Roche / Zealand Pharma A/S: ADA Petre Amylin Obesity ZUPREME-1 Phase 2 data: consistent with prior headlines, tolerability good, but efficacy lags LLY Elora

Research evidence excerpt

Roche / Zealand Pharma A/S: ADA Petre Amylin Obesity ZUPREME-1 Phase 2 data: consistent with prior headlines, tolerability good, but efficacy lags LLY Elora

Equity Research

8 June 2026

Roche / Zealand Pharma A/S

ADA Petre Amylin Obesity

ZUPREME-1 Phase 2 data:

ROPC.S/ROP SE OVERWEIGHTconsistent with prior headlines,

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencestolerability good, but efficacy lags

Price Target CHF 410.00

Price (05-Jun-26) CHF 327.10LLY Elora Potential Upside/Downside +25.3%

Full ZUPREME-1 Phase 2 data presentation added detail. Source: Bloomberg, Barclays Research

Tolerability profile was attractive, but as already known, ZELA.CO/ZEAL DC OVERWEIGHT

efficacy isn't as strong as some competitors. Focus now shifts EuropeanBiotechnologyPharmaceuticals,& Life NEUTRAL

to Phase 3 mono and Phase 2 combo with GLP1/GIP, and Sciences Price Target DKK 425.00

whether a more competitive profile can be demonstrated. Price (04-Jun-26) DKK 326.30

Potential Upside/Downside +30.2%

Source: Bloomberg, Barclays Research

We are attending the ADA conference in New Orleans, where over the weekend, ROP/ZEAL

presented full ZUPREME-1 Phase 2 data evaluating petrelintide (petre, Amylin) in obesity.

Overall, the update provided incremental detail around petre’s clinical profile, but little to European Pharmaceuticals,

change our view since the topline in March, i.e. petre continues to look attractive on Biotechnology & Life Sciences

Yihan Li, PhDtolerability, but efficacy does not look at strong as LLY's Amylin, eloralintide or other

+44 (0)20 3555 3563

already available incretin-based obesity agents. The detailed dosing regimen remains

yihan.li@barclays.com

undisclosed, and we look forward to further updates, including weight loss in the ITT / Barclays, UK