Zealand Pharma A/S: ADA Survo (GLP-1/GCG) SYNCHRONIZE-1 obesity and -MASLD data: disappointing safety/tolerability, despite liver benefit and differentiated lean/fat biology

Research evidence excerpt

Zealand Pharma A/S: ADA Survo (GLP-1/GCG) SYNCHRONIZE-1 obesity and -MASLD data: disappointing safety/tolerability, despite liver benefit and differentiated lean/fat biology

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

8 June 2026

Zealand Pharma A/S

ADA Survo (GLP-1/GCG)

SYNCHRONIZE-1 obesity and

ZELA.CO/ZEAL DC OVERWEIGHT-MASLD data: disappointing

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencessafety/tolerability, despite liver

Price Target DKK 425.00

Price (04-Jun-26) DKK 326.30benefit and differentiated lean/fat Potential Upside/Downside +30.2%

Source: Bloomberg, Barclays Researchbiology

Full SYNCHRONIZE-1 obesity and -MASLD data confirm European Pharmaceuticals,

Biotechnology & Life Sciences

survo’s differentiated liver and potential lean/fat advantage, Yihan Li, PhD

but safety/tolerability remains the key issue. High +44 (0)20 3555 3563

yihan.li@barclays.com

discontinuation (~20–25%), >40% vomiting, and potential GI Barclays, UK

tox persistence might limit broader obesity/MASH James Gordon

commercial potential. +44 (0)20 7116 2784 james.gordon@barclays.com

Barclays, UK

BI/ZEAL presented survodutide (survo, GLP-1/Glucagon) full SYNCHRONIZE-1 obesity and Sidhartha Modi

-MASLD data at ADA with simultaneous publications. Overall, we view the safety/tolerability +91 (0)22 6175 1326

as disappointing for ZEAL, despite data confirming some interesting body-composition/ sidhartha.modi@barclays.com

liver signals. The core issue is safety/tolerability: discontinuation rates were high (20-25%) and Barclays, UK

GI toxicity was substantial in both trials, with vomiting up to 44.6% in SYNCHRONIZE-1 6.0mg Charles Pitman-King, CFA

and 42.5% in SYNCHRONIZE-MASLD; GI events led to treatment discontinuation in c.20% +44 (0)20 3134 6023