial with survodutide in people with overweight or obesity without type 2 diabetes. Participants treated with survodutide achieved a significant weight loss of up to 16.6% and delivered meaningful metabolic improvements.

     Chronic inflammation

   • ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma reported positive topline results from the single ascending dose (SAD) part of the combined SAD/multiple ascending dose (MAD) Phase 1 a clinical trial with ZP9830. Single doses of ZP9830 were well tolerated with no serious or severe adverse events or dose-limiting safety findings observed at any dose level. ZP9830 exhibited a pharmacokinetic profile in line with predictions based on preclinical data, and exploratory pharmacodynamic biomarkers showed robust, dose-dependent activity consistent with Kv1.3 target engagement.

     Corporate

   • Zealand Pharma announced the establishment of a new research hub in Cambridge, Massachusetts, enhancing the company's research platform through Al-driven drug discovery, advanced automation, and next-generation molecule creation, accelerating the translation of scientific insights into innovative medicines.

   • Zealand Pharma announced an agreement with the Danish Centre for Al Innovation (DCAI) to strengthen and accelerate drug discovery through access to Gefion, a world leading Al supercomputer. This positions the company to lead the next generation of metabolic health innovation while maintaining the rigorous scientific standards that underpin Zealand Pharma's leadership in peptide therapeutics.

   • On May 7, 2026, Zealand Pharma launched a share buy-back program of up to USD 200 million / DKK 1.3 billion. For more information on the share buy-back program, refer to Zealand Pharma Company Announcement No. 13/2026, May 7, 2026.

     Upcoming events next 12 months

     Obesity

   • Petrelintide, amylin analog. Additional data from the Phase 2 ZUPREME-1 trial will be presented at the American Diabetes Association's (ADA) 2026 Scientific Session in New Orleans, Louisiana. In the second half of 2026, Zealand Pharma and Roche expect to initiate registrational Phase 3 trials with petrelintide monotherapy.

   • Petrelintide, amylin analog. In the second half of 2026, Zealand Pharma expects to report topline results from the Phase 2 ZUPREME-2 trial in people with overweight or obesity and type 2 diabetes.

   • Petrelintide/enicepatide (CT-388), amylin+GLP-1/GIP fixed-dose combination. Zealand Pharma and Roche expect to initiate Phase 2 in the first half of 2026.

   • Survodutide, glucagon/GLP-1 receptor dual agonist. Boehringer lngelheim will present the full data from the SYNCHRONIZE'^-1 and SYNCHRONIZE'^-MASLD Phase

     3 trials at the ADA 2026 Scientific Sessions in New Orleans, Louisiana.

   • Survodutide, glucagon/GLP-1 receptor dual agonist. Results from the Phase 3 SYNCHRONIZE'°-2 and SYNCHRONIZE'^-CVOT trials are expected to be reported and presented at scientific meetings in 202d.

     Rare diseases

   • Glepaglutide in SBS. Zealand Pharma expects potential regulatory approval in the EU in the first half of 2026. In parallel, the company is engaging in partnership discussions for future commercialization.

   • Dasiglucagon in CHI. In the second half of 202d, Zealand Pharma expects to resubmit the New Drug Application (NDA) for three weeks of dosing to the U.S. FDA (Part 1 of the original NDA) and to submit the required and detailed analyses from existing continuous glucose monitoring datasets to support the use of dasiglucagon beyond three weeks (Part 2 of the original NDA).

     Chronic inflammation

     • ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma expects to report topline data from the MAD part of the Phase 1 a clinical trial with ZP9830 in the second half of 202d and expand the development program of ZP9830 with initiation of a Phase 1b/2a trial.

       Financial guidance for 202d

       The financial guidance for net operating expenses for 2026, issued on February 19, 2026, is unchanged, and is expected to be between DKK 2.7-3.3 billion.

       Following the confirmation of Phase 3 progression for petrelintide monotherapy, planned for initiation in the second half of 202d, Zealand Pharma has recognized USD 700 million / DKK 4.5 billion as collaboration revenue in the second quarter of 202d.

       About Zealand Pharma A/S

       Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on advancing medicines for obesity and metabolic health. Combining more than 25 years of peptide R&D expertise with a proprietary data platform that leverages advanced data driven and AI/ML approaches, Zealand Pharma aims to lead a new era in obesity and metabolic health.

       To date, more than ten Zealand Pharma invented drug candidates have entered clinical development, of which two

       DKK billion

       Collaboration revenue Net operating expenses, excl. OOI

       Notes:

       2026

       guidance3

       4.5

       2.7-3.3

       2025 actual

       9.2

       2.1

       products have reached the market and three candidates are in late-stage development. The Company has collaborations with global pharmaceutical and biotechnology partners for research, development, and commercialization.

       Founded in 1998, Zealand Pharma is headquartered in Copenhagen, Denmark, with a U.S. presence in Boston,

3. Financial guidance based on foreign exchange rates as of May 6, 2026.

   Conference call today at 2 PM CET / 8 AM ET

   Zealand Pharma's management will host a conference call today at 2:00 PM CET / 8:00 AM ET to present results through the first three months of 2026 followed by a Q&A session. Participating in the call will be Chief Executive Officer, Adam Steensberg; Chief Financial Officer, Henriette Wennicke; and Chief Medical Officer, David Kendall. The conference call will be conducted in English.

   To receive telephone dial-in information and a unique personal access PIN, please register at https://register-conf.media-server.com/register/Blfa8ab29b9ec44d37ad99dcacd0392a

   1. The live listen-only audio webcast of the call and accompanying slides presentation will be accessible at https://edge.media-server.com/mmc/p/2hhbncr5/. Participants are advised to register for the call or webcast approximately 1 0 minutes before the start. A recording of the event will be available following the call on the Investor section of Zealand Pharma's website at https://www.zealandpharma.com/events/.

   Financial Calendar for 202d

   O2 2026 August 13, 2026

   O3 2026 November 12, 202d

   Massachusetts. Learn more at https://www.zealandpharma.com.

   
   
   
   
   

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   ‌Financial highlights and key figures.

   Financial highlights (DKK million)	Note	Q1-26 YTD	Q1-25 YTD
   Revenue	2	34	8
   Cost of goods sold		-	-
   Gross profit		34	8
   Research and development expenses		-469	-290
   Sales and marketing expenses		-22	-37
   General and administrative expenses		-82	-65
   Net operating expenses	**	-573	-392
   Operating result	**	-539	-384
   Net financial items	4	145	70
   Result before tax	**	-394	-314
   Corporate tax		-	1
   Net result for the period	**	-394	-313
   Loss per share, basic/diluted (DKK)		-5.58	-4.74
   Statement of financial position (DKK million)	Note	Mar-31, 2026	Dec-31, 2025
   Cash and cash equivalents	11	3,849	4,577
   Marketable securities	9	10,619	10,532
   Cash, cash equivalents and marketable securities		14,468	15,109
   Total assets		15,301	15,949
   Total shareholders' equity		14,469	14,831
   Cash flow (DKK million)	Note	Q1-26 YTD	Q1-25 YTD
   Cash used in operating activities		-672	-501
   Cash from/(used in) investing activities		-116	555
   Cash used in financing activities		-8	-1
   Purchase of intangible assets		-1	-2
   Purchase of property, plant and equipment		-10	-6
   Free cash flow	*	-682	-507
   Other	Note	Mar-31, 2026	Dec-31, 2025
   Share price (DKK)		295.0	466.4
   Number of shares ('000 shares)		72	72
   Market capitalization (mDKK)	*	20,845	32,931
   Equity ratio (%)	*	95%	93%
   Equity per share (DKK)	*	204.77	210.04
   Average number of full time employees		525	418
   Number of full-time employees at the end of the period		544	481

   * For basis of calculation refer to 2025 Annual Report p. 184.

   ** Excluding transaction related costs of DKK 22 million in Q1, 2025 year-to-date associated with the Roche partnership agreement. Net operating expenses including transaction-related costs amounted to DKK 415 million in Q1, 2025 year-to-date. No transaction costs are recognized in 2026.

   Financial Review.

   • Revenue in the first three months of 2026 of DKK 34 million is mainly driven by the partnership agreement with Roche for petrelintide.

   • Operating expenses in the first three months of 2026 of DKK 573 million are mainly driven by the development of petrelintide and continued progress across the early project portfolio.

   • Solid cash position of DKK 14.5 billion as of March 31, 2026, allowing Zealand Pharma to maximize the value of petrelintide, invest significantly in the early-stage research pipeline, leverage external innovation to enhance R&D capabilities, and initiate a share buy-back program of up to USD 200 million / DKK 1.3 billion.

   Revenue

   Revenue in the first three months of 2026 of DKK 34 million is mainly driven by the collaboration and license agreement with Roche. Of the initial upfront payment of USD 1.4 billion (DKK 9.2 billion) received in June 2025, DKK 262 million of the initial upfront payment is associated with the progression of the Phase 2 trials with petrelintide, ZUPREME-1 and ZUPREME-2, and will be recognized as revenue as the trials progress and complete. Total revenue already recognized over time relating to this performance obligation amounts to DKK 228 million, resulting in a remaining obligation of DKK 34 million as of March 31, 2026.

   For further details on revenue and revenue recognition in accordance with the International Financial Reporting Standards (IFRS), please refer to Note 2. Revenue.

   Net operating expenses

   Research and development expenses in the first three months of 2026 of DKK 469 million are mainly driven by the Phase 2 ZUPREME program with petrelintide as well as Phase 3 preparations. To a lesser extent, expenses also reflect increased investments into the research project portfolio, and ZP9830, the Kv1.3 Ion Channel Blocker, as well as development activities related to the ongoing Phase 3 trial EASE-5, to support regulatory submission of glepaglutide for short bowel syndrome (SBS) in the U.S.

   Sales and marketing expenses of DKK 22 million in the first three months of 2026 are mainly driven by pre-commercial activities associated with petrelintide and the rare disease

   portfolio, dasiglucagon for congenital hyperinsulinism (CHI) and glepaglutide for SBS.

   General and administrative expenses in the first three months of 2026 amounted to DKK 82 million, driven by continued organizational scaling, IT infrastructure and facility investments.

   
   
   Financial items

   Net financial items in the first three months of 2026 of DKK 145 million are mainly driven by interest income of DKK 74 million from excess liquidity invested in marketable securities and cash equivalents, and exchange rate adjustments of DKK 72 million, which primarily relate to USD deposits, currency revaluation on accounts receivables and cash equivalents.

   Equity

   As of March 31, 2026, equity is DKK 14.5 billion, reflecting a slight decrease compared December 31, 2025 (DKK 14.8 billion). The decrease is mainly driven by the result for the period.

   Cash position

   Cash, cash equivalents and marketable securities as of March 31, 2026, is DKK 14.5 billion, reflecting a decrease compared to the DKK 15.1 billion in cash, cash equivalents and marketable securities as of December 31, 2025. The decrease is mainly driven by net operating expenses incurred during the period.

   As of March 31, 2026, Zealand Pharma has placed DKK 10.6 billion into low-risk marketable securities in line with the Group's treasury policy. Cash and cash equivalents amount to DKK 3.8 billion, of which 2.6 billion is placed in a money market fund.

   For further information on Marketable securities and Cash and cash equivalents, please refer to Note 9 and Note 11.

   Outlook for the year

   The financial guidance for net operating expenses for 2026, issued on February 19, 2026, is unchanged, and is expected to be between DKK 2.7-3.3 billion.

   Following the confirmation of Phase 3 progression for petrelintide monotherapy, planned for initiation in the second half of 2026, Zealand Pharma has recognized USD 700 million

   / DKK 4.5 billion as collaboration revenue in the second quarter of 2026.

   
   
   

   DKK billion 2026

   guidance2

   2025 actual

   Collaboration revenue 4.5 9.2

   Net operating expenses1

   2.7-3.3 2.1

   Events after the reporting date

   On May 7, 2026, Zealand Pharma announced initiation of a share buy-back program. Zealand Pharma will buy back own shares for up to USD 200 million / DKK 1.3 billion during 2026. For further information about the share buy-back program, refer to Zealand Pharma Company Announcement No. 13 / 2026, May 7, 2026.

   1. Net operating expenses consist of R&D, S&M, G&A and excludes Other operating items (OOI).

   2. The financial guidance is based on foreign exchange rates as of May 6, 2026.

   Interim financial statements.

   Unaudited interim condensed consolidated financial statements for Q1 2026:

   Interim statement of loss 5

   Interim statement of comprehensive loss 6

   Interim statement of financial position 7

   Interim statement of cash flow 8

   Interim statement of changes in equity 9

   Notes to the interim condensed consolidated financial statements 10

   1. Basis of preparation and changes to the Group's accounting policies 10

   2. Revenue 11

   3. Other operating items 13

   4. Financial items 13

   5. Prepayments 14

   6. Trade receivables 14

   7. Trade payables 14

   8. Other payables 14

   9. Marketable securities 14

   10. Financial instruments 16

   11. Cash and cash equivalents 17

   12. Share capital 18

   13. Cash flow adjustments 18

   14. Capital Management 19

   15. Contingent assets and liabilities 19

   16. Significant events after the reporting period 19

   Statement by the Executive Management and the Board of Directors 20

   Interim statement of loss.

   DKK million	Note	Q1-26 YTD	Q1-25 YTD
   Revenue	2	34	8
   Cost of goods sold		-	-
   Gross profit		34	8
   Research and development expenses		-469	-290
   Sales and marketing expenses		-22	-37
   General and administrative expenses		-82	-65
   Other operating expenses	3	-	-22
   Net operating expenses	*	-573	-414
   Operating result		-539	-406
   Financial income	4	172	90
   Financial expenses	4	-27	-20
   Result before tax		-394	-336
   Corporate tax		-	1
   Net result for the period		-394	-335
   Loss per share, basic/diluted (DKK)		-5.58	-4.74

   * Net operating expenses excluding transaction-related costs associated with the Roche partnership agreement amounted to DKK 393 million in Q1, 2025 year-to-date.

   Interim statement of comprehensive loss.

   DKK million	Note	Q1-26 YTD	Q1-25 YTD
   Net result for the period		-394	-335
   Other comprehensive income
   Items that will be reclassified to income statement when certain conditions are
   met (net of tax):
   Exchange differences on translation of foreign operations		-	-
   Total comprehensive result for the period		-394	-335

   Interim statement of financial position.

   DKK million	Note	Mar-31, 2026	Dec-31, 2025
   Intangible assets		45	45
   Property, plant and equipment		77	70
   Right-of-use assets		87	82
   Deferred tax assets		1	1
   Prepayments	5	53	61
   Other receivables		20	20
   Total non-current assets		283	279
   Prepayments	5	311	242
   Trade receivables	6	106	174
   Other receivables		102	114
   Corporate tax receivable		31	31
   Marketable securities	9	10,619	10,532
   Cash and cash equivalents	11	3,849	4,577
   Total current assets		15,018	15,670
   Total assets		15,301	15,949
   Share capital	12	72	72
   Share premium		14,730	14,729
   Currency translation reserve		23	24
   Retained earnings/(accumulated losses)		-356	6
   Total shareholders' equity		14,469	14,831
   Borrowings	10	307	303
   Derivative financial liabilities	10	43	70
   Lease liabilities		78	80
   Total non-current liabilities		428	453
   Deferred revenue	2	33	65
   Lease liabilities		29	23
   Trade payables	7	260	347
   Other payables	8	82	230
   Total current liabilities		404	665
   Total liabilities		832	1,118
   Total shareholders' equity and liabilities		15,301	15,949

   Interim statement of cash flow.

   DKK million	Note	Q1-26 YTD	Q1-25 YTD
   Net result for the period		-394	-335
   Adjustment for other non-cash items	13	-71	-42
   Changes in working capital	13	-280	-181
   Financial income received		76	60
   Financial expenses paid		-3	-3
   Corporate taxes paid		-	-
   Cash flow used in operating activities		-672	-501
   Proceeds from sale of marketable securites	9	3,694	3,102
   Purchase of marketable securities	9	-3,799	-2,563
   Purchase of intangible assets		-1	-2
   Purchase of property, plant and equipment		-10	-6
   Proceeds from sale of equity investment in Beta Bionics Inc.		-	24
   Cash flow from/(used in) investing activities		-116	555
   Lease installments		-9	-4
   Proceeds from issuance of shares related to exercise of share-based compensation	12	1	3
   Cash flow used in financing activities		-8	-1
   Increase/decrease in cash and cash equivalents		-796	53
   Cash and cash equivalents at beginning of period		4,577	726
   Exchange rate adjustments		68	-3
   Cash and cash equivalents at end of period		3,849	776

   Interim statement of changes in equity.

   DKK million	Share Share premium capital		Currency translation reserve	Retained earnings/(accu-mulated losses)	Total
   Equity at January 1, 2026	72 14,729		23	6	14,830
   Net result for the period	- -		-	-394	-394
   Exchange differences on translation of foreign operations	-	-	-	-	-
   Total comprehensive income	-	-	-	-394	-394
   Transactions with owners:
   Exercise of warrants	-	1	-	-	1
   Share-based compensation expenses	-	-	-	32	32
   Equity at March 31, 2026	72	14,730	23	-356	14,469
   Equity at January 1, 2025	71	14,681	22	-6,157	8,617
   Net result for the period	-	-	-	-335	-335
   Exchange differences on translation of foreign operations	-	-	-	-	-
   Total comprehensive income	-	-	-	-335	-335
   Transactions with owners:
   Exercise of warrants	-	3	-	-	3
   Share-based compensation expenses	-	-	-	23	23
   Equity at March 31, 2025	71	14,684	22	-6,469	8,308

   Notes to the interim condensed consolidated financial statements.

   1. Basis of preparation and changes to the Group's accounting policies Basis of preparation

      The interim condensed consolidated financial statements of Zealand Pharma A/S (The Group) have been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by EU and additional requirements of the Danish Financial Statements Act. The interim condensed consolidated financial statements are presented in Danish kroner (DKK) which is also the functional currency of the parent company.

      The accounting policies used in the interim condensed consolidated financial statements are consistent with those used in the

      Group's annual financial statement for the year ended December 31, 2025.

      Rounding

      All figures in the interim condensed consolidated financial statements are rounded to the nearest million Danish kroner (DKK), unless otherwise specified.

      New standards, interpretations and amendments adopted by the Group

      No amendments that apply for the first time in 2026 have an impact on the interim condensed consolidated financial statements of the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

      Significant accounting estimates and judgements

      The preparation of the interim condensed consolidated financial statements requires Management to make judgements and estimates that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. In applying our accounting policies, Management is required to make judgements and estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

      The estimates used are based on assumptions assessed to be reasonable by Management. However, estimates are inherently uncertain and unpredictable. The assumptions may be incomplete or inaccurate, and unexpected events or circumstances may occur. Furthermore, we are subject to risks and uncertainties that may result in deviations in actual results compared with estimates.

      Except for the items listed below, no material changes in significant accounting estimates and judgements have occurred since the Annual Report 2025. Please refer to note 1.3 in the 2025 Annual Report for further information:

      • Ongoing estimate of fair value of cash-settled warrant liability from disbursement of EIB loan, Tranche A (Borrowings including derivative financial liabilities). Refer to note 10. Financial instruments.

   2. Revenue

   Revenue can be specified as follows:

   DKK million	Note	Q1-26 YTD	Q1-25 YTD
   F. Hoffmann-La Roche Ltd. (Roche)		32	-
   Novo Nordisk A/S		2	8
   Total revenue from license and collaboration agreements		34	8
   Product sales		-	-
   Total revenue		34	8
   Total revenue recognized over time		32	8
   Total revenue recognized at a point in time		2	-

   DKK million	Q1-26 YTD	Q1-25 YTD
   Royalty revenue	2	-
   Reimbursement revenue for R&D services	32	8
   Product sales	-	-
   Total revenue by revenue stream	34	8

   Total revenue in Q1, 2026 year-to-date of DKK 34 million is mainly driven by the Roche partnership agreement signed in March 2025. In addition, DKK 2 million in royalty revenue relates to the global license and development agreement with Novo Nordisk A/S, which was terminated on January 9, 2026.

   On March 12, 2025, Zealand Pharma and Roche entered into a collaboration and license agreement to co-develop and co-commercialize petrelintide, and on May 9, 2025, the collaboration agreement between Zealand Pharma and Roche became effective. Under the agreement Zealand Pharma received in June 2025 DKK 9,246 million in upfront payment and is eligible for up to USD 1,225 million in development milestones and USD 2,400 million in net sales-based milestones, as well as tiered double-digit royalties up to high teens % on net sales outside of the U.S. and Europe, and compensation on a time and material basis. In the Collaboration Territory, the parties share Joint Commercialization Costs and Net Profits/Net Losses equally (50/50 split) for the Collaboration Products. All milestones are contingent of the occurrence of future events outside the control of Zealand Pharma, and such milestones will be recognized when their achievement is deemed to be highly probable, and a significant revenue reversal would not occur. Royalties and net sales-based milestones under the agreement will be recognized when the related sales milestone is reached. The agreement with Roche is considered a contract with a customer as defined in IFRS 15.

   Thus, Zealand Pharma recognizes revenue from Roche as a customer under the collaboration agreement the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

   For the upfront payment, Zealand Pharma identified two distinct performance obligations:

   1. Delivery of the petrelintide license (completed in May 2025)

   2. Delivery of specified development activities, i.e. the execution of Phase 2b clinical trials for ZUPREME 1 and 2 (ongoing)

      The initial upfront payment of DKK 9,246 million (USD 1.4 billion) is fixed and was allocated based on Management's estimate of stand-alone selling prices for each of the two performance obligations. A total of DKK 262 million was allocated to the clinical development performance obligation by considering Zealand Pharma's total investment in the clinical trial costs. The outstanding amount of DKK 8,984 million of the first upfront payment was allocated to the performance obligation related to the petrelintide license provided to Roche using the residual approach. Future milestone payments and royalties are subject to uncertainty due to general development risks.

      The performance obligations related to the delivery of the license for petrelintide were completed at a point in time (May 2025) and revenue of DKK 8,984 million in license revenue was recognized at the point in time the license was transferred to Roche and

      Roche was able to use and benefit from the license, i.e. the effective date on May 9, 2025 following regulatory approval of the agreement. Also, the license was identified as a separate performance obligation as Roche, irrespectively of the completion of the phase 2b clinical trials, has access to the intellectual property of petrelintide.

      The revenue allocated to the clinical trials obligation is deferred according to the progression and costs related to ZUPREME 1 and 2 and has and will be recognized as reimbursement revenue as the phase 2b clinical trials progress. Total revenue already recognized over time relating to this performance obligation amounts to DKK 229 million, resulting in a remaining obligation as of March 31, 2026 of DKK 33 million.

      From the Effective Date, Zealand Pharma shares Joint Development Costs equally (50/50 split) with Roche, except that the ongoing Zealand Pharma Phase 2b clinical trials are conducted at the sole expense of Zealand Pharma. Any cost reimbursement/cost sharing with Roche will not be recognized as revenue but accounted for as a decrease in the related research and development expenses and sales and marketing expenses, respectively. In the Collaboration Territory, the parties share Joint Commercialization Costs and Net Profits/Net Losses equally (50/50 split) for the Collaboration Products. Roche is responsible for investments into commercial manufacturing and supply.

      Further details on the Roche (including anniversary payments and CT-388) and Novo Nordisk agreements are provided in note

      1. of the 2025 Annual Report.

   3. Other operating items
   DKK million	Q1-26 YTD	Q1-25 YTD
   Transaction fees related to Roche partnership agreement	-	-22
   Total other operating items	-	-22
   Presentation in income statement: Other operating expenses	-	-22

   In Q1, 2025, other operating expenses of DKK 22 million comprised legal and advisory fees related to the collaboration and license agreement between Zealand Pharma and Roche.

4. Financial items

   Financial items include interests and banking fees from managing financial transactions, as well as foreign exchange rate adjustments, fair value adjustments of derivative financial liabilities and marketable securities.

   DKK million	Q1-26 YTD	Q1-25 YTD
   Interest income	74	41
   Interest expenses from financial liabilities measured at amortized cost	-4	-7
   Interest expenses from lease liabilities	-1	-1
   Fair value adjustment of marketable securities	-19	18
   Fair value adjustment of derivatives	27	31
   Exchange rate adjustments	71	-11
   Other financial expenses	-3	-1
   Financial items in total	145	70
   Presentation in income statement:
   Financial income	172	90
   Financial expenses	-27	-20

   Interest income in Q1, 2026 year-to-date of DKK 74 million comprises interest on marketable securities and cash equivalents. The increase compared to Q1, 2025 year-to-date is a result of the excess liquidity from entering the partnership collaboration with Roche invested into marketable securities, refer to note 9. Marketable securities. Interest income on marketable securities is based on coupon rates provided by SEB and Danske Bank. Interest income from cash equivalents relates to the money market fund held at J.P. Morgan, refer to note 11. Cash and cash equivalents.

   Interest expenses from financial liabilities measured at amortized cost in Q1, 2026 year-to-date of DKK 4 million relate to the EIB loan (Tranche A) disbursed on March 11, 2024.

   Fair value adjustment of derivatives of DKK 27 million in Q1, 2026 year-to-date comprises a fair value adjustment of the warrants granted to the European Investment Bank (EIB) with the disbursement of the loan's first tranche (Tranche A), refer to note 10.

   Financial instruments for further information.

   Exchange rate adjustments of DKK 71 million in Q1, 2026 year-to-date relate to USD deposits, currency revaluation on accounts receivables and cash equivalents.

5. Prepayments

   As of March 31, 2026 prepayments amount to DKK 364 million (2025: 303 million) and comprise prepayments for drug substance and drug product, as well as prepayments for research activities. Out of the total DKK 364 million, DKK 311 million is short-term and DKK 53 million is long-term.

6. Trade receivables

   Trade receivables can be specified as follows:

   DKK million	Mar-31, 2026	Dec-31, 2025
   Trade receivables	5	-
   Receivables related to license and collaboration agreements	101	174
   Total trade receivables	106	174
   Non-current	-	-
   Current	106	174

   As of March 31, 2026 receivables related to license and collaboration agreements amount to DKK 101 million (2025: DKK 174 million) and relate to cost sharing of development costs related to the Roche partnership.

7. Trade payables

   Trade payables can be specified as follows:

   DKK million	Mar-31, 2026	Dec-31, 2025
   Trade payables	171	257
   Accruals development projects	89	90
   Total trade payables	260	347
   Non-current	-	-
   Current	260	347

8. Other payables

   Other payables can be specified as follows:

   DKK million	Mar-31, 2026	Dec-31, 2025
   Employee benefits	79	114
   Accrued interest	1	-
   Other payables	2	116
   Total other payables	82	230
   Non-current	-	-
   Current	82	230

   Other payables of DKK 116 million in 2025 comprise an accrual for legal expenses, please refer to the 2025 Annual Report note 3.10.

9. Marketable securities

   As of March 31, 2026, Zealand Pharma has placed DKK 10,619 million into low-risk marketable securities in line with the Group's

   treasury policy. The investments can be specified as follows:

   DKK million	Mar-31, 2026	Dec-31, 2025
   DKK portfolio:
   DK bonds	8,815	8,447
   Total DKK portfolio	8,815	8,447
   EUR portfolio:
   IG Corporate bonds (investment grade)	1,804	2,085
   Total EUR portfolio	1,804	2,085
   Total portfolio	10,619	10,532
   Non-current	-	-
   Current	10,619	10,532

   Zealand Pharma has invested surplus liquidity in low-risk fixed income instruments to preserve capital and ensure liquidity. These investments include short-dated investment grade securities. As of March 31, 2026, all outstanding securities mature within 49 months (2025: within 57 months) in line with the Group's treasury policy guidelines. All securities in the portfolio have an investment graded rating of AAA to BBB-. Zealand Pharma recognizes marketable securities at settlement date.

   Marketable securities acquired in 2026 are managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to Management. This classification is consistent with prior year's classification. Refer to note 10. Financial instruments for information on fair value measurement and the fair value hierarchy.

10. Financial instruments

    As of March 31, 2026, and December 31, 2025, the following financial instruments are measured at fair value through profit or loss. The fair value of marketable securities is measured using inputs categorized as Level 1, whereas the cash-settled warrant liability is measured using significant unobservable inputs categorized as Level 3 in the fair value hierarchy.

    No transfers occurred between the levels of the fair value hierarchy in the three months period ending March 31, 2026.

    DKK million	Mar-31, 2026	Dec-31, 2025
    Categories of financial instruments:
    Trade receivables excluding prepaid expenses	106	174
    Other receivables	122	134
    Financial assets measured at amortized cost	228	308
    Marketable securities (Level 1)	10,619	10,532
    Financial assets measured at fair value through profit and loss	10,619	10,532
    Borrowings	307	303
    Lease liabilities	107	103
    Trade payables	260	347
    Other payables	82	230
    Financial liabilities measured at amortized cost	756	983
    Cash-settled warrant liability from EIB loan, Tranche A (Level 3)	43	70
    Financial liabilities measured at fair value through profit and loss	43	70

    	Financial
    	liabilities
    	(Level 3)
    Carrying amount at January 1, 2026	70
    Fair value adjustment of warrant liability from EIB loan, Tranche A	-27
    Carrying amount at March 31, 2026	43

    Fair value measurement of warrants, derivative financial liability (EIB, Tranche A)

    Fair value of the warrants granted to the European Investment Bank (EIB) with the disbursement of the loan's first tranche (Tranche A), classified as a derivative financial liability, is determined using Black-Scholes valuation technique in line with Zealand Pharma's existing warrant compensation programs. The warrants will become exercisable as the loan(s) is/are repaid (ignoring events as delisting, default e.g. which could also lead to exercisability). Each Tranche has a maturity date of 6 years from disbursement. If not exercised, any warrant will expire 20 years from the signing date of the contract. Based on this, the calculation of fair value assumes an initial expected life of 20 years for the options (contractual term).

    Other inputs used are i) the current stock price of the Zealand Pharma share on the date of measurement, ii) expected volatility (see below), iii) expected dividend (see below) and iv) the risk-free interest rate determined using a 20-year Danish government bond.

    The strike price is a 5-day volume weighted average (VWAP) calculated from the date of the disbursement offer acceptance on February 26, 2024, from which date Zealand Pharma had an unconditional right to receive the proceeds for Tranche A.

    Fair value of the warrants amounted to DKK 43 million as of March 31, 2026. On initial recognition in March 2024, Management has determined that the transaction price is equal to fair value and that consequently, there is no day 1 gain/loss to account for in financial items. The warrants are subsequently measured at fair value through profit and loss (FVTPL) and adjustments are included under financial items, referring to note 4. Financial items.

    The fair value measurement of the warrants is partly determined based on unobservable input (level 3), being the expected volatility for the Zealand Pharma share which is unobservable since there are no traded Zealand Pharma warrants. Since expected volatility has significant impact on the valuation, especially considering the long term, i.e. 20 years, it is classified as a level 3 input in the fair value hierarchy. As of March 31, 2026, the applied volatility is 61% based on volatility for the Zealand Pharma share in the past 5 years. Also impacting the fair value is expected dividend over the next 20 years (Level 3). As of March 31, 2026, the applied expected dividend yield is 0%.

    An increase in volatility will increase the fair value of the warrants. Further, an increase in expected dividend will decrease the fair value and vice versa. The below summarizes the effect of altering the unobservable inputs that would change the fair value significantly.

    • Expected volatility -20%, decrease in fair value of DKK -10 million

    • Expected volatility +20%, increase in fair value of DKK 6 million

    • Expected dividend +1%, decrease in fair value of DKK -8 million

    For further information on fair value measurement of the prepayment option related to the EIB loan (Tranche A) refer to note 4.6 in the 2025 Annual Report.

    Other fair value measurements

    For information about fair value measurements of marketable securities, please refer to note 9. Marketable securities.

11. Cash and cash equivalents

Cash and cash equivalents can be specified as follows:

As part of Zealand Pharma's treasury policy, Zealand Pharma has invested in a money market fund managed by J.P. Morgan.

These investments are classified as cash equivalents due to their high liquidity and short-term maturity profile.

The EIB loan contains a negative pledge clause preventing Zealand Pharma A/S or any of its subsidiaries from creating or permitting to subsist any new security over any of its assets.

New shares from exercise of warrants in Q1, 2026 year-to-date were issued at a weighted average subscription price of DKK

90.7. Total proceeds from exercise of share-based compensation amount to DKK 1 million.

As of March 31, 2026, there were 865,485 treasury shares, equivalent to 1.2% of the share capital (2025: 907,905 treasury shares, 1.3%). The treasury shares are allocated to performance share units (PSUs) and restricted share units (RSUs).

In the calculation of the diluted loss per share in Q1, 2026 636,993 potential ordinary shares related to share-based payment instruments have been excluded as they are anti-dilutive (2025: 1,045,798).

1. Cash flow adjustments

   DKK million	Note	Q1-26 YTD	Q1-25 YTD
   Depreciation, amortization and impairment losses		10	5
   Deferred revenue	2	32	-
   Share-based compensation expenses		32	23
   Financial income		-172	-90
   Financial expenses		27	20
   Adjustments for non-cash items in total		-71	-42

   Adjustment for deferred revenue of DKK 32 million relates to the Roche partnership agreement. For further information on the deferral of revenue related to execution of Phase 2b trials for ZUPREME 1 and 2, refer to note 2. Revenue.

   In Q1, 2026 year-to-date adjustments for financial income of DKK 172 million mainly relate to accrued interest on marketable securities, fair value adjustments of derivative financial liabilities and exchange rate adjustments on USD deposits, accounts receivables and cash equivalents.

   Adjustments for financial expenses in Q1, 2026 year-to-date of DKK 27 million include amortization of loan costs related to the EIB loan (Tranche A) and fair value adjustments on marketable securities.

   DKK million	Q1-26 YTD	Q1-25 YTD
   Changes in accounts receivable	72	-5
   Changes in prepaid expenses	-62	-137
   Changes in other receivables	12	9
   Changes in accounts payable	-87	-11
   Changes in other liabilities	-215	-36
   Changes in corporate tax receivable	-	-1
   Changes in working capital in total	-280	-181

2. Capital Management

   The Group's capital management objectives are unchanged from the ones described in the 2025 Annual Report.

3. Contingent assets and liabilities

   Zealand Pharma is entitled to potential milestone payments and royalties on successful commercialization of products developed under license and collaboration agreements with partners. Since the size and timing of such payments are uncertain until the milestones are reached or sales are generated, future payments under these agreements qualify as contingent assets. However, it is impossible to estimate the amount of variable consideration for these contingent assets, and as such, no assets have been recognized.

   As part of the license and collaboration agreements that Zealand Pharma has entered, once a product is developed and commercialized, Zealand Pharma may be required to make milestone and royalty payments. It is not possible to measure the value of such future payments, but Zealand Pharma expects to generate future income from such products which will exceed any milestone and royalty payments due, and as such, no liabilities have been recognized. Refer to notes 6.3 and 6.7 in the Annual Report 2025.

4. Significant events after the reporting period

On May 7, 2026, Zealand Pharma announced initiation of a share buy-back program. Zealand Pharma will buy back own shares for up to USD 200 million / DKK 1.3 billion during 2026. For further information about the share buy-back program, refer to Zealand Pharma Company Announcement No. 13 / 2026, May 7, 2026.

Statement by the Executive Management and the Board of Directors.

The Board of Directors and the Executive Management have today discussed and approved the interim report of Zealand Pharma A/S for the period January 1, 2026 to March 31, 2026.

The interim report has not been audited or reviewed by the

company's independent auditors.

The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies.

In our opinion, the interim consolidated financial statements give a true and fair view of the Group's consolidated assets,

liabilities and financial position as of March 31, 2026 and of the results of the Group's consolidated operations and cash flows for the period January 1, 2026 to March 31, 2026.

Furthermore, in our opinion, the Management review includes a fair review of the development in the Group's operations and financial conditions, the results for the period, cash flows and financial position while also describing the most significant risks and uncertainty factors that may affect the Group.

Copenhagen, May 7, 2026