Lacking Catalyst Zeal: Downgrade to Hold

Research evidence excerpt

Lacking Catalyst Zeal: Downgrade to Hold

attractive call option. PREV 32.80

However, 2H readouts are unlikely to materially crystallise this value: Over the next six

months, readouts are unlikely to build meaningful confidence in key assets, in our view. For

amylin petrelintide, Phase II ZUPREME-2 results in obese/overweight patients with Type 2 Exhibit600 2 - PT Bridge for Zealand Pharma

diabetes could provide small upside, as weight loss in the diabetic cohort may be more 500 505

comparable to the data in patients without diabetes, unlike the typical 35% weight loss step- 400 320

down seen between the groups with GLP-1s. However, we consider Phase II petre + GLP-1/Glu 300

combo and Phase III monotherapy readouts as the more important catalysts for building belief 200100

in the Zealand story, though investors will likely need to wait until 2028E for results. For GLP-1/ 0

Glu survodutide, we think titration amendments for SYNCHRONIZE-2 and SYNCHRONIZE- Old PT Fx Updates Survodutide Discount Factor New PT

CVOT were implemented too late to meaningfully improve tolerability, suggesting results in 2H .Source: Jefferies research

are unlikely to improve perception of the programme, and hence liver disease MASH readouts

from 2H27E will potentially be the first opportunity to see the impact of an adapted titration

regimen.

In the interim, competitor newsflow will be tough to spin positively: We flag multiple

competitor amylin programmes below with readouts over the next 6-12 months, which we see

as unlikely to increase investor confidence in the petrelintide programme. Of note, we argue

cagrilintide monotherapy could be a more credible first entrant than widely perceived (Phase

III results mid-2027E), whilst GPCR's first Phase I small-molecule results later this year could