Zealand Pharma (ZEAL) investor relations material

Executive summary

• Positive ZUPREME-2 results advanced petrelintide into registrational Phase 3; survodutide obesity Phase 3 data supported planned 2027 filings, and glepaglutide received a positive CHMP opinion.

• Nine-month revenue was DKK 4.529bn and profit was DKK 3.469bn; cash, cash equivalents and marketable securities totaled DKK 13.509bn at September 30, 2026.

• Metabolic Frontier 2030 targets five launches and 10+ clinical programs, with four late-stage assets and sustainable revenue and earnings growth.

Financial highlights

• YTD revenue was DKK 4.529bn vs DKK 9.146bn in 2025; operating profit was DKK 3.267bn vs DKK 7.470bn, and profit for the period was DKK 3.469bn vs DKK 6.834bn.

• YTD R&D expense was DKK 1.557bn vs DKK 1.075bn; operating expenses excluding other operating items were DKK 1.893bn vs DKK 1.479bn.

• Net financial items were positive DKK 343m vs negative DKK 62m, mainly reflecting DKK 217m interest income and DKK 228m positive FX adjustments.

• YTD milestone revenue included DKK 3.671bn for petrelintide Phase 3 initiation and DKK 798m Roche anniversary payment; the Phase 3 milestone receivable was invoiced in Q4.

• Royalty Pharma transaction generated DKK 631m of other operating income after DKK 2m transaction costs.

Outlook and guidance

• 2026 collaboration revenue guidance remained DKK 4.5bn; operating expense guidance excluding other operating items narrowed to DKK 2.7bn–DKK 3.0bn from DKK 2.7bn–DKK 3.3bn.

• Q4 Roche development milestones of USD 575m were expected, partly offset by a USD 175m enicepatide contribution payment.

• Global survodutide obesity regulatory submissions are planned for 2027; LIVERAGE MASH results are also expected in 2027.

• Q4 milestones included planned initiation of the petrelintide/enicepatide Phase 2 ZYNERGY trial, an EU glepaglutide decision and dasiglucagon CHI NDA resubmission to the FDA.