Zealand Pharma Capital Markets Day Summary Company Overview - **Company**: Zealand Pharma - **Event**: 2025 Capital Markets Day - **Date**: December 11, 2025 - **Focus**: Management of obesity and metabolic health pipeline Key Industry Insights - **Obesity Market Evolution**: The obesity market has significantly evolved, with key trends reinforcing Zealand Pharma's perspectives shared two years ago [2][12] - **Healthcare Crisis**: Over 1 billion people globally are living with obesity, creating a civilization-scale problem that requires innovative solutions beyond current GLP-1-based therapies [14][15] - **Consumer Engagement**: The consumer segment is rapidly growing, with nearly two-thirds of discussions initiated by consumers, indicating a shift towards consumer-driven treatment choices [40][41] Core Company Strategies - **Pipeline Development**: Zealand Pharma aims to maximize the value of petrelintide, an amylin analog, and invest significantly in its metabolic health pipeline, increasing research investments fivefold over the next five years [22][24] - **Partnership with Roche**: A 50/50 partnership with Roche is established to co-commercialize petrelintide, combining Zealand's biotech agility with Roche's pharmaceutical strength [18][19] - **Research Expansion**: A new research hub in Boston will complement the existing Copenhagen site, focusing on AI, machine learning, and novel chemistry approaches [22][23] Product Highlights - **Petrelintide**: Described as the "crown jewel," petrelintide is designed to help individuals feel full faster and is positioned as a foundational therapy for weight management [7][17] - **Survodutide**: A dual agonist targeting GLP-1 and glucagon receptors, showing promising phase two data for weight loss and metabolic health improvements [50][56] Clinical Insights - **Weight Maintenance Focus**: Emphasis on transitioning from weight loss to weight maintenance, addressing the need for durable therapies that help maintain weight loss [16][34] - **Real-World Data**: High discontinuation rates of current therapies highlight the need for better patient experiences and alternatives to GLP-1 therapies, which often lead to gastrointestinal side effects [44][46] Future Outlook - **2030 Ambition**: Zealand Pharma's "Metabolic Frontier" ambition includes five product launches and over ten clinical candidates by 2030, aiming to establish itself as a generational biotech company [22][24] - **Transformational Potential**: The partnership with Roche and the development of innovative therapies position Zealand Pharma to redefine obesity management and address significant unmet medical needs [18][19][22] Additional Considerations - **Cultural Commitment**: Zealand Pharma emphasizes its unique culture and commitment to agility and innovation, which are seen as critical to its success in the competitive biotech landscape [11][25] - **Healthcare System Impact**: The company recognizes the broader societal implications of obesity and the need for comprehensive solutions that address the healthcare crisis associated with it [15][12]

Financial Data and Key Metrics Changes - The company is preparing for a significant data readout for its NASH drug candidate, pemidutide, expected by the end of the current quarter, which is crucial for future development plans [27][20]. - The highest dose in the MOMENTUM trial showed a weight loss of 15.6% at 48 weeks, indicating strong efficacy compared to competitors [30]. Business Line Data and Key Metrics Changes - The company is focusing on the dual mechanism of action of pemidutide, which combines weight loss with direct effects on liver health, positioning it uniquely in the market [15][18]. - The upcoming Phase 2b trial for NASH is designed to control placebo responses, which have been problematic in previous trials, aiming for a more accurate assessment of drug efficacy [12][14]. Market Data and Key Metrics Changes - NASH is now the leading cause of liver transplantation in the U.S., with a growing prevalence linked to the obesity epidemic, highlighting a significant unmet medical need [10][11]. - The company is expanding its pipeline to include Alcohol Use Disorder (AUD) and Alcoholic Liver Disease (ALD), both of which have critical unmet needs and overlap with obesity-related conditions [38][42]. Company Strategy and Development Direction - The company aims to treat serious conditions resulting from obesity rather than pursuing a pure obesity indication, which is becoming increasingly competitive and price-sensitive [36][39]. - The strategy includes leveraging a large safety database from previous trials to support the development of AUD and ALD treatments, enhancing the overall market opportunity [43][41]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming data readout and the potential for a Phase III program to start in early 2026, contingent on positive results [20][40]. - The company believes that the combination of metabolic and liver health benefits will allow it to cover a broad spectrum of patients with NASH and related conditions, improving treatment options [60][61]. Other Important Information - The company has noted that the weight loss profile of pemidutide is expected to be comparable to semaglutide at 48 weeks, with potential for even greater efficacy beyond that timeframe [24][25]. - The design of the IMPACT trial includes unique features aimed at controlling placebo responses, which could lead to more reliable results [12][14]. Q&A Session Summary Question: Can you tell us about the unmet need in NASH? - Management highlighted that there is only one approved drug for NASH with modest effects, and the condition is increasingly prevalent due to obesity, creating a significant need for more effective treatments [10][11]. Question: What are the expectations around the upcoming Phase 2b trial? - The company plans to have its end of Phase 2 meeting after the 24-week readout, focusing on the primary endpoint of biopsy results at that time [20][21]. Question: How does the company view the competitive landscape for obesity treatments? - Management indicated that the obesity market is changing, and the company is focusing on serious diseases related to obesity rather than solely on obesity itself, which is becoming a price-sensitive market [36][39]. Question: What are the key differentiators of pemidutide compared to other treatments? - The company believes that pemidutide's dual action of promoting weight loss while directly affecting liver health sets it apart from other drugs in development [15][18]. Question: What is the timeline for the AUD and ALD studies? - The AUD study has just started, and initial data readouts are expected by the end of next year, with the ALD study anticipated to begin in the third quarter [45][41].