Zealand Pharma (ZEAL) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Key conference insights

• Shift in obesity treatment focus from maximum tolerated dose to minimum effective dose, emphasizing metabolic benefits over sheer weight loss.

• Survodutide data highlighted strong liver and visceral fat reduction, muscle preservation, but higher-than-expected GI side effects due to strict titration protocols.

• Flexible titration schedules are being implemented in ongoing and future studies to improve tolerability and reduce discontinuation rates.

• Survodutide positioned as a therapy targeting metabolic health, especially liver fat, rather than just weight loss, with ongoing large-scale studies in MASLD and MASH.

• Industry faces challenges in clinical trial design due to widespread GLP-1 use, impacting placebo arms and necessitating new approaches.

Product development and competitive landscape

• Petrelintide presented as a potential first-line therapy with double-digit weight loss and placebo-like tolerability, aiming for broad patient adherence.

• Phase III trials for petrelintide monotherapy and combination with CT-388 are set to begin in the second half of the year, with a focus on rapid recruitment and appropriate patient selection.

• Combination therapies (amylin + GLP-1/GIP) are being advanced, with large phase II studies planned to optimize dosing and patient targeting.

• Competitive positioning emphasizes tolerability and patient persistence over maximum efficacy, with amylin analogs expected to become a major category.

• Pricing strategies will be value-based, reflecting both patient and societal perspectives, with a focus on long-term adherence to unlock value.

Financial and pipeline updates

• Capital allocation prioritizes petrelintide development and research expansion, with a significant increase in R&D investment and a share buyback reflecting excess capital.

• Clear path to profitability established, ensuring funding for ongoing programs.

• Broader pipeline includes two rare disease assets (one pending FDA resubmission, one in phase III) and early-stage autoimmune opportunities.