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]

Core Insights - Zealand Pharma has reported significant progress in its clinical pipeline and has established a transformative partnership with Roche for petrelintide, positioning the company for accelerated growth [1][3]. Financial Performance - For Q1 2025, Zealand Pharma reported revenue of DKK 8.1 million, a decrease from DKK 15.1 million in Q1 2024 [4]. - Operating expenses increased to DKK 393.1 million from DKK 266.3 million year-over-year [4]. - The operating result was a loss of DKK 385.5 million compared to a loss of DKK 255.8 million in the same quarter last year [4]. - The net financial items improved to DKK 70.3 million from DKK 25.8 million [4]. - The cash position as of March 31, 2025, was DKK 8,544.5 million, down from DKK 9,022.0 million at the end of 2024 [4]. Strategic Developments - Zealand Pharma entered a collaboration and license agreement with Roche to co-develop and co-commercialize petrelintide, sharing profits and losses on a 50/50 basis [4][5]. - The partnership aims to establish a leading amylin-based franchise for weight management and related indications [5]. - Zealand Pharma completed enrollment in the Phase 2 ZUPREME-1 trial for petrelintide three months after initiation [5][9]. Corporate Updates - Utpal Singh was appointed as Chief Scientific Officer to lead the next wave of innovative medicines [5][10]. - Steven R. Smith was appointed as Senior Global Medical Advisor in Obesity to support obesity research and clinical development programs [8]. Upcoming Milestones - Zealand Pharma expects to submit a Marketing Authorization Application for glepaglutide in the second half of 2025 and initiate a Phase 3 clinical trial [12]. - The company anticipates reporting topline results from the Phase 2 ZUPREME-1 trial in the first half of 2026 [14]. - Zealand Pharma plans to host a Capital Markets Day in London on December 11, 2025 [17]. Financial Guidance - The financial guidance for 2025 remains unchanged, with net operating expenses expected to be between DKK 2,000 million and DKK 2,500 million [18][19].