Zealand Pharma (ZEAL) investor relations material

Executive summary

• Achieved major milestones in Q1 2026, including positive phase II results for petrelintide and advancement to phase III trials, reinforcing its potential as a first-choice chronic weight management therapy.

• Survodutide delivered positive phase III results in the SYNCHRONIZE-1 trial, showing up to 16.6% weight loss and significant metabolic improvements, supporting its differentiation in obesity treatment.

• Established a new research hub in Cambridge and entered a partnership for AI-driven innovation, including access to a leading AI supercomputer.

• Strategic collaborations with Roche and Boehringer Ingelheim continue to progress, with significant milestone payments, co-commercialization, and profit-sharing agreements in place.

• Initiated a $200 million share buyback program, reflecting strong financial position and confidence in future cash flows.

Financial highlights

• Q1 2026 revenue was DKK 34 million, primarily from Roche collaborations, up from DKK 8 million in Q1 2025.

• Net operating expenses reached DKK 573 million, with 82% allocated to R&D, mainly for petrelintide and early-stage pipeline investments.

• Net result for Q1 2026 was a loss of DKK 394 million, compared to a loss of DKK 335–337 million in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled DKK 14.5 billion at March 31, 2026, supporting ongoing strategic initiatives.

• Net financial items were DKK 145 million, driven by interest income and exchange rate adjustments.

Outlook and guidance

• Net operating expenses for 2026 are guided at DKK 2.7–3.3 billion, mainly for R&D.

• Collaboration revenue guidance for 2026 is DKK 4.5 billion, reflecting milestone payments from Roche.

• Major milestone payments from Roche totaling USD 700 million anticipated in 2026, including a $125 million anniversary payment in Q2 and a $575 million development milestone in H2.

• Phase III trials for petrelintide to begin in H2 2026; additional data and new trial initiations expected throughout the year.