Zealand Pharma: ADA presentations – Petre clean, but weightloss slowing. Survo discontinuations

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Zealand Pharma: ADA presentations – Petre clean, but weightloss slowing. Survo discontinuations

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Zealand Pharma

ADA presentations – Petre clean, but

weightloss slowing. Survo discontinuations

Maintain Rating: UNDERPERFORM | PO: 350.00 DKK | Price: 326.30 DKK

ADA data on recent PIIb/PIII trials largely as expected 08 June 2026

Over the weekend Zealand/BI presented detailed data for both Petre PIIb and Survo PIII Equity

trials. We saw data profiles largely as expected and supportive with our key takes: 1)

Charlie Haywood >>

although not plateauing Petre weight loss curves were slowing and we estimate the full Research Analyst

PIII duration would have only offered an incremental c1-1.5pp weightloss (on this trial). MLI (UK) charlie.haywood@bofa.com

Weightloss for highest 3 doses (Dose 3-5) looked very similar throughout the 42 weeks;

Sachin Jain, CFA >>

2) in line with prior Petre details, safety/tolerability continued to look impressively clean Research Analyst

and tolerable, though with limited incremental from the presentation; 3) Survodutide PIII MLI (UK) s.jain@bofa.com

obesity published with GI tolerability looking adverse and worse than competitors,

Alexander Moore >>

especially with 15-17% placebo adjusted GI AE’s leading to discontinuation (18-20% Research Analyst

absolute). As a reminder, Petre PIII obesity trial start 2H26E with CT-388 PII combo start MLIalexander.moore2@bofa.com(UK)

2H26E. We maintain our Underperform on commercial differentiation for key assets. For Keilah Carbonel-Deere >>

Zealand into 2H26 we see a much quieter event path and limited catalysts to change our Research Analyst

view on commercial outlook with broader focus likely competitor commercial updates. MLIkeilah.carbonel-deere@bofa.com(UK)