Company announcement – No. 18 / 2025

Zealand Pharma Announces Financial Results for the First Half of 2025

Petrelintide collaboration with Roche off to a strong start, while key leadership appointments and solid financial position enable exciting next chapter for Zealand Pharma.

Collaboration and license agreement with Roche to co-develop and co-commercialize petrelintide as a future foundational therapy for weight management off to a strong start, with further insight and updates expected at Roche's Pharma Day in September and Zealand Pharma's Capital Markets Day in December.
Petrelintide program advancing at full speed, with ZUPREME Phase 2 trials progressing towards key milestones, and Roche breaking ground this August on new high-volume, high-throughput manufacturing facility dedicated to next-generation obesity medicines.
Strengthening of leadership team to optimally position Zealand Pharma for future growth, with Utpal Singh as Chief Scientific Officer to drive the next wave of innovation and Steven Johnson as Chief Development Officer to spearhead development and regulatory strategies.

Copenhagen, Denmark, August 14, 2025 – Zealand Pharma A/S (NASDAQ:ZEAL) (CVR-no. 20045078), a biotechnology company focused on the discovery and development of innovative peptide-based medicines, today announced the interim report for the six months ended June 30, 2025, and provided a corporate update.

Zealand Pharma ready for catalyst-rich and exciting chapter from position of strength

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

"I am very satisfied to see our historic and transformative collaboration with Roche on petrelintide off to a strong start and progressing at full speed. Our organizational strength and very solid financial position empower us to unlock the full value potential of petrelintide and to accelerate investments in the next wave of innovation. With petrelintide Phase 2 data and survodutide Phase 3 data in obesity rapidly approaching, we are entering a pivotal new chapter for the company."

Key financial results for H1 2025

DKK million	H1-25	H1-24
Revenue	9,096	49
Operating expenses¹	-968²	-559
Operating result	8,128²	-524
Net financial items	-157	-1

DKK million	Jun-30, 2025	Dec-31, 2024
Cash position³	16,578	9,022

Notes:

1. Operating expenses consist of R&D, S&M, and G&A.

2. Excluding transaction-related costs of DKK 196 million related to the Roche partnership agreement. Operating expenses including transaction fees in H1 2025 amount to DKK 1,164 million.

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

Highlights in the second quarter of 2025

Obesity

Petrelintide, amylin analog. In May 2025, Zealand Pharma announced the closing of the collaboration and license agreement with Roche. The two companies will co-develop and co-commercialize petrelintide and potential combination products, including petrelintide/CT-388, aiming to establish the leading amylin-based franchise for weight management and related indications. The companies will share profits and losses on a 50/50 basis for petrelintide and petrelintide/CT-388 in the U.S. and Europe, and Zealand Pharma is eligible to receive royalties on net sales in the rest of the world. Total deal consideration amounts to USD 5.3 billion, including upfront cash payments of USD 1.65 billion and potential development milestone payments of USD 1.2 billion, primarily linked to initiation of Phase 3 trials with petrelintide monotherapy.
Petrelintide, amylin analog. In April 2025, Zealand Pharma initiated the Phase 2 ZUPREME-2 trial with petrelintide in people with overweight or obesity and type 2 diabetes, investigating the efficacy and safety of petrelintide over a treatment duration of 28 weeks.
Petrelintide, amylin analog. In June 2025 at the American Diabetes Association's 85th Scientific Sessions in Chicago, Illinois, Zealand Pharma presented additional data from the 16-week Phase 1b trial showing greater weight loss efficacy in the few female participants. No differences were observed between females and males for any adverse events, including gastrointestinal.
Dapiglutide, GLP-1/GLP-2 receptor dual agonist. Results from Part 1 of the Phase 1b trial investigating the efficacy and safety of dapiglutide over a treatment duration of 13 weeks were presented at the American Diabetes Association's 85th Scientific Sessions in Chicago, Illinois in June 2025.
Dapiglutide, GLP-1/GLP-2 receptor dual agonist. In June 2025, Zealand Pharma announced positive topline results from Part 2 of the Phase 1b trial with higher doses of dapiglutide, demonstrating a placebo-adjusted weight loss of 11.4% from baseline after 28 weeks despite a relatively lean and almost entirely male trial population.

Rare diseases

Glepaglutide in SBS. In June 2025, Zealand Pharma submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for glepaglutide administered twice weekly for the treatment of adult patients with SBS.

Corporate

Appointed Utpal Singh as Chief Scientific Officer. Utpal joined the executive team in April 2025 to lead discovery research and translational sciences at Zealand Pharma. Utpal brings nearly 25 years of pharmaceutical industry experience spanning the full drug discovery and development lifecycle.
Appointed Steven Johnson as Chief Development Officer. Steven joined the executive team in May 2025 to lead regulatory and development strategies at Zealand Pharma. Steven brings nearly 30 years of comprehensive global drug development experience, gained across leading pharmaceutical companies, contract research organizations, and the U.S. FDA.

Upcoming events next 12 months

Obesity

Petrelintide, amylin analog. In the first half of 2026, Zealand Pharma expects to report topline results from the Phase 2 ZUPREME-1 trial and complete the Phase 2 ZUPREME-2 trial with petrelintide.
Petrelintide/CT-388, amylin+GLP-1/GIP fixed-dose combination. Zealand Pharma and Roche expect to initiate Phase 2 with petrelintide/CT-388 in the first half of 2026.
Dapiglutide, GLP-1/GLP-2 receptor dual agonist. In the second half of 2025, Zealand Pharma expects to initiate a Phase 2 trial in a dedicated obesity-related comorbidity.
Survodutide, glucagon/GLP-1 receptor dual agonist. Topline data from SYNCHRONIZETM-1 and SYNCHRONIZETM-2, the Phase 3 trials with survodutide in people with overweight or obesity without and with type 2 diabetes, respectively, are expected in the first half of 2026.

Rare diseases

Glepaglutide in SBS. In the second half of 2025, Zealand Pharma expects to initiate a Phase 3 clinical trial of glepaglutide (EASE-5) that is anticipated to provide further confirmatory evidence for a regulatory submission in the U.S. Following the submission of the MAA to the EMA in June 2025, the company 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. Zealand Pharma is ready to resubmit the New Drug Application for dasiglucagon for up to three weeks of dosing and to submit the requested analyses from existing continuous glucose monitoring datasets to support use beyond three weeks. The regulatory submissions are, however, contingent on an inspection classification upgrade of a third-party manufacturing facility. In parallel, Zealand Pharma is implementing a supply contingency plan, including the qualification of an alternative supplier to ensure that the product can be made available to patients in need as quickly as possible.

Chronic inflammation

ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma expects to complete the first-in-human clinical trial with ZP9830 in the fourth quarter of 2025 and report topline data in the first half of 2026.

Corporate

Zealand Pharma Capital Markets Day. Zealand Pharma will host a Capital Markets Day in London on December 11, 2025. Speakers will include Management as well as external experts and thought leaders in obesity.

Financial guidance for 2025

Guidance unchanged from February 20, 2025, excluding transaction-related costs associated with the Roche collaboration.

DKK million	2025 Guidance⁴^,⁵	2024 Actuals
Revenue anticipated from existing and new license and partnership agreements	No guidance	63
Net operating expenses	2,000-2,500	1,327

Notes:

4. Excluding transaction-related costs related to the Roche collaboration.

5. Financial guidance based on foreign exchange rates as of August 13, 2025.

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 half of 2025 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/BI38dbf0632d0e4bcfa7d2cd384405fa1f. The live listen-only audio webcast of the call and accompanying slides presentation will be accessible at https://edge.media-server.com/mmc/p/w964yrhw. Participants are advised to register for the call or webcast approximately 10 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 2025

Q3 2025	November 13, 2025
Q4/FY 2025	February 19, 2026

About Zealand Pharma A/S

Zealand Pharma A/S (NASDAQ:ZEAL) is a biotechnology company focused on the discovery and development of peptide-based medicines. More than 10 drug candidates invented by Zealand Pharma have advanced into clinical development, of which two have reached the market and three candidates are in late-stage development. The company has development partnerships with a number of pharma companies as well as commercial partnerships for its marketed products.

Zealand Pharma was founded in 1998 and is headquartered in Copenhagen, Denmark, with a presence in the U.S. For more information about Zealand Pharma's business and activities, please visit www.zealandpharma.com.

Forward-looking Statements

This company announcement 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 Pharma's expectations or forecasts of future events regarding the research, development, and commercialization of pharmaceutical products, the timing of the company's clinical trials and the reporting of data therefrom and the company's significant events and potential catalysts in 2025 and financial guidance for 2025. These forward-looking statements may be identified by words such as "aim," "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "plan," "possible," "potential," "will," "would", and other words and terms of similar meaning. You should not place undue reliance on these statements, or the scientific data presented. The reader is cautioned not to rely on these forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect, and which include, but are not limited to, unexpected costs or delays in clinical trials and other development activities due to adverse safety events or otherwise; unexpected concerns that may arise from additional data, analysis or results obtained during clinical trials; our ability to successfully market both new and existing products; changes in reimbursement rules and governmental laws and related interpretation thereof; government-mandated or market-driven price decreases for our products; introduction of competing products; production problems; unexpected growth in costs and expenses; our ability to effect the strategic reorganization of our businesses in the manner planned; failure to protect and enforce our data, intellectual property and other proprietary rights and uncertainties relating to intellectual property claims and challenges; regulatory authorities may require additional information or further studies, or may reject, fail to approve or may delay approval of our drug candidates or expansion of product labelling; failure to obtain regulatory approvals in other jurisdictions; exposure to product liability and other claims; interest rate and currency exchange rate fluctuations; unexpected contract breaches or terminations; inflationary pressures on the global economy; and political uncertainty. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. All such forward-looking statements speak only as of the date of this press release/company announcement and are based on information available to Zealand Pharma as of the date of this release/announcement. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Information concerning pharmaceuticals (including compounds under development) contained within this material is not intended as advertising or medical advice.

Zealand Pharma^® is a registered trademark of Zealand Pharma A/S.

Contacts

Adam Lange

Vice President, Investor Relations

Zealand Pharma

Email: ALange@zealandpharma.com

Neshat Ahmadi

Investor Relations Manager

Zealand Pharma

Email: NeAhmadi@zealandpharma.com

Anna Krassowska, PhD

Vice President, Investor Relations & Corporate Communications

Zealand Pharma

Email: AKrassowska@zealandpharma.com

Attachment

Zealand Pharma H1 2025 Interim Report