Zealand Pharma Announces Financial Results for the First Nine Months of 2026

Company announcement – No. 56 / 2026

Zealand Pharma Announces Financial Results for the First Nine Months of 2026
Advancing at pace towards Metabolic Frontier 2030: petrelintide in Phase 3, survodutide moving towards regulatory filings, positive CHMP opinion for Zeydovio^TM, and new modalities for next wave

• Announced positive topline results from Phase 2 ZUPREME-2 trial with petrelintide and initiated a registrational Phase 3 program, marking a defining step toward establishing petrelintide as a future first-choice therapy for people living with overweight or obesity.

• Boehringer Ingelheim presented positive results from the SYNCHRONIZE^TM-2 and SYNCHRONIZE^TM-CVOT trials with survodutide, demonstrating clinically meaningful weight loss and improvements in glycemic control in people with overweight or obesity and type 2 diabetes and a favorable cardiovascular safety profile compared to placebo, and is moving forward with global regulatory submissions in obesity in 2027.
  
• Received positive CHMP opinion for Zeydovio^TM (glepaglutide), the first major advancement in short bowel syndrome treatment in Europe in over a decade.
  
• Opened new research hub in Cambridge, Massachusetts, and entered a collaboration and license agreement with Generate Biomedicines to develop AI-engineered protein therapeutics for metabolic diseases, broadening Zealand Pharma’s modality capabilities.

Copenhagen, Denmark, November 12, 2026 – Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company transforming metabolic health so millions can live without limits, today announced the interim report for the nine months ended September 30, 2026, and provided a corporate update.

Executing on Metabolic Frontier 2030
Adam Steensberg, President and Chief Executive Officer at Zealand Pharma said:
“This quarter, we made progress on every commitment in our Metabolic Frontier 2030 strategy. With positive ZUPREME-2 results and Phase 3 initiations, petrelintide moves closer to offering a differentiated treatment option and weight management experience. Boehringer Ingelheim finalized the extensive Phase 3 program with survodutide in obesity, reinforcing its strong metabolic profile and demonstrating preferential visceral and liver fat reductions while preserving muscle mass. We also progressed our novel Kv1.3 ion channel blocker and received a positive CHMP opinion for glepaglutide in short bowel syndrome.
At the same time, we are building what comes next. Our new Cambridge research hub and collaboration with Generate Biomedicines expand what we can discover and develop. By combining advanced modelling and AI-driven design with our deep metabolic health expertise, we are building a platform to move faster from idea to clinic and deliver 10 clinical programs by 2030.”

Key financial results for Q3 2026 year-to-date

Notes:
1. Operating expenses consist of R&D, S&M, G&A and Other operating items (OOI).
2. Cash position includes cash, cash equivalents and marketable securities.

Q3 2026 Highlights and Recent Developments
Obesity

• Petrelintide, amylin analog. Zealand Pharma reached a key milestone with the initiation of the global Phase 3 registrational program, together with Roche, to address important unmet medical needs in chronic weight management. The program consists of three registrational trials and is expected to enroll approximately 7,000 participants in total.
  
  
• Petrelintide, amylin analog. The company reported positive topline results from the Phase 2 ZUPREME-2 trial in people with overweight or obesity and type 2 diabetes. Petrelintide delivered up to 9.2% weight loss at week 28 and clinically meaningful HbA1c reductions of up to 0.65% from a mean HbA1c at baseline of 7.7% (specified from 8.0% in original company announcement). Safety and tolerability profile of petrelintide was consistent with that seen in the Phase 2 ZUPREME-1 trial.

• Survodutide, glucagon/GLP-1 receptor dual agonist. Boehringer Ingelheim presented results from the SYNCHRONIZE^TM-CVOT Phase 3 trial in people living overweight or obesity with established cardiovascular disease (CVD), chronic kidney disease, and/or at least two-weight related complications or risk factors for CVD. As the first glucagon/GLP-1 dual agonist, survodutide demonstrated a favorable cardiovascular safety profile compared to placebo alongside significant cardiometabolic benefits.

• Survodutide, glucagon/GLP-1 receptor dual agonist. Boehringer Ingelheim presented results from the SYNCHRONIZE^TM-2 Phase 3 trial in people living with overweight or obesity and type 2 diabetes. The trial met its primary endpoints and showed up to 13.1% body weight reduction in a population in which weight loss is typically more challenging along with improvements in key markers of cardiometabolic health, including clinically meaningful reductions in HbA1c and waist circumference.

• Survodutide, glucagon/GLP-1 receptor dual agonist. Boehringer Ingelheim expanded the development program for survodutide with the initiation of a Phase 3 trial in people with type 2 diabetes and planned initiation of three Phase 3b trials to address key unmet needs in people living with obesity and real-world care.

• ZP6590, GIP receptor agonist. Zealand Pharma initiated a first-in-human Phase 1 clinical trial with ZP6590.

Chronic inflammation

• ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma initiated a Phase 1b trial with efficacy endpoints, investigating ZP9830 in people with psoriasis.
  
  
• ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma reported positive topline data from the MAD part of the Phase 1a clinical trial. Multiple doses of ZP9830 were well tolerated with no serious or severe adverse events or dose-limiting safety findings observed. Pharmacokinetics parameters support continued development of ZP9830 in trials of longer duration.

Rare diseases

• Glepaglutide in SBS. Zealand Pharma announced that the CHMP of the European Medicines Agency (EMA) has recommended the approval of Zeydovio^TM (glepaglutide) for the treatment of short bowel syndrome (SBS). 

Corporate

• Zealand Pharma entered into a collaboration and license agreement with Generate Biomedicines to develop protein therapeutics, broadening Zealand Pharma’s modality capabilities and opening new approaches for polypharmacology for innovative therapeutics. The collaboration will combine Zealand Pharma’s metabolic health expertise with The Generate Platform, which integrates generative AI with high-throughput experimental validation.

• Zealand Pharma announced opening of its new research hub in Cambridge, Massachusetts. The 53,600 RSF (approximately 5,000 m2) site expands the company’s research capabilities beyond its core peptide expertise into hybrid modalities, including biologics such as antibody peptide conjugates. The platform will be built around automation and advanced modeling techniques to accelerate medicine creation. 

• Zealand Pharma completed the share buy-back program, initiated on May 7, 2026. During the program, a total of 4,408,500 shares were repurchased at a total gross value of DKK 1,300 million.

• Zealand Pharma entered into a USD 100 million royalty purchase and sale agreement with Royalty Pharma for rusfertide.

Upcoming events in 2026
Obesity

• Petrelintide/enicepatide (CT-388), amylin+GLP-1/GIP fixed-dose combination. Zealand Pharma and Roche expect to initiate the Phase 2 ZYNERGY trial in people with overweight or obesity in Q4 2026.

Rare diseases

• Glepaglutide in SBS. Zealand Pharma expects a final decision on the EU Marketing Authorization Application in Q4 2026. In parallel, the company is engaging in partnership discussions for future commercialization of glepaglutide for SBS.

• Dasiglucagon in CHI. In Q4 2026, Zealand Pharma expects to resubmit the New Drug Application (NDA) for congenital hyperinsulinism (CHI) to the U.S. FDA. The submission will encompass both the three weeks use of dasiglucagon (Part 1 of the original NDA) as well as the use beyond three weeks (Part 2 of the original NDA).

Financial guidance for 2026
The financial guidance for operating expenses excluding other operating items, originally issued on February 19, 2026, has been narrowed from previously DKK 2.7-3.3 billion to DKK 2.7-3.0 billion, reflecting prudent cost control. The financial guidance for collaboration revenue of DKK 4.5 billion is unchanged.

Notes:
3. Financial guidance based on foreign exchange rates as of November 11, 2026.

Conference call today at 2 PM CET / 8 AM ET
Zealand Pharma’s management will host a conference call today at 2:00 PM CET / 8:00 AM ET to present results through the first nine months of 2026 followed by a Q&A session. Participating in the call will be Chief Executive Officer, Adam Steensberg; Chief Financial Officer, Henriette Wennicke; Chief Medical Officer, David Kendall; and Utpal Singh, Chief Scientific Officer. The conference call will be conducted in English.
To receive telephone dial-in information and a unique personal access PIN, please register at https://register-conf.media-server.com/register/BI3892d7b0d5334dab966b259b55d83cbf. The live listen-only audio webcast of the call and accompanying slides presentation will be accessible at https://edge.media-server.com/mmc/p/h74rdmdp/. Participants are advised to register for the call or webcast approximately 10 minutes before the start. A recording of the event will be available following the call on the Investor section of Zealand Pharma’s website at https://www.zealandpharma.com/events/.

Financial Calendar for 2026

About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on advancing medicines for obesity and metabolic health. Combining more than 25 years of peptide R&D expertise with a proprietary data platform that leverages advanced data driven and AI/ML approaches, Zealand Pharma aims to lead a new era in obesity and metabolic health.

To date, more than ten Zealand Pharma invented drug candidates have entered clinical development, of which two products have reached the market and three candidates are in late-stage development. The Company has collaborations with global pharmaceutical and biotechnology partners for research, development, and commercialization.

Founded in 1998, Zealand Pharma is headquartered in Copenhagen, Denmark, with a U.S. presence in Cambridge, Massachusetts. Learn more at www.zealandpharma.com.

Forward-looking Statements
This company announcement contains “forward-looking statements”, as that term is defined in the Private Securities Litigation Reform Act of 1995 in the United States, as amended, even though no longer listed in the United States this is used as a definition to provide Zealand Pharma’s expectations or forecasts of future events regarding the research, development, and commercialization of pharmaceutical products, the timing of the company’s clinical trials and the reporting of data therefrom and the company’s significant events and potential catalysts in 2026 and financial guidance for 2026. These forward-looking statements may be identified by words such as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “possible,” “potential,” “will,” “would”, and other words and terms of similar meaning. You should not place undue reliance on these statements, or the scientific data presented. The reader is cautioned not to rely on these forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect, and which include, but are not limited to, unexpected costs or delays in clinical trials and other development activities due to adverse safety events or otherwise; unexpected concerns that may arise from additional data, analysis or results obtained during clinical trials; our ability to successfully market both new and existing products; changes in reimbursement rules and governmental laws and related interpretation thereof; government-mandated or market-driven price decreases for our products; introduction of competing products; production problems; unexpected growth in costs and expenses; our ability to effect the strategic reorganization of our businesses in the manner planned; failure to protect and enforce our data, intellectual property and other proprietary rights and uncertainties relating to intellectual property claims and challenges; regulatory authorities may require additional information or further studies, or may reject, fail to approve or may delay approval of our drug candidates or expansion of product labelling; failure to obtain regulatory approvals in other jurisdictions; exposure to product liability and other claims; interest rate and currency exchange rate fluctuations; unexpected contract breaches or terminations; inflationary pressures on the global economy; and political uncertainty. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. All such forward-looking statements speak only as of the date of this press release/company announcement and are based on information available to Zealand Pharma as of the date of 
this release/announcement. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Information concerning pharmaceuticals (including compounds under development) contained within this material is not intended as advertising or medical advice.
Zealand Pharma® is a registered trademark of Zealand Pharma A/S.  

Contacts
Eric Rojas (Investors)
Vice President, Head of Investor Relations
erojas@zealandpharma.com

Neshat Anis Ahmadi (Investors)
Manager, Investor Relations
neahmadi@zealandpharma.com

Rachel James-Owens (Media)
Vice President, Corporate Communications & Media Relations
Zealand Pharma
Email: RJamesOwens@zealandpharma.com

Andreas Hylleberg (Media)
Director, External Communications
Zealand Pharma
Email: AHylleberg@zealandpharma.com

Amber Fennell, Jessica Hodgson, Sean Leous (Media)
ICR Healthcare
Email: ZealandPharma@icrhealthcare.com
+44 (0) 7739 658 783

Attachment

• Zealand Pharma Q3 2026 Interim Report