Zealand Pharma (ZEAL) investor relations material

Executive summary

• Achieved key R&D milestones in H1 2026, including advancing petrelintide to Phase 3 after positive Phase 2 results showing double-digit weight loss and strong tolerability, and positive Phase 3 results for survodutide with up to 16.6% weight loss and liver fat reduction.

• Monetized royalty rights to ruspertide for $100 million and initiated a $200 million share buyback program, reflecting strong capital allocation and commitment to shareholder returns.

• Expanded early-stage pipeline with new clinical trials for ZP9830 in psoriasis and first-in-human trial for GIP agonist ZP6590.

• Boehringer Ingelheim expanded the survodutide development program with additional Phase 3 trials.

• Strengthened leadership and expanded research platforms in Cambridge and Copenhagen.

Financial highlights

• H1 2026 revenue was DKK 4,525 million, primarily driven by milestone payments from the Roche partnership, with net profit at DKK 3,524 million and operating profit at DKK 3,321 million.

• Cash position at June 30, 2026, was DKK 14,457 million, supporting future investments.

• Operating expenses totaled DKK 1.2 billion, mainly for R&D, with research and development expenses representing 82% of operating expenses.

• Net financial items contributed +292 million DKK, mainly from FX gains and interest income.

• Earnings per share (basic) for H1 2026 was DKK 50.00.

Outlook and guidance

• 2026 guidance unchanged: collaboration revenue expected at DKK 4.5 billion, operating expenses between DKK 2.7–3.3 billion, and multiple Phase 2/3 clinical readouts and regulatory milestones anticipated in H2 2026.

• Will receive $50 million from the ruspertide royalty sale in Q3 and another $50 million at the first anniversary of closing.