JEF@ADA: Petrelintide Tidbits as ADA Remains Upbeat on Amylin

Research evidence excerpt

JEF@ADA: Petrelintide Tidbits as ADA Remains Upbeat on Amylin

Denmark | Biotechnology

Zealand Pharma A/S EquityJuneResearch7, 2026

FLASH NOTEJEF@ADA: Petrelintide Tidbits as ADA

RATING BUYRemains Upbeat on Amylin

PRICE DKK326.30^

Whilst petre data were largely incremental at ADA, particularly given the

greater focus on survo data, the general excitement around amylins at the PRICE TARGET | % TO PT DKK505.00 | +55%

conference remained palpable. Our hosted expert Dr Garvey emphasised 52W HIGH-LOW DKK556.00 - DKK233.50

that greater treatment optionality for obesity remains paramount and that FLOAT (%) | ADV MM (USD) 92.2% | 23.05

amylins ultimately could become a 1st-line therapy supporting the potential MARKET CAP DKK22.3B | $3.5B

long-term value proposition of petre, though crystallisation of this value will TICKER ZEAL DC ^Prior trading day's closing price unless otherwise

take time. noted.

Three new petrelinitde ZUPREME-1 datapoints will largely be seen as incremental:

Weight-loss curves, which only indicate minor continued weight loss at 42 weeks, ZUPREME-1 trial• Petrelintide weight loss curves from Phase II

ultimately suggest that trial design, site locations, and baseline characteristics are likely

more important than longer follow-up to achieve greater weight loss in Phase III.

Detailed adverse events across doses, including those beyond focus GI, are largely•

unsurprising. In particular, we flag that Dose 3 (maximally effective dose) placebo-

adjusted rates for the incidence of alopecia (c.5%) and fatigue (c.6%) look modestly lower

than Lilly's 3/6/9mg eloralintide dose at c.10% and c.9%, respectively, though we would .Source: Zealand presentation at ADA

not overinterpret this given the potential relationship with higher magnitudes of weight

loss.