Company announcement – No. 23 / 2025

Zealand Pharma Announces Financial Results for the First Nine Months of 2025

With petrelintide advancing at full speed and topline data rapidly approaching for both petrelintide and survodutide, upcoming Capital Markets Day will set the stage for a catalyst-rich 2026.

Achieved key milestone in the petrelintide Phase 2 ZUPREME-1 trial in people with overweight and obesity, with the last participant completing the 28-week primary endpoint visit, paving the way for 42-week topline data in H1 2026.
Approaching Phase 3 data in H1 2026 with survodutide, following last participant last visit in the 76-week SYNCHRONIZE^TM-1 trial in people with overweight and obesity without type 2 diabetes.
Zealand Pharma is excited to outline a catalyst-rich 2026 at its upcoming Capital Markets Day on December 11, highlighting its ambition to become a generational biotech company driving the next wave of innovation in obesity.

Copenhagen, Denmark, November 13, 2025 – Zealand Pharma A/S (NASDAQ:ZEAL) (CVR-no. 20045078), a biotechnology company focused on the discovery and development of innovative peptide-based medicines, today announced the interim report for the nine months ended September 30, 2025, and provided a corporate update.

Ready for key near-term data catalysts and driving the next wave of innovation

Adam Steensberg, President and Chief Executive Officer at Zealand Pharma said:

"I am highly encouraged by the strong execution across our clinical programs and the momentum behind our partnership with Roche. As we enter a catalyst-rich period for the company, I look forward to our Capital Markets Day in December, where we will set the stage for the rapidly approaching Phase 2 and 3 data readouts for petrelintide and survodutide. We will also share more about our ambitious research strategy that builds on Zealand Pharma's unique expertise in peptide R&D and our strong foundation to lead the next wave of innovation in obesity".

Key financial results for Q3 2025 year-to-date

DKK million	Q3-25 YTD	Q3-24 YTD
Revenue	9,146	54
Net operating expenses¹	-1,479²	-919
Operating result	7,666²	-873
Net financial items	-62	81

DKK million	Sep-30, 2025	Dec-31, 2024
Cash position³	16,169	9,022

Notes:

1. Net operating expenses consist of R&D, S&M, G&A and Other operating items.

2. Excluding transaction-related costs of DKK 196 million related to the Roche partnership agreement. Operating expenses including transaction fees for the period amount to DKK 1,675 million.

3. Cash position includes cash, cash equivalents and marketable securities.

Highlights in the third quarter of 2025

Obesity

Petrelintide, amylin analog. Reached a key milestone in the petrelintide monotherapy program with the completion of the 28-week primary endpoint visit for the last participant in the Phase 2 ZUPREME-1 trial in people with overweight and obesity.

Chronic inflammation

ZP9830, Kv1.3 Ion Channel Blocker. In September 2025, the last participant was enrolled and randomized in the first-in-human single ascending dose clinical trial of ZP9830.

Events after the reporting date

Obesity

Petrelintide, amylin analog. In November 2025, enrollment of all trial participants has been completed in ZUPREME-2, the Phase 2 trial evaluating petrelintide versus placebo in people with overweight or obesity and type 2 diabetes.
Survodutide, glucagon/GLP-1 receptor dual agonist. In October 2025, the last participant in the Phase 3 SYNCHRONIZE^TM-1 trial in people with overweight and obesity without type 2 diabetes completed the 76-week primary endpoint visit. Baseline characteristics for SYNCHRONIZE^TM-1 and SYNCHRONIZE^TM-2 were presented at the Obesity Society Annual Meeting (ObesityWeek) in Atlanta, U.S., in November 2025.
Dapiglutide, GLP-1/GLP-2 receptor dual agonist. Development of dapiglutide has been paused as part of active portfolio management, focusing investments on programs with the greatest potential for clinical differentiation and long-term value creation.

Upcoming events next 12 months

Obesity

Petrelintide, amylin analog. In the first half of 2026, Zealand Pharma expects to report topline results from the 42-week Phase 2 ZUPREME-1 trial. In the second half of 2026, Zealand Pharma and Roche expect to initiate a Phase 3 program with petrelintide monotherapy.

Petrelintide, amylin analog. In the second half of 2026, Zealand Pharma expects to report topline results from the Phase 2 ZUPREME-2 trial in people with overweight or obesity and type 2 diabetes.

Petrelintide/CT-388, amylin+GLP-1/GIP fixed-dose combination. Zealand Pharma and Roche expect to initiate Phase 2 with petrelintide/CT-388 in the first half of 2026.

Survodutide, glucagon/GLP-1 receptor dual agonist. Topline results from SYNCHRONIZE^TM-1 and SYNCHRONIZE^TM-2, the Phase 3 trials with survodutide in people with overweight and obesity without and with type 2 diabetes, respectively, are expected in the first half of 2026.

Rare diseases

Glepaglutide in SBS. In the fourth quarter of 2025, Zealand Pharma expects to initiate a Phase 3 clinical trial of glepaglutide (EASE-5) that is anticipated to provide further confirmatory evidence for a regulatory submission in the U.S.

Glepaglutide in SBS. The company expects potential regulatory approval in the EU in the first half of 2026. In parallel, the company is engaging in partnership discussions for future commercialization.

Dasiglucagon in CHI. The ability of Zealand Pharma to resubmit the New Drug Application for dasiglucagon for the treatment of congenital hyperinsulinism is contingent on an inspection classification upgrade of a third-party manufacturing facility. Zealand Pharma has implemented a supply contingency plan that includes the qualification of an alternative supplier to ensure that the product can be made available to patients in need as quickly as possible.

Chronic inflammation

ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma expects to report topline data from the first-in-human single ascending dose clinical trial with ZP9830 in the first half of 2026.

Corporate

Zealand Pharma Capital Markets Day. Zealand Pharma will host a Capital Markets Day in London on December 11, 2025. Speakers will include members of Management as well as external experts and thought leaders in obesity. The event will set the stage for the rapidly approaching Phase 2 and Phase 3 data readouts with petrelintide and survodutide, which have the potential to redefine the near-term future of weight management. Zealand Pharma will also share insights into the company's ambitious research strategy aimed at leading the next wave of innovation.

Financial guidance for 2025

The financial guidance, originally issued on February 20, 2025, has been narrowed from previously DKK 2.0-2.5 billion. Net operating expenses excluding Other operating items are now expected to be between DKK 2.0-2.3 billion, reflecting the decision to pause the development of dapiglutide, previously planned to advance to Phase 2b development in 2025.

DKK million	Updated guidance Nov 13, 2025^4,5	Previous guidance Feb 20, 2025⁴
Revenue anticipated from existing and new license and partnership agreements	No guidance	No guidance
Net operating expenses	2,000-2,300	2,000-2,500

Notes:

4. Net operating expenses consists of R&D, S&M, and G&A, and excludes Other operating items.

5. Financial guidance based on foreign exchange rates as of November 12, 2025.

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 2025 followed by a Q&A session. Participating in the call will be Chief Executive Officer, Adam Steensberg; Chief Financial Officer, Henriette Wennicke; and Chief Medical Officer, David Kendall. 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/BI7925746c60164cb2a799f2cd553ae1ae. The live listen-only audio webcast of the call and accompanying slides presentation will be accessible at https://edge.media-server.com/mmc/p/96oja22m. 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 2025

Q4/FY 2025

February 19, 2026

About Zealand Pharma A/S

Zealand Pharma A/S (NASDAQ:ZEAL) is a biotechnology company focused on the discovery and development of peptide-based medicines. More than 10 drug candidates invented by Zealand Pharma have advanced into clinical development, of which two have reached the market and three candidates are in late-stage development. The company has development partnerships with a number of pharma companies as well as commercial partnerships for its marketed products.

Zealand Pharma was founded in 1998 and is headquartered in Copenhagen, Denmark, with a presence in the U.S. For more information about Zealand Pharma's business and activities, please visit 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 2025 and financial guidance for 2025. 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

Adam Lange (Investors)

Vice President, Investor Relations

Zealand Pharma

Email: ALange@zealandpharma.com

Neshat Ahmadi (Investors)

Investor Relations Manager

Zealand Pharma

Email: NeAhmadi@zealandpharma.com

Rachel James-Owens (Media)

Vice President, Corporate Communications & Media Relations

Zealand Pharma

Email: RJamesOwens@zealandpharma.com

Attachment

Zealand Pharma Q3 2025 Interim Report