Survodutide

→ It didn’t take long for Natalie Holles to rebound after the decision to wind down operations at her previous company. She has replaced Elisabet de los Pinos as CEO of Aura Biosciences , which is investigating belzupacap sarotalocan (or bel-sar ) in early choroidal melanoma. Aura indicated that it wanted to enroll 100 patients for the Phase 3 CoMpass study, and the Boston biotech says it has signed up 86 patients so far. Holles ran Audentes Therapeutics after it was purchased by Astellas and subsequently known as Astellas Gene Therapies . The company and the field itself were severely rattled by the deaths of four patients in a trial for a rare disease called X-linked myotubular myopathy. Holles launched Third Harmonic Bio in 2022 with a $105 million Series B in addition to a previously undisclosed $50 million Series A, and when nobody else dared, Third Harmonic went public six months later. But in April 2025, the biotech said it would close and sell its lead program THB335 . Holles has also jumped to the board of directors at LeonaBio , along with Fred Callori and ex- Merus COO Peter Silverman . She currently chairs the board at Renasant Bio , a kidney health biotech that raised $54.5 million in a seed round last year. → Former Celgene boss Mark Alles has handed over CEO duties to Aran Maree at Los Angeles-based ADC maker TORL BioTherapeutics . Alles will still chair the board at TORL, which has promoted Christine Loggins to COO and Steve Ritland to CSO this year while bringing in Vince Ruiz as general counsel. Maree had multiple roles over an 18-year period at J&J before taking the CMO job at TORL in October 2024. TORL has corralled more than $450 million in financing, including a $96 million Series C in October 2025 that fell short of its earlier rounds. → Pfizer has poached an obesity expert from Novo Nordisk . Rahul Ganguly has taken the role of VP and US obesity medical lead at the US giant, according to a post on LinkedIn, and will doubtless help guide development of the obesity programs Pfizer obtained when it bought Metsera last year — beating Novo to the prize . Ganguly left Novo at the end of last year, having spent over a decade at the Danish company. He initially oversaw health economic strategy for Novo’s diabetes and obesity operations, and rose to become VP of cardiovascular and emerging therapy areas. Before that, he spent 11 years at GSK . → Former Novo Nordisk exec Camilla Sylvest is on the verge of clinching a spot on the board of directors at another one of its competitors. She’s slated to become the newest board member at Zealand Pharma , which said last week that it saw comparable weight loss to Wegovy with its Boehringer Ingelheim -partnered obesity med survodutide in a Phase 3 trial. Sylvest had been EVP, commercial strategy and corporate affairs before she ended a 29-year career with Novo in April 2025. She also sits on the board at argenx , and she emphasized in a LinkedIn post that she would concentrate solely on these types of roles for the next two to three years. → The president of Merck ’s manufacturing division announced his retirement in a lengthy LinkedIn post . Sanat Chattopadhyay spent the last decade in this position, and 27-year Merck vet Dave Maraldo will take his place. Chattopadhyay came to Merck in 2009. “Together, we helped shape some of the company’s most defining chapters: transforming our vaccines operations, launching Keytruda in record time and scaling it up to be the largest monoclonal antibody ever produced for an acute care product, as well as expanding our global biologics and vaccines capabilities to reach more patients around the world,” Chattopadhyay wrote, adding, “We created a resilient manufacturing and supply network designed not just for today, but for the patients who will depend on it for decades to come.” → Astellas has found its new chief strategy officer after Adam Pearson stepped down in March. Takahiko Iwaya previously held a number of roles across Japan’s Ministry of Health, Labour and Welfare, J&J and Sanofi . He is currently president of Sanofi Japan and also chairs the European Federation of Pharmaceutical Industries and Associations in Japan. He is scheduled to step down from both roles in June. Pearson had joined Astellas in 2004, climbing to chief strategy officer in 2023. He led Astellas’ buyout of Iveric Bio that gave it the eye drug Izervay . In the interim, Astellas’ head of corporate strategy Peter Sandor has been serving as chief strategy officer. → This is Nathan Jorgensen ’s last day as CFO of Voyager Therapeutics , according to an SEC filing . It’s the second major resignation at Voyager in the last several months after medical chief Toby Ferguson packed his bags. Ferguson’s LinkedIn page says that he’s the new SVP of the neuroscience therapeutic area at Alnylam . The RNAi pioneer has several neuro candidates in its pipeline, including mivelsiran for Alzheimer’s and ALN-HTT02 for Huntington’s disease. Like Ferguson, Jorgensen is resigning less than two years into his tenure. → Christopher Missling has been fired as CEO of New York-based neuro biotech Anavex Life Sciences , and senior advisor Terrie Kellmeyer has stepped in as interim chief. An SEC filing says that Missling was terminated “for cause” due to “conduct that the Special Committee believed was inconsistent with company policy.” Last year around this time, Peer Review told you that Kellmeyer had joined Aardvark Therapeutics as SVP of regulatory affairs after a stint with Anavex as SVP of clinical development. Anavex has drawn criticism for altering the primary endpoints in a topline readout for its Alzheimer’s drug blarcamesine in 2022. Undeterred, Anavex said in March that it’s sent more data to the FDA to boost its NDA chances. → Halozyme Therapeutics , the drug delivery technology company , has tapped one of its partner’s executives to become its next CFO. J&J’s head of IR Darren Snellgrove will get started on June 8. Halozyme has worked with J&J for years, helping the healthcare giant deliver Darzalex Faspro under the skin, broadening its use beyond the original injectable formulation. Snellgrove was succeeded by Ryan Koors on Thursday. Koors was previously CFO for J&J Innovative Medicine ’s global R&D. → We know where Stefan Irion is headed after we told you about his departure from BlueRock Therapeutics last week. He has succeeded co-founder Alex Ng as CSO of GC Therapeutics , a stem cell startup from the lab of George Church (hence the name) that broke cover in September 2024 with $75 million in financing. Ng will still be part of the team as chief innovation officer. “Cell therapy’s first generation proved engineered cells can durably treat disease. The next generation has to do something more ambitious: not just replace cells, but reprogram sick and aged cells into young, healthy ones and reach far more patients than today’s approaches allow,” Irion wrote on LinkedIn . “That’s exactly what drew me to GCT.” → Doretta Mistras is leaving after two years as CFO of Viatris , and chief accounting officer/corporate controller Paul Campbell is taking over . Campbell was with Mylan for 18 years before the merger with Upjohn to create Viatris. The generics giant posted Q1 results on Thursday that beat consensus estimates, and shares $VTRS hit a 52-week high. → Just a dream and the wind to carry him : Flagship ’s circular RNA startup Sail Biomedicines has recruited Gene Marcantonio as CMO. Marcantonio ran what’s now known as Rycarma Therapeutics from 2022-24 after nearly five years as the Forbion -backed biotech’s president and CMO. During a decade at Merck, he was promoted to associate VP, translational lead for infectious diseases, vaccines and immunology. → California cell therapy maker Kyverna Therapeutics has another new executive, naming Nadia Dac as its chief commercial officer. Dac started Monday, as the biotech seeks the first treatment approval for stiff person syndrome . She joined from the same post at Omeros , where she led the launch of a treatment for a stem cell transplant-associated condition. Prior to that, she also led the market entry of migraine prevention drug Vyepti at Alder BioPharmaceuticals . → MBX Biosciences has also hired a chief commercial officer as it gears up for Phase 3 studies of its hypoparathyroidism drug. Mark Soued spent 20 years with Pfizer before he moved over to Alnylam as head of global commercial. He had been head of US for Yvonne Greenstreet ’s crew since March 2024. MBX’s stock $MBX doubled in September 2025, when it disclosed positive Phase 2 data for canvuparatide . → Diagonal Therapeutics is turning to a recent M&A finance whiz to lead its growth. Jonathan Piazza helped lead Orbital Therapeutics to an exit to Bristol Myers Squibb and is quickly picking up another CFO role. Diagonal noted his quarter-century of experience in “company building, strategic finance, capital markets and M&A.” He joins with a recently bolstered balance sheet, thanks to a $125 million Series B for its rare bleeding disorder drug that will be tested in additional indications down the road. → The DNA damage response experts at Artios Pharma have selected Jeremy Fitch as CBO, Michael Alrutz as general counsel, and Guy Ruble as VP, regulatory affairs. Fitch joined Eli Lilly in 1992, and he just finished his career at the Indianapolis pharma with a year as VP, corporate business development transactions, immunology. Alrutz is the latest newcomer from Chimerix , where he was general counsel, secretary and chief compliance officer. We mentioned in February that three other senior leaders followed Artios CEO Mike Andriole from Chimerix. And Ruble is a 22-year Lilly vet who had the same job title at Iovance Biotherapeutics . → OncoNano CEO Kartik Krishnan has stepped down to take the CMO post at Miami-based Pasithea Therapeutics . Krishnan was elevated to the top spot in 2024, and OncoNano formed an alliance with Gilead at the start of this year that could be worth as much as $300 million. He’s also been CMO of Gilead’s longtime partner Arcus Biosciences from 2019-22. Krishnan will draw upon his knowledge of MEK inhibitors as Pasithea’s lead program PAS-004 goes through early-stage testing. His big project at Genentech was a MEK inhibitor called cobimetinib that was approved in 2015 and marketed as Cotellic . → Robert Blaustein has been named CMO at Immutrin , a Cambridge, UK-based amyloidosis biotech that recently captured an $87 million Series A from Frazier Life Sciences , SR One and others. Blaustein had a 15-year run at Merck, working his way up to associate VP and section head for atherosclerosis. In January 2025, we informed you about his appointment as chief development officer at Edgewise Therapeutics . → Tenax Therapeutics has welcomed a new chief commercial officer after the appointment of CFO Thomas Staab last month. AbbVie vet Timothy Healey ran the commercial team at Eversana Life Science Services for six years and was SVP, commercial for Lantheus . → Tris Pharma has promoted Jim Potenziano to chief science and development officer. Potenziano had served as VP, medical science and information, and was described in a press release as “the ideal leader to bring together the full breadth of Tris’ capabilities” by CEO Ketan Mehta . An NDA is on the horizon for Tris’ acute pain drug cebranopadol . → Spruce Biosciences has lined up Brian Walls as VP, market access, and Darren Johnson as VP, commercial operations. They held the same positions at Applied Therapeutics , which was foiled by a CRL for its galactosemia drug and would later be acquired by Cycle Pharma . They also worked together at Reata Pharmaceuticals until Biogen bought the Skyclarys maker for more than $7 billion. Spruce is developing a therapy for Sanfilippo syndrome type B and hopes to submit a BLA by the fourth quarter. → Jeito Capital is padding its leadership team. Fresh off a $1.2 billion sophomore fund , the Paris-based firm is now strengthening its BD and IR functions along with its talent oversight. Former Blackstone Life Sciences deputy operating chief Elaine Caughey has joined Jeito as partner of BD and IR. Meanwhile, former Oxford Science Enterprises chief talent officer Sarah Shackelton is becoming partner of talent at the Rafaèle Tordjman -led biotech investment fund. The partners will work with portfolio companies on business development and leadership and board development, respectively. → Tim Walbert has racked up multiple board appointments since orchestrating one of the largest drugmaker M&A deals of the past five years, but the former Horizon Therapeutics CEO still hasn’t outlined a full-time executive role at a biopharma. Instead, he’s continuing to line up more advisory positions. Patient Square Capital is his next destination. “We have known Tim for a long time and believe that his depth of experience will be an exceptional resource to our team and our portfolio companies as we expand our investment activities in the therapeutics sector,” Patient Square managing partner Jim Momtazee said in a press release . Walbert has taken his industry chops to the boards of Mirum Pharmaceuticals , Latigo Biotherapeutics , BioMarin and others. → CAR-T innovator Carl June leads a cast of characters that will help out Legend Biotech as scientific advisors. Georg Schett , Renier Brentjens , Ottimo Pharma ’s Spencer Fisk , Maximilian Konig and Anthony Polverino are also involved. “These advisors bring an exceptional breadth of experience that will help guide our scientific priorities and identify new opportunities for innovation,” Legend CEO Ying Huang said in a statement . → Cancer biotech Actuate Therapeutics has added Martin Huber to its board of directors. Huber became CEO of Mersana Therapeutics at a time when the biotech hit a particularly rough patch with patient deaths and clinical failures . He then sold Mersana to Day One Biopharmaceuticals , which was scooped up by Servier for $2.5 billion. Elizabeth Cairns and Lei Lei Wu also contributed to this edition.

Company announcement – No. 14 / 2026 Zealand Pharma Announces Financial Results for the First Three Months of 2026 A defining start to 2026, marked by pivotal progress for leading obesity assets, petrelintide and survodutide, and strong momentum in driving the next wave of metabolic health innovation. Announced decision to advance petrelintide into Phase 3 trials in H2 2026 following positive topline results from the Phase 2 ZUPREME-1 trial, demonstrating double-digit weight loss with a placebo-like tolerability, supporting its potential to redefine the weight management experience for people living with obesity or overweight. Announced Boehringer Ingelheim’s positive topline results from the SYNCHRONIZE TM -1 Phase 3 trial with survodutide, supporting its potential as a meaningful and differentiated treatment option for people living with obesity or overweight and metabolic dysfunction. Announced the establishment of a new research hub in Cambridge, Massachusetts, and entered into an agreement with DCAI to access a world-leading AI supercomputer, both key pillars to strengthen and accelerate drug discovery in line with Metabolic Frontier 2030 strategy. Announced initiation of a USD 200 million share buy-back program, reflecting financial flexibility and a strengthened financial outlook following positive developments for leading obesity programs. Copenhagen, Denmark, May 7, 2026 – Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company transforming the future of metabolic health, today announced the interim report for the three months ended March 31, 2026, and provided a corporate update. A defining quarter Adam Steensberg, President and Chief Executive Officer at Zealand Pharma said: “In this first part of 2026, we leveraged our agility, speed and proven scientific foundation to execute on our Metabolic Frontier 2030 strategy: A new research hub in Cambridge, AI partnerships, Phase 2 topline results with petrelintide followed by confirmation of Phase 3 advancement, and Phase 3 results with survodutide from Boehringer Ingelheim. These advancements not only build on our momentum, but significantly strengthen our long-term financial outlook, enabling a share buy-back program while cementing our commitment to invest heavily in our pipeline.” Key financial results for Q1 2026 DKK million Q1-26 Q1-25 Revenue 34 8 Net operating expenses, excl. OOI 1 -573 -393 Net operating expenses 1 -573 -415 Operating result -539 -407 Net financial items 145 70 DKK million Mar-31, 2026 Dec-31, 2025 Cash position 2 14,468 15,109 Notes: 1. Net operating expenses consist of R&D, S&M, and G&A and Other operating items (OOI). 2. Cash position includes cash, cash equivalents and marketable securities. Q1 2026 Highlights and Recent Developments Obesity Petrelintide, amylin analog. Reached a key milestone in the monotherapy program with the announcement of positive Phase 2 ZUPREME-1 topline results for petrelintide. Petrelintide demonstrated double-digit weight reduction and placebo-like tolerability, supporting its potential as a future foundational, first-choice therapy for chronic weight management. Petrelintide, amylin analog. In April 2026, Zealand Pharma and Roche announced that they will advance petrelintide monotherapy into Phase 3 trials for chronic weight management with planned initiation of the Phase 3 program in the second half of 2026. Survodutide, glucagon/GLP-1 receptor dual agonist. In April 2026, Zealand Pharma and Boehringer Ingelheim reported positive topline results from the 76-week SYNCHRONIZE TM -1 Phase 3 trial with survodutide in people with overweight or obesity without type 2 diabetes. Participants treated with survodutide achieved a significant weight loss of up to 16.6% and delivered meaningful metabolic improvements. Chronic inflammation ZP9830, Kv1.3 Ion Channel Blocker . Zealand Pharma reported positive topline results from the single ascending dose (SAD) part of the combined SAD/multiple ascending dose (MAD) Phase 1a clinical trial with ZP9830. Single doses of ZP9830 were well tolerated with no serious or severe adverse events or dose-limiting safety findings observed at any dose level. ZP9830 exhibited a pharmacokinetic pro line with predictions based on preclinical data, and exploratory pharmacodynamic biomarkers showed robust, dose-dependent activity consistent with Kv1.3 target engagement. Corporate Zealand Pharma announced the establishment of a new research hub in Cambridge, Massachusetts, enhancing the company’s research platform through AI-driven drug discovery, advanced automation, and next-generation molecule creation, accelerating the translation of scientific insights into innovative medicines. Zealand Pharma announced an agreement with the Danish Centre for AI Innovation (DCAI) to strengthen and accelerate drug discovery through access to Gefion, a world leading AI supercomputer. This positions the company to lead the next generation of metabolic health innovation while maintaining the rigorous scientific standards that underpin Zealand Pharma’s leadership in peptide therapeutics. On May 7, 2026, Zealand Pharma launched a share buy-back program of up to USD 200 million / DKK 1.3 billion. For more information on the share buy-back program, refer to Zealand Pharma Company Announcement No. 13/2026, May 7, 2026. Upcoming events next 12 months Obesity Petrelintide, amylin analog. Additional data from the Phase 2 ZUPREME-1 trial will be presented at the American Diabetes Association’s (ADA) 2026 Scientific Session in New Orleans, Louisiana. In the second half of 2026, Zealand Pharma and Roche expect to initiate registrational Phase 3 trials with petrelintide monotherapy. Petrelintide, amylin analog. In the second half of 2026, Zealand Pharma expects to report topline results from the Phase 2 ZUPREME-2 trial in people with overweight or obesity and type 2 diabetes. Petrelintide/enicepatide (CT-388), amylin+GLP-1/GIP fixed-dose combination. Zealand Pharma and Roche expect to initiate Phase 2 in the first half of 2026. Survodutide, glucagon/GLP-1 receptor dual agonist. Boehringer Ingelheim will present the full data from the SYNCHRONIZE TM -1 and SYNCHRONIZE TM -MASLD Phase 3 trials at the ADA 2026 Scientific Sessions in New Orleans, Louisiana. Survodutide, glucagon/GLP-1 receptor dual agonist. Results from the Phase 3 SYNCHRONIZE TM -2 and SYNCHRONIZE TM -CVOT trials are expected to be reported and presented at scientific meetings in 2026. Rare diseases Glepaglutide in SBS. Zealand Pharma expects potential regulatory approval in the EU in the first half of 2026. In parallel, the company is engaging in partnership discussions for future commercialization. Dasiglucagon in CHI. In the second half of 2026, Zealand Pharma expects to resubmit the New Drug Application (NDA) for three weeks of dosing to the U.S. FDA (Part 1 of the original NDA) and to submit the required and detailed analyses from existing continuous glucose monitoring datasets to support the use of dasiglucagon beyond three weeks (Part 2 of the original NDA). Chronic inflammation ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma expects to report topline data from the MAD part of the Phase 1a clinical trial with ZP9830 in the second half of 2026 and expand the development program of ZP9830 with initiation of a Phase 1b/2a trial. Financial guidance for 2026 The financial guidance for net operating expenses for 2026, issued on February 19, 2026, is unchanged, and is expected to be between DKK 2.7-3.3 billion. Following the confirmation of Phase 3 progression for petrelintide monotherapy, planned for initiation in the second half of 2026, Zealand Pharma has recognized USD 700 million / DKK 4.5 billion as collaboration revenue in the second quarter of 2026. DKK million 2026 Guidance 3 2025 Actual Collaboration revenue 4.5 9.2 Net operating expenses, excl. OOI 1 2.7-3.3 2.1 Notes: 1. Financial guidance based on foreign exchange rates as of May 6, 2026. Conference call today at 2 PM CET / 8 AM ET Zealand Pharma’s management will host a conference call today at 2:00 PM CET / 8:00 AM ET to present results through the first three months of 2026 followed by a Q&A session. Participating in the call will be Chief Executive Officer, Adam Steensberg; Chief Financial Officer, Henriette Wennicke; and Chief Medical Officer, David Kendall. The conference call will be conducted in English. To receive telephone dial-in information and a unique personal access PIN, please register at .The live listen-only audio webcast of the call and accompanying slides presentation will be accessible at . Participants are advised to register for the call or webcast approximately 10 minutes before the start. A recording of the event will be available following the call on the Investor section of Zealand Pharma’s website at . Financial Calendar for 2026 Q2 2026 August 13, 2026 Q3 2026 November 12, 2026 About Zealand Pharma A/S Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on advancing medicines for obesity and metabolic health. Combining more than 25 years of peptide R&D expertise with a proprietary data platform that leverages advanced data‑driven and AI/ML approaches, Zealand Pharma aims to lead a new era in obesity and metabolic health. To date, more than ten Zealand Pharma‑invented drug candidates have entered clinical development, of which two products have reached the market and three candidates are in late-stage development. The Company has collaborations with global pharmaceutical and biotechnology partners for research, development, and commercialization. Founded in 1998, Zealand Pharma is headquartered in Copenhagen, Denmark, with a U.S. presence in Boston, Massachusetts. Learn more at . Forward-looking Statements This company announcement contains “forward-looking statements”, as that term is defined in the Private Securities Litigation Reform Act of 1995 in the United States, as amended, even though no longer listed in the United States this is used as a definition to provide Zealand Pharma’s expectations or forecasts of future events regarding the research, development, and commercialization of pharmaceutical products, the timing of the company’s clinical trials and the reporting of data therefrom and the company’s significant events and potential catalysts in 2026 and financial guidance for 2026. These forward-looking statements may be identified by words such as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “possible,” “potential,” “will,” “would”, and other words and terms of similar meaning. You should not place undue reliance on these statements, or the scientific data presented. The reader is cautioned not to rely on these forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect, and which include, but are not limited to, unexpected costs or delays in clinical trials and other development activities due to adverse safety events or otherwise; unexpected concerns that may arise from additional data, analysis or results obtained during clinical trials; our ability to successfully market both new and existing products; changes in reimbursement rules and governmental laws and related interpretation thereof; government-mandated or market-driven price decreases for our products; introduction of competing products; production problems; unexpected growth in costs and expenses; our ability to effect the strategic reorganization of our businesses in the manner planned; failure to protect and enforce our data, intellectual property and other proprietary rights and uncertainties relating to intellectual property claims and challenges; regulatory authorities may require additional information or further studies, or may reject, fail to approve or may delay approval of our drug candidates or expansion of product labelling; failure to obtain regulatory approvals in other jurisdictions; exposure to product liability and other claims; interest rate and currency exchange rate fluctuations; unexpected contract breaches or terminations; inflationary pressures on the global economy; and political uncertainty. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. All such forward-looking statements speak only as of the date of this press release/company announcement and are based on information available to Zealand Pharma as of the date of this release/announcement. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Information concerning pharmaceuticals (including compounds under development) contained within this material is not intended as advertising or medical advice. Zealand Pharma® is a registered trademark of Zealand Pharma A/S. Contacts Eric Rojas (Investors) Vice President, Head of Investor Relations erojas@zealandpharma.com Adam Lange (Investors) Vice President, Investor Relations alange@zealandpharma.com Neshat Ahmadi (Investors) Manager, Investor Relations neahmadi@zealandpharma.com Rachel James-Owens (Media) Vice President, Corporate Communications & Media Relations Zealand Pharma Email: RJamesOwens@zealandpharma.com Andreas Hylleberg (Media) Director, External Communications Zealand Pharma Email: AHylleberg@zealandpharma.com Amber Fennell, Jessica Hodgson, Sean Leous (Media) ICR Healthcare Email: ZealandPharma@icrhealthcare.com +44 (0) 7739 658 783 Attachment Zealand Pharma Q1 2026 Interim Report