Zealand Pharma (ZLDP.Y) 2025 Conference Transcript

Summary of Conference Call Company and Industry - The discussion revolves around Zealand Pharma, focusing on their product Petrides and its positioning in the obesity treatment market, particularly in relation to GLP-1 therapies and emerging amylin therapies. Core Points and Arguments 1. Patient Acceptance of Therapies - There is a growing concern about patient drop-off from GLP-1 therapies due to side effects, leading to speculation that patients may prefer alternatives like Petrides, which promises a more pleasant weight loss experience [1][2][3] 2. Differentiation in Amylin Space - Zealand Pharma believes Petrides has the potential to be a best-in-class product, balancing efficacy and safety, especially when compared to competitors like Novo Nordisk's products [2][3][4] 3. Clinical Data and Efficacy - The company aims for Petrides to achieve weight loss in the mid-teens percentage (15%-20%) with a tolerability profile similar to placebo, based on their Phase 1b data showing 8.6% weight loss over 16 weeks [14][15][18] 4. Partnership with Roche - Zealand Pharma's partnership with Roche is strategic, focusing on Roche's commitment to leading in the obesity space and their plans for new manufacturing capacity, which will support the launch of Petrides [9][10][11] 5. Market Dynamics and Positioning - The company sees an opportunity to lead in a new category of obesity treatment rather than competing directly with established GLP-1 therapies, which have high barriers to entry due to existing market dominance [12][13][29] 6. Retention of Patients on Therapy - A significant issue with current GLP-1 therapies is patient retention, with over 50% dropping off within a year. Zealand Pharma believes Petrides can improve retention by providing a more tolerable experience [17][18] 7. Future Development Plans - Zealand Pharma plans to conduct Phase III studies that will include cardiovascular outcome data, which is essential for establishing Petrides as a foundational therapy in obesity management [27][28] 8. Combination Therapies - The company is exploring combination therapies with Roche's GLP-1 GIP agonist, CC388, aiming to find the right balance between efficacy and tolerability [34][37] 9. Pipeline Assets - Zealand Pharma is also focused on other pipeline assets like cerdulatinib and dapaglutide, which are expected to address obesity and related conditions with differentiated mechanisms [38][44] 10. R&D and Future Outlook - The company is preparing for a significant R&D event to discuss upcoming data readouts and future innovations in the obesity treatment space, emphasizing their ambition and strong capital position [46][48] Other Important Content - The conversation highlighted the importance of understanding patient motivations and the need for therapies that not only promote weight loss but also enhance the overall treatment experience [16][18] - There is a recognition of the challenges in the obesity market, including high discontinuation rates in clinical trials, which Zealand Pharma aims to mitigate through better patient engagement and therapy design [22][23] - Zealand Pharma's leadership team has extensive experience in the metabolic disease space, positioning the company for future growth and innovation [47][48]