Summary of Zealand Pharma Conference Call Company Overview - **Company**: Zealand Pharma (OTCPK:ZLDP.Y) - **Focus**: Development of obesity treatments, particularly the amylin asset petrelintide Key Industry Insights - **Obesity Treatment Landscape**: Zealand Pharma aims to lead in a new category of obesity treatments with petrelintide, differentiating from established GLP-1 therapies [2][3] - **Partnership with Roche**: The collaboration is viewed as a shared commitment to advance obesity treatments, with Roche's interest stemming from the potential of petrelintide to provide effective weight loss in a more pleasant manner [2][3] Core Product Insights - **Petrelintide Mechanism**: The drug is designed to induce satiety, potentially leading to better patient adherence compared to GLP-1s, which often have gastrointestinal side effects that lead to discontinuation [4][5] - **Tolerability Profile**: Early clinical trials indicate a benign tolerability profile for petrelintide, with lower rates of nausea and gastrointestinal issues compared to GLP-1s [7][8] - **Weight Loss Expectations**: Zealand Pharma anticipates achieving a weight loss of 15%-20% in longer-term studies, with a focus on titration to manage dosing effectively [13][15] Competitive Landscape - **Comparison with Competitors**: The company acknowledges challenges faced by competitors like Eli Lilly, particularly regarding tolerability and dosing strategies. Zealand believes that proper titration can mitigate side effects and enhance weight loss outcomes [9][10][11] - **Market Dynamics**: The obesity treatment market is seen as a chronic therapy opportunity rather than an event-based approach, emphasizing the need for sustained patient adherence to achieve health outcomes [20][21] Financial and Strategic Outlook - **Funding and Investment**: The partnership with Roche provides significant upfront capital and milestone payments, allowing Zealand to invest in both the petrelintide program and early research pipelines [26][27] - **Long-term Vision**: Zealand aims to evolve into a generational biotech company, expanding its portfolio beyond petrelintide and focusing on innovations in metabolic diseases [27][28] Pipeline and Future Developments - **Survodutide**: Zealand expects significant developments in the Survodutide program, partnered with Boehringer Ingelheim, with a focus on liver health and obesity [31][34] - **Discontinuation of Dapaglutide**: The decision to pause development of Dapaglutide reflects a strategic focus on more promising assets within the pipeline [36] Conclusion - Zealand Pharma is positioned to capitalize on the growing obesity treatment market through innovative therapies like petrelintide, strategic partnerships, and a commitment to addressing chronic obesity as a significant healthcare challenge. The company is focused on maintaining a strong R&D foundation while exploring commercial opportunities in collaboration with larger pharmaceutical partners.

Core Insights - Zealand Pharma is advancing its clinical programs, particularly with petrelintide and survodutide, and is preparing for a catalyst-rich 2026 with significant data readouts expected [3][8][16] Financial Performance - For the first nine months of 2025, Zealand Pharma reported revenues of DKK 9,146 million, a substantial increase from DKK 54 million in the same period of 2024 [4] - The net operating expenses for the year-to-date were DKK 1,479 million, up from DKK 919 million in 2024, excluding transaction-related costs of DKK 196 million associated with the Roche partnership [4][5] - The operating result for the period was DKK 7,666 million, compared to a loss of DKK 873 million in the previous year [4] Clinical Developments - The company achieved a key milestone in the petrelintide Phase 2 ZUPREME-1 trial, with the last participant completing the 28-week primary endpoint visit, paving the way for topline data in H1 2026 [6][8] - Survodutide is approaching Phase 3 data in H1 2026, following the completion of the 76-week SYNCHRONIZETM-1 trial [8] - Zealand Pharma is also preparing to report topline data from the first-in-human trial of ZP9830 in the first half of 2026 [13] Strategic Focus - The company is focusing on its research strategy to lead innovation in obesity treatments, with plans to initiate several Phase 2 and Phase 3 trials in 2026 [3][16] - Development of dapiglutide has been paused to concentrate resources on programs with higher potential for clinical differentiation [15][17] Upcoming Events - Zealand Pharma will host a Capital Markets Day on December 11, 2025, to discuss upcoming data readouts and its research strategy [16][19]

Core Viewpoint - The acquisition battle for the weight loss startup Metsera has concluded with Pfizer agreeing to acquire the company for $10 billion, while Novo Nordisk's participation raises questions about its confidence in its own weight loss drug pipeline [3][4]. Group 1: Acquisition Details - Pfizer's offer for Metsera was $100 per share, which is approximately 19% higher than Novo Nordisk's bid of $56.50 per share [6]. - The enterprise value of Pfizer's offer is $4.90 billion, while Novo Nordisk's is $6.00 billion, indicating a 22% difference in valuation [6]. - The acquisition is subject to antitrust review, which may pose significant challenges due to overlapping product pipelines [7]. Group 2: Product Pipeline Overlap - Both companies have overlapping products in their pipelines, particularly in GLP-1 receptor agonists, which raises concerns about Novo Nordisk's rationale for pursuing the acquisition [7][8]. - Novo Nordisk plans to submit its own GLP-1 drug, CagriSema, for approval in 2026, alongside several other drugs currently in development [7]. Group 3: Metsera's Drug Performance - Metsera's MET-097i demonstrated a 14.1% weight loss in the VESPER-1 trial, with a low treatment discontinuation rate of 2.9% [9][11]. - The drug's favorable tolerability profile and the absence of dose titration requirements may provide a competitive edge in the market [9]. - MET-233i, another drug from Metsera, showed an 8.4% weight loss in its Phase I trial, outperforming competitors like Roche's petrelintide [12].

3 November 2025 | 6:38AM EST Equity Research HEALTHCARE: PHARMACEUTICALS The Obesity Evolution: The Emerging Amylin Field in Focus Heading In Obesity Week 2025 In this note we provide a brief update on obesity datasets we are monitoring headed into year-end. Near-term, at this week's Obesity Week conference (November 4th-7th) in Atlanta, GA we expect heightened focus on the emerging amylin field in the context recent deal activity (see: Novo Nordisk's unsolicited bid for Metsera). Datasets in focus include ...

Core Insights - The company has selected ASC36 as a promising monthly subcutaneous injection amylin receptor agonist for clinical development, with plans to submit an IND to the FDA by Q2 2026 [1] Group 1: Product Development - ASC36 is developed using the company's AI-assisted structure-based drug discovery and ultra-long-acting platform technologies, achieving a longer apparent half-life and higher bioavailability per milligram of peptide [1] - The optimized characteristics of ASC36 support monthly subcutaneous administration with an injection volume not exceeding 1 milliliter, leading to cost advantages in manufacturing [1] Group 2: Clinical Research - In head-to-head studies with non-human primates, ASC36 demonstrated an average observed half-life of approximately 15 days, three times longer than petrelintide, indicating potential for monthly dosing in humans [2] - In diet-induced obesity rat studies, ASC36 resulted in a weight reduction of 10.01%, compared to 5.25% for petrelintide, representing a 91% relative improvement in weight loss efficacy [2]

Core Insights - Amylin, a previously overlooked target, is emerging as a significant player in the multi-billion dollar weight loss market, particularly with the recent data from Novo Nordisk's cagrilintide and its combination with semaglutide showing promising weight loss results [1][2][3] Group 1: Clinical Developments - Novo Nordisk's cagrilintide achieved an average weight loss of 11.8% after 68 weeks of treatment in the REDEFINE 1 study [1] - The combination formulation CagriSema, which includes cagrilintide and semaglutide, demonstrated an average weight loss of 20.4%, significantly outperforming monotherapy [1][9] - Novo Nordisk has registered a Phase 2 clinical trial for NNC0662-0419, a GLP-1/GIP/Amylin triple agonist [1] Group 2: Industry Movements - Pfizer announced a $4.9 billion cash acquisition of Metsera to strengthen its weight loss pipeline, leading to a significant surge in Metsera's stock price [1] - Major pharmaceutical companies like Roche, AstraZeneca, Eli Lilly, and AbbVie are increasingly investing in Amylin through collaborations and acquisitions [2][11] Group 3: Mechanism and Competitive Advantage - Amylin is not a new target; it was discovered in 1987 but faced challenges in earlier formulations due to short half-lives and side effects [3][4] - New generation Amylin analogs have significantly improved half-lives, allowing for less frequent dosing, which enhances patient compliance [5][10] - Amylin's mechanism offers complementary effects to GLP-1, potentially leading to better patient outcomes through combined therapies [8][9] Group 4: Future Directions - The industry consensus is shifting towards collaborative strategies rather than isolated competition, with companies exploring combinations of Amylin and GLP-1 for enhanced efficacy [12][16] - Innovations in drug delivery systems, such as long-acting formulations and oral delivery methods, are being prioritized to improve patient adherence and treatment outcomes [15][16]

Core Insights - Zealand Pharma has had an exciting year, highlighted by a significant partnership with Roche, which was established in March and has progressed rapidly towards Phase III for the petrelintide asset [3]. Company Overview - David Kendall has been with Zealand Pharma for 5 years and serves as the Chief Medical Officer, bringing prior experience from Eli Lilly and Amylin Pharmaceuticals [2]. Partnership Highlights - The partnership with Roche is a focal point for Zealand Pharma, with rapid advancements in their metabolism portfolio and the petrelintide asset [3].

Summary of Zealand Pharma Conference Call Company Overview - **Company**: Zealand Pharma (OTCPK:ZLDP.Y) - **Date**: September 25, 2025 - **Key Speaker**: David M. Kendall, Chief Medical Officer Core Industry Insights Partnership and Product Development - Zealand Pharma has established a partnership with Roche, focusing on the petrelintide asset, which is progressing towards phase 3 trials [3][5] - Ongoing phase 2 studies are expected to yield results in the first half of next year [3] - The company aims to position itself as a key player in the obesity and metabolism space, beyond its existing Zegalogue franchise [4] Market Dynamics - The obesity market is evolving rapidly, with projections indicating that 40% to 50% of the global population will be overweight or obese in the coming decade [8] - There is a shift towards patient-driven demand for weight management therapies, contrasting with traditional provider-driven approaches [9][10] - Zealand Pharma believes that amylin-based therapies, particularly petrelintide, could become foundational in managing obesity [4][5] Product-Specific Insights Petrelintide Development - Petrelintide is expected to achieve weight loss comparable to GLP-1 therapies, with estimates of mid-teens to 20% weight loss [12][13] - The phase 2b trial aims to leverage tolerability and lower starting doses with monthly dose escalations [19] - The trial design will focus on a representative population, including a balanced gender ratio and higher BMI [20] Competitive Landscape - Petrelintide is positioned as a better-in-class option compared to other amylin agonists, with a 100% response rate in early studies [26] - The adverse event profile of petrelintide is expected to be favorable compared to competitors like kagrelintide and LRL-NTIDE [28][30] - Zealand Pharma is confident in the safety and efficacy of petrelintide, with no significant neuropsychiatric side effects reported [36][37] Regulatory and Market Considerations - The regulatory landscape is evolving, with expectations for higher efficacy and tolerability standards for new therapies [44][45] - Zealand Pharma is monitoring the potential for oral formulations but believes that injectables will remain the dominant delivery method in the obesity market [48][50] Future Outlook - Zealand Pharma is optimistic about the potential of petrelintide and its partnership with Roche to capture a significant share of the obesity market [11][35] - The company is preparing for phase 3 trials and is focused on optimizing trial designs to meet regulatory requirements and market needs [12][14] Conclusion - Zealand Pharma is strategically positioned in the growing obesity market with innovative therapies like petrelintide, backed by a strong partnership with Roche and a focus on patient-driven demand for weight management solutions [5][11]

Core Insights - Pfizer (PFE) has announced a definitive agreement to acquire Metsera (MTSR), a developer of obesity drugs, to re-enter the obesity market after discontinuing its own weight-loss pill, danuglipron [1][5]. Company Summary - Pfizer will acquire Metsera's shares for $47.50 per share, totaling an enterprise value of $4.9 billion, with an additional contingent value right (CVR) of up to $22.50 per share based on clinical and regulatory milestones [2][10]. - The acquisition includes Metsera's four clinical-stage programs, notably the GLP-1 receptor agonist MET-097i, which is currently in phase II studies [3][10]. - The boards of both companies have unanimously approved the transaction, expected to close in Q4 2025, pending shareholder approvals [4]. Industry Summary - The obesity market is projected to grow to $100 billion by 2030, with Eli Lilly (LLY) and Novo Nordisk (NVO) currently leading the market with their GLP-1 injections [6]. - Other companies, including Amgen and Viking Therapeutics, are also developing advanced GLP-1-based candidates in late-stage studies [7]. - Metsera's products are in early development stages, with potential market entry around 2028-2029, indicating that Pfizer may lag behind competitors in this highly competitive space [8]. - Other large pharmaceutical companies, such as AbbVie, Roche, and Merck, are also entering the obesity market through licensing deals with smaller biotech firms [9][11][12].

Core Insights - Roche Holdings AG aims to become a leading player in the growing weight-loss drug market, advancing its obesity pipeline into late-stage development to compete with Eli Lilly and Novo Nordisk [1] - The company has initiated a Phase 3 trial for its experimental obesity treatment CT-388, which was acquired through the 2023 purchase of Carmot Therapeutics [1][2] - Roche plans to have six obesity and related-condition therapies on the market by 2030, with three expected to generate over $1 billion in annual sales [3] Obesity Drug Pipeline - CT-388 has shown significant weight loss results in a Phase 1b trial, demonstrating its potential effectiveness as a once-weekly subcutaneous injection over 24 weeks [2] - Teresa Graham, head of Roche's pharmaceutical division, emphasized the company's commitment to becoming a top three player in the obesity drug market [3] Strategic Acquisitions - Roche has made significant acquisitions to bolster its obesity portfolio, including Zealand Pharma's experimental therapy petrelintide for up to $5.3 billion and U.S. biotech 89bio for up to $3.5 billion, targeting liver disease treatments [4] Other Developments - Roche released positive results from the Phase 3 evERA study for giredestrant in combination with everolimus for specific breast cancer types, meeting both co-primary endpoints and showing improvement in progression-free survival [5][6] - The giredestrant combination was well tolerated, with no new safety signals observed, marking a significant achievement in head-to-head trials [7]