Core Viewpoint - Zealand Pharma is seeking partners for innovative weight loss treatments that target the brain directly, emphasizing the central nervous system's role in metabolic regulation and immune response [4][6]. Group 1: Strategic Collaborations - Zealand Pharma is exploring collaborations to develop therapies that can cross the blood-brain barrier, with a focus on "shuttle technology" to safely deliver drugs to the brain [4][6]. - The company has engaged in discussions with Roche and other institutions regarding brain-targeted research, acknowledging the high difficulty of these projects but recognizing their potential to fundamentally change metabolic disease treatment [6]. - Zealand recently announced a $20 million upfront payment to OTR Therapeutics, with a total potential of $30 million, to leverage its oral small molecule platform for discovering new metabolic disease therapies [8]. Group 2: Product Pipeline and Development - Zealand's pipeline includes the promising drug petrelintide, which is expected to show an average weight loss of 8.6% over 16 weeks in its Phase II trial, with results anticipated in mid-2026 [9]. - The company is also advancing the dual agonist survodutide in Phase III trials for obesity and MASH, alongside other projects targeting short bowel syndrome and congenital hyperinsulinemia [9]. - Zealand's strategy includes a roadmap titled "Metabolic Frontier 2030," aiming to launch five products by 2030, indicating a long-term vision for growth in the metabolic disease sector [9]. Group 3: Market Position and Future Outlook - Zealand's entry into oral small molecule collaborations is seen as a risk mitigation strategy amid rising competition in the oral weight loss drug market, particularly with Novo Nordisk's oral semaglutide awaiting regulatory approval [8]. - The company believes it has sufficient research capabilities and financial reserves to navigate uncertainties in the market, positioning itself for continuous iteration and improvement [9]. - Zealand's future innovations may include improving insulin sensitivity unrelated to weight and eventually directly modulating brain receptors, showcasing a commitment to long-term health impact [10].

Core Viewpoint - Zealand Pharma is seeking partners for innovative weight loss treatments that target the brain directly, emphasizing the central nervous system's role in metabolic regulation and immune response [4][6]. Group 1: Strategic Collaborations - Zealand is exploring collaborations to develop therapies that can cross the blood-brain barrier, with a focus on "shuttle technology" to safely deliver drugs to the brain [4][6]. - The company has engaged in discussions with Roche and other institutions regarding brain-targeted research, acknowledging the high difficulty of these projects but recognizing their potential to fundamentally change metabolic disease treatment [6]. - Zealand has entered a partnership with OTR Therapeutics, paying a $20 million upfront fee, potentially reaching $30 million, to leverage OTR's oral small molecule platform for new metabolic disease therapies [8]. Group 2: Product Pipeline and Development - Zealand's pipeline includes the promising drug petrelintide, which is expected to show an average weight loss of 8.6% over 16 weeks in its Phase II trial, with results anticipated in mid-2026 [9]. - The company is also advancing the dual agonist survodutide in Phase III trials for obesity and MASH, alongside other candidates targeting short bowel syndrome and congenital hyperinsulinism [9]. - Zealand's strategy includes a roadmap titled "Metabolic Frontier 2030," aiming to launch five products by 2030, indicating a long-term vision for growth in the metabolic disease sector [9]. Group 3: Market Position and Future Outlook - Zealand is aware of the competitive landscape in oral weight loss medications, particularly with Novo Nordisk's oral semaglutide awaiting regulatory approval, and is cautious about committing to outcomes without believing in their potential [8]. - The company has a robust research capability and financial reserves, allowing it to navigate uncertainties in the market while continuing to innovate [9]. - Zealand's future innovations may include improving insulin sensitivity unrelated to weight and directly modulating brain receptors, showcasing a commitment to long-term health impacts [10].

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]

Core Insights - Zealand Pharma has announced a five-year strategy called "Metabolic Frontier 2030" to enhance its anti-obesity portfolio amid increasing competition in the market [2][3] - The company aims for five drug launches, at least ten clinical pipeline programs, and industry-leading cycle times by 2030 [2] - Zealand's shares have dropped 29% year-to-date, reflecting investor concerns about market fragmentation and competition [2] Company Strategy - The strategy will leverage strategic partnerships, accelerated drug development, and expanded research capabilities to create a valuable metabolic health pipeline [3] - Zealand Pharma is focusing on candidates with greater potential for clinical differentiation, having paused development of a dual agonist due to market saturation [8] Drug Development - One of Zealand's promising drugs, petrelintide, targets the pancreatic amylin hormone and has shown moderate side effects in early-stage trials [4] - Mid-stage data for petrelintide is expected early next year, while data for its dual GLP-1 agonist, survodutide, will be available throughout 2026 [4] Market Dynamics - Novo Nordisk and Eli Lilly currently dominate the weight loss drug market, with analysts predicting the market could reach $150 billion annually by the start of the next decade [5] - Eli Lilly has gained investor favor due to its effective weight loss drugs and diverse portfolio, while Novo Nordisk is experiencing significant stock declines [6][7] Competitive Landscape - Big Pharma companies like AstraZeneca, Amgen, and Pfizer are also entering the obesity drug market, aiming to capture market share from Lilly and Novo [9] - Analysts believe that while Lilly may hold over 50% of the global market share, this will stabilize as competitors launch next-generation drugs [10] Partnerships and Research - Zealand Pharma has entered an agreement with OTR Therapeutics to develop oral small molecule treatments for metabolic diseases, involving an upfront payment of $20 million and potential milestones worth up to $2.5 billion [11] - The company plans to open a new research site in Boston, combining its peptide drug expertise with AI-driven drug discovery [12]

Core Insights - Zealand Pharma aims to redefine weight management and establish leadership in metabolic health through its Metabolic Frontier 2030 strategy, focusing on innovative solutions for obesity and metabolic diseases [2][4][5] Company Strategy - The company plans to target five product launches and maintain a clinical pipeline of over ten programs by 2030, utilizing its peptide expertise and advanced research capabilities to enhance drug discovery [3][7] - Zealand Pharma will leverage strategic partnerships and advanced computational methods to accelerate drug development and expand its molecule-making toolbox [3][6] Research and Development - A new research site in Boston will integrate over 25 years of peptide expertise with AI-driven drug discovery and advanced automation, aiming to enhance the efficiency of drug development [6][7] - The company anticipates multiple clinical readouts in 2026, including Phase 2 data for petrelintide and Phase 3 data for survodutide [7] Leadership and Vision - The CEO, Adam Steensberg, emphasizes the company's commitment to transforming treatment approaches for obesity and metabolic diseases, moving beyond traditional weight loss methods to support overall well-being [4][5] - Zealand Pharma's strategy is designed to address significant healthcare challenges and foster innovation in metabolic health [5]

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]

新京报讯（记者王卡拉）11月6日，勃林格殷格翰携手跨领域专家，在本届进博会展台上举办了"赋能启 航 共筑健康"主题活动，共同探讨我国代谢相关脂肪性肝炎（简称MASH）防治的中国方案。与会嘉宾 围绕疾病认知、规范化诊疗、经济负担、创新药物可及等话题展开深入交流，共同倡议开展针对中国人 群代谢相关脂肪性肝炎疾病负担研究，助力构建更完善的MASH诊疗与疾病管理体系。 MASH是一种与代谢紊乱密切相关的肝脏疾病。近年来，随着肥胖、糖尿病等代谢性疾病患病率的攀 升，MASH的患病率也显著上升，逐渐成为全球范围内重大的健康挑战之一，患者通常合并肥胖或糖尿 病等代谢疾病。相较全球其他国家，我国MASH疾病增长率仍处于较高水平。 面对MASH治疗的迫切临床需求，勃林格殷格翰正在加速推进旗下创新药物survodutide的研发进程。作 为一款胰高血糖素受体（GCGR）和胰高血糖素样肽-1受体（GLP-1R）双重激动剂，survodutide于2024 年6月获得国家药品监督管理局药品审评中心授予的"突破性治疗"认定，并已进入Ⅲ期临床试验阶段。 该药物有望为肥胖及代谢相关脂肪性肝炎患者提供全新的治疗选择。 如何推动MASH疾病的 ...

Group 1 - The company is pursuing its ambition to become a key player in the growing obesity market [1] - A significant collaboration agreement has been established with Roche regarding the main asset, petrelintide [1] - The focus with Roche is to accelerate the development program for petrelintide [1] Group 2 - Upcoming key data readouts are expected for petrelintide in Phase II and for survodutide, which is licensed to Boehringer in Phase III [1] - The company expresses excitement about the upcoming period and the rapid news flow [1]

Core Insights - Zealand Pharma reported strong financial results for the first half of 2025, with revenue reaching DKK 9,096 million compared to DKK 49 million in the same period last year, indicating significant growth [4] - The collaboration with Roche on petrelintide is progressing well, with expectations for further updates at upcoming corporate events [6][7] - The company is well-positioned for future growth with key leadership appointments and a solid cash position of DKK 16,578 million as of June 30, 2025 [5][13] Financial Performance - Revenue for H1 2025 was DKK 9,096 million, a substantial increase from DKK 49 million in H1 2024 [4] - Operating expenses for H1 2025 were DKK 968 million, up from DKK 559 million in H1 2024, primarily due to increased R&D and transaction-related costs [4][5] - The operating result for H1 2025 was DKK 8,128 million, compared to a loss of DKK 524 million in H1 2024 [4] Collaboration and Development - Zealand Pharma's collaboration with Roche involves co-developing petrelintide, with a total deal consideration of USD 5.3 billion, including upfront cash payments of USD 1.65 billion [8] - The petrelintide program is advancing with Phase 2 trials progressing towards key milestones, and Roche is establishing a new manufacturing facility for obesity medicines [7] - Zealand Pharma submitted a Marketing Authorization Application for glepaglutide in June 2025, with potential regulatory approval expected in the first half of 2026 [9][22] Leadership and Strategic Direction - The company appointed Utpal Singh as Chief Scientific Officer and Steven Johnson as Chief Development Officer to enhance its innovation and development strategies [13] - Zealand Pharma is preparing for a Capital Markets Day in December 2025 to discuss future growth and strategies [17] Upcoming Milestones - Zealand Pharma expects to report topline results from the Phase 2 ZUPREME-1 trial and complete the Phase 2 ZUPREME-2 trial with petrelintide in the first half of 2026 [13] - The company anticipates initiating a Phase 2 trial for dapiglutide in the second half of 2025 [12]

Industry Overview - The weight loss drug market is projected to grow from an estimated $15 billion last year to as much as $150 billion by 2035, indicating a tenfold increase over the next decade [1][2] - Current medications primarily consist of GLP-1 agonists, which suppress appetite by slowing digestion [2] Market Leaders - Novo Nordisk and Eli Lilly dominate the weight loss drug market, holding an estimated 97% market share, with Novo Nordisk at 62% and Eli Lilly at 35% of the GLP-1 market [2][4] - Both companies are actively developing next-generation products to maintain their market positions [8] Drug Development Challenges - Drug development is a rigorous process, and many candidates may fail to reach the market, as evidenced by Pfizer's abandonment of its oral weight loss drug due to safety concerns [5] - Newly approved drugs must compete not only on price but also on efficacy, side effects, and prescriber comfort [6] Upcoming Products - Novo Nordisk is seeking approval for an oral version of Wegovy, with hopes for a decision by the end of the year, and is also advancing CagriSema through phase 3 trials [9] - Eli Lilly's orforglipron has shown promising results in phase 3 studies and could be the first small-molecule weight loss drug on the market, while its injectable therapy retatrutide is also in phase 3 trials [10] Competitive Landscape - Boehringer Ingelheim's survodutide is noted as a potential near-term competitor, with an expected arrival in 2027 [11] - Other competitors, such as Amgen's MariTide, are still in earlier stages of development, with phase 3 studies beginning in March and a potential market entry in 2028 [11] Investment Considerations - Both Novo Nordisk and Eli Lilly are well-positioned to capture significant growth in the weight loss market, with Eli Lilly currently favored by Wall Street, reflected in its higher price-to-earnings (P/E) ratio of 62 compared to Novo Nordisk's 22 [12] - The expected long-term earnings growth rates are 14% for Novo Nordisk and 32% for Eli Lilly, with PEG ratios of 1.5 and 1.9 respectively, indicating reasonable pricing for their growth prospects [13]