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

Company announcement – No. 14 / 2026

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

A defining start to 2026, marked by pivotal progress for leading obesity assets, petrelintide and survodutide, and strong momentum in driving the next wave of metabolic health innovation.

Announced decision to advance petrelintide into Phase 3 trials in H2 2026 following positive topline results from the Phase 2 ZUPREME-1 trial, demonstrating double-digit weight loss with a placebo-like tolerability, supporting its potential to redefine the weight management experience for people living with obesity or overweight.

Announced Boehringer Ingelheim’s positive topline results from the SYNCHRONIZE^TM-1 Phase 3 trial with survodutide, supporting its potential as a meaningful and differentiated treatment option for people living with obesity or overweight and metabolic dysfunction.

Announced the establishment of a new research hub in Cambridge, Massachusetts, and entered into an agreement with DCAI to access a world-leading AI supercomputer, both key pillars to strengthen and accelerate drug discovery in line with Metabolic Frontier 2030 strategy.

Announced initiation of a USD 200 million share buy-back program, reflecting financial flexibility and a strengthened financial outlook following positive developments for leading obesity programs.

Copenhagen, Denmark, May 7, 2026 – Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company transforming the future of metabolic health, today announced the interim report for the three months ended March 31, 2026, and provided a corporate update.

A defining quarter
Adam Steensberg, President and Chief Executive Officer at Zealand Pharma said:
“In this first part of 2026, we leveraged our agility, speed and proven scientific foundation to execute on our Metabolic Frontier 2030 strategy: A new research hub in Cambridge, AI partnerships, Phase 2 topline results with petrelintide followed by confirmation of Phase 3 advancement, and Phase 3 results with survodutide from Boehringer Ingelheim.
These advancements not only build on our momentum, but significantly strengthen our long-term financial outlook, enabling a share buy-back program while cementing our commitment to invest heavily in our pipeline.”

Key financial results for Q1 2026

DKK million	Q1-26	Q1-25
Revenue	34	8
Net operating expenses, excl. OOI¹	-573	-393
Net operating expenses¹	-573	-415
Operating result	-539	-407
Net financial items	145	70

DKK million	Mar-31, 2026	Dec-31, 2025
Cash position²	14,468	15,109

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

Q1 2026 Highlights and Recent Developments
Obesity

Petrelintide, amylin analog. Reached a key milestone in the monotherapy program with the announcement of positive Phase 2 ZUPREME-1 topline results for petrelintide. Petrelintide demonstrated double-digit weight reduction and placebo-like tolerability, supporting its potential as a future foundational, first-choice therapy for chronic weight management.

Petrelintide, amylin analog. In April 2026, Zealand Pharma and Roche announced that they will advance petrelintide monotherapy into Phase 3 trials for chronic weight management with planned initiation of the Phase 3 program in the second half of 2026.

Survodutide, glucagon/GLP-1 receptor dual agonist. In April 2026, Zealand Pharma and Boehringer Ingelheim reported positive topline results from the 76-week SYNCHRONIZE^TM-1 Phase 3 trial with survodutide in people with overweight or obesity without type 2 diabetes. Participants treated with survodutide achieved a significant weight loss of up to 16.6% and delivered meaningful metabolic improvements.

Chronic inflammation

ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma reported positive topline results from the single ascending dose (SAD) part of the combined SAD/multiple ascending dose (MAD) Phase 1a clinical trial with ZP9830. Single doses of ZP9830 were well tolerated with no serious or severe adverse events or dose-limiting safety findings observed at any dose level. ZP9830 exhibited a pharmacokinetic profile in line with predictions based on preclinical data, and exploratory pharmacodynamic biomarkers showed robust, dose-dependent activity consistent with Kv1.3 target engagement.

Corporate

Zealand Pharma announced the establishment of a new research hub in Cambridge, Massachusetts, enhancing the company’s research platform through AI-driven drug discovery, advanced automation, and next-generation molecule creation, accelerating the translation of scientific insights into innovative medicines.

Zealand Pharma announced an agreement with the Danish Centre for AI Innovation (DCAI) to strengthen and accelerate drug discovery through access to Gefion, a world leading AI supercomputer. This positions the company to lead the next generation of metabolic health innovation while maintaining the rigorous scientific standards that underpin Zealand Pharma’s leadership in peptide therapeutics.

On May 7, 2026, Zealand Pharma launched a share buy-back program of up to USD 200 million / DKK 1.3 billion. For more information on the share buy-back program, refer to Zealand Pharma Company Announcement No. 13/2026, May 7, 2026.

Upcoming events next 12 months
Obesity

Petrelintide, amylin analog. Additional data from the Phase 2 ZUPREME-1 trial will be presented at the American Diabetes Association’s (ADA) 2026 Scientific Session in New Orleans, Louisiana. In the second half of 2026, Zealand Pharma and Roche expect to initiate registrational Phase 3 trials 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/enicepatide (CT-388), amylin+GLP-1/GIP fixed-dose combination. Zealand Pharma and Roche expect to initiate Phase 2 in the first half of 2026.

Survodutide, glucagon/GLP-1 receptor dual agonist. Boehringer Ingelheim will present the full data from the SYNCHRONIZE^TM-1 and SYNCHRONIZE^TM-MASLD Phase 3 trials at the ADA 2026 Scientific Sessions in New Orleans, Louisiana.

Survodutide, glucagon/GLP-1 receptor dual agonist. Results from the Phase 3 SYNCHRONIZE^TM-2 and SYNCHRONIZE^TM-CVOT trials are expected to be reported and presented at scientific meetings in 2026.

Rare diseases

Glepaglutide in SBS. Zealand Pharma 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. In the second half of 2026, Zealand Pharma expects to resubmit the New Drug Application (NDA) for three weeks of dosing to the U.S. FDA (Part 1 of the original NDA) and to submit the required and detailed analyses from existing continuous glucose monitoring datasets to support the use of dasiglucagon beyond three weeks (Part 2 of the original NDA).

Chronic inflammation

ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma expects to report topline data from the MAD part of the Phase 1a clinical trial with ZP9830 in the second half of 2026 and expand the development program of ZP9830 with initiation of a Phase 1b/2a trial.

Financial guidance for 2026
The financial guidance for net operating expenses for 2026, issued on February 19, 2026, is unchanged, and is expected to be between DKK 2.7-3.3 billion.

Following the confirmation of Phase 3 progression for petrelintide monotherapy, planned for initiation in the second half of 2026, Zealand Pharma has recognized USD 700 million / DKK 4.5 billion as collaboration revenue in the second quarter of 2026.

DKK million	2026 Guidance³	2025 Actual
Collaboration revenue	4.5	9.2
Net operating expenses, excl. OOI¹	2.7-3.3	2.1

Notes:
1. Financial guidance based on foreign exchange rates as of May 6, 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 three 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; 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/BIfa8ab29b9ec44d37a6996cacd0392a11.The live listen-only audio webcast of the call and accompanying slides presentation will be accessible at https://edge.media-server.com/mmc/p/2hhbncr5/. 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

Q2 2026	August 13, 2026
Q3 2026	November 12, 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 Boston, 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

Adam Lange (Investors)
Vice President, Investor Relations
alange@zealandpharma.com

Neshat 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 Q1 2026 Interim Report

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