Zealand Pharma (ZEAL) investor relations material

Executive summary

• Achieved major milestones in Q1 2026, including positive phase II results for petrelintide and advancement to phase III trials, as well as positive phase III results for survodutide in obesity and metabolic health.

• Strategic focus on leadership in obesity and metabolic health through the Metabolic Frontier 2030 strategy, leveraging partnerships with Roche and Boehringer Ingelheim.

• Established a new research hub in Cambridge and secured access to a leading AI supercomputer to accelerate drug discovery.

• Initiated a $200 million share buyback program, reflecting strong financial position and confidence in future cash flows.

• Secured major milestone payments from Roche, supporting ongoing strategic initiatives.

Financial highlights

• Q1 2026 revenue was DKK 34 million, primarily from collaborations and license agreements with Roche.

• Net operating expenses totaled DKK 573 million, with 82% allocated to R&D.

• Net result for Q1 2026 was a loss of DKK 394 million, compared to a loss of DKK 335 million in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled DKK 14.5 billion at March 31, 2026.

• Net financial items contributed DKK 145 million, mainly from interest income and FX gains.

Outlook and guidance

• Financial guidance for 2026 net operating expenses remains unchanged at DKK 2.7–3.3 billion, driven by R&D activities.

• Collaboration revenue guidance for 2026 is DKK 4.5 billion, reflecting milestone payments from Roche.

• Expect to receive $125 million from Roche in Q2 and $575 million in the second half of 2026 upon phase III initiation.

• Phase III trials for petrelintide to begin in H2 2026; additional data and new trial initiations expected throughout the year.