Zealand Key Takeaways from ADA 2026

Research evidence excerpt

Zealand Key Takeaways from ADA 2026

J P M O R G A N Europe Equity Research

08 June 2026

Zealand Overweight

ZELA.CO, ZEAL DC

Key Takeaways from ADA 2026 Price (04 Jun 26):Dkr326.30

European Pharmaceuticals &

Over the weekend, we attended the ADA 2026 in New Orleans and we outline our Biotechnology

key takeaways for Zealand below, which include: (i) Treatment regimen weight Sophia Graeff Buhl Nielsen AC

loss and tolerability for survodutide in SYNCHRONIZE-1 were below (44-20) 7742-3918

expectations, with 13% weight loss on a treatment regimen basis below Wegovy sophia.graeffbuhlnielsen@jpmorgan.com

J.P. Morgan Securities plc

and discontinuation rate due to AEs of c.25% more than 3x higher than marketed

Richard Vosser

competitors. Despite initially encouraging data for survodutide in MASH from at

(44-20) 7742-6652

risk patients in SYNCHRONIZE-MASLD, we expect the focus to be on the richard.vosser@jpmorgan.com

SYCHRONIZE-1 results, (ii) Roche’s CT-388 (enacipatide) showed better than J.P. Morgan Securities plc

anticipated tolerability, in-line with the incretin class although still slightly less Zain Ebrahim

favourable than Zepbound, which we see as a minor positive for the combination (44-20) 3493-1163

trial with petrelintide given the asset’s competitive efficacy profile, (iii) Limited zain.ebrahim@jpmorgan.com

incremental data presented for petrelintide: with a poster presentation that J.P. Morgan Securities plc

showed weight loss curves by dose and AEs by dose arm. We anticipate further data Khushi Bihani

on dosing and on body composition at an upcoming medical conference. Overall, (91-22) 6157-4103

khushi.bihani@jpmorgan.com

while we believe that survodutide’s differentiation is understood to be in its J.P. Morgan India Private Limited