Zealand Pharma (ZEAL) Goldman Sachs 45th Annual Global Healthcare Conference summary

Key clinical data and expectations

• Awaiting 16-week phase I-B data for long-acting amylin (petrelintide), with expectations of 7%-9% weight loss at higher doses, aiming for 15%-20% in long-term studies.

• Prior 6-week study showed 5% weight loss at lower doses with mild side effects, supporting a more tolerable profile than GLP-1s.

• Tolerability and side effect profile, especially nausea and vomiting, are key differentiators, with amylin expected to be more benign.

• Aggressive titration in phase I-B aims for maximum exposure, with potential for more patient-friendly titration in later phases.

• Top-line data release will include both efficacy (weight loss by dose) and safety (adverse events) metrics.

Strategic positioning and differentiation

• Petrelintide is positioned as a monotherapy alternative for patients intolerant to GLP-1s, targeting both amylin and calcitonin receptors for optimal efficacy.

• Amylin's mechanism may offer a more pleasant satiety-driven weight loss experience and potential muscle preservation, supported by preclinical evidence.

• Phase II-B study for petrelintide is well planned, with first patient dosing expected in the second half of the year.

• Muscle preservation will be assessed via MRI in phase II-B, aiming to confirm animal data in humans.

• Cardiovascular and metabolic comorbidity benefits are anticipated, with early data showing positive trends in risk factors and no heart rate liability.

Pipeline and partnering strategy

• Dapiglutide (GLP-1/GLP-2) aims to combine weight loss with anti-inflammatory and organ-protective effects; phase I data expected in the second half of the year, with phase II-B planned for next year.

• Survodutide phase II data in MASH and obesity are strong, with complementary opportunities in both indications; further development led by Boehringer Ingelheim.

• Rare disease assets (glepaglutide, dasiglucagon) are advancing toward potential approval, with active partnering discussions and readiness for initial commercial launch if needed.

• Manufacturing issues previously affecting dasiglucagon are resolved, with confidence in regulatory filings.

• Partnerships for major assets are prioritized before phase III for global reach and manufacturing investment, with a focus on strategic alignment.