Our Zeal Has Been Tempered; Downgrade to Peer Perform

Research evidence excerpt

Our Zeal Has Been Tempered; Downgrade to Peer Perform

Cardiometabolic Small & Midcap

Cardiometabolic Small & Midcap - Market Underweight

ZEALAND PHARMA (ZEAL-DK) June 11, 2026

Our Zeal Has Been Tempered; Downgrade to Peer Perform Rating:

Peer Perform

The Wolfe Byte Prior: Outperform Price:

We downgrade ZEAL to Peer Perform driven by a more cautious outlook DKK283.40

on survodutide's commercial opty, underpinned by a relatively unfavorable Price Target:

tolerability profile. And while we like do like petrelintide, we're still years from NA

Prior: DKK750

launch, putting it at a disadvantage vs. peers.

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High discontinuation rates create a challenging commercial opportunity. At ADA, Company Information

Zealand (ZEAL) and partner Boehringer Ingelheim (BI, private), presented pivotal DKK235 -

52-Week Range

results for survodutide ("survo," GLP-1/glucagon agonist). Here, we knew weight DKK546

Market Cap. (MM) DKK20,270

loss was mild at 13% (treatment-regimen estimand) at week 76 (7.6% pbo adjusted; Enterprise Value (MM) DKK5,957

our first take on SYNCHRONIZE-1 here); however, its tolerability profile came as a Shares Out. (MM) 71.5

negative surprise. Of those taking survo, 24.2% discontinued due to adverse events Avg. Value Traded (MM) DKK384.78 Dividend Yield 0.0%

(AEs), a stark contrast to that of LLY's Zepbound (6%) and NOVOB's Wegovy (5%)

in their phase 3s (our recap here). With this relatively unfavorable profile, there were 600

550clear concerns from the audience on BI's commercial strategy, particularly on pricing,

as recall, BI leads the effort, not ZEAL. With that context, we've lowered our peak 500450

400sales for survo to $2.6B (from $4.9B; cons $5.0B).

Petrelintide's tolerable profile drove positive reception.