Zealand Pharma

“We completed the 28-week primary endpoint visit for the last participant in the Phase 2 ZUPREME-1 trial with petrelintide in people living with overweight and obesity. We also initiated and completed participant enrollment in the Phase 2 ZUPREME-2 trial in people living with overweight and obesity and type 2 diabetes.”

Annual report 2025A · The company itself

“Survodutide – potential leading therapy for people with overweight/obesity and MASH In 2025, our partner Boehringer Ingelheim completed the 76-week primary endpoint visit for the last participant in the Phase 3 SYNCHRONIZE™-1 trial with survodutide in people living with overweight and obesity without type 2 diabetes. We expect Phase 3 data from key trials in the SYNCHRONIZE TM program to be reported and presented during 2026, potentially paving the way for regulatory submissions. If successful, Boehringer Ingelheim could become the third company to market in this new era of weight loss therapies, with a firstin-class glucagon/GLP-1 receptor dual agonist in the U.S. and Europe.”

Annual report 2025A · The company itself

“Recent advances, including GLP-1 receptor agonist–based therapies, have improved weight-loss efficacy; however, tolerability challenges, primarily gastrointestinal side effects, continue to limit long-term treatment persistence, and overall treatment rates remain low. This underscores a continued unmet medical need for therapies that combine meaningful efficacy with improved tolerability and address obesity-related comorbidities.”

Annual report 2025A · The company itself

“Therefore, ensuring the health and safety of our patients when developing new medicines is essential. Failure to keep our patients and trial participants safe not only has a direct negative impact on individuals, but it is also fundamental to our current and future business success.”

Annual report 2025A · The company itself

“Unstable and short-lived Developing peptide therapeutics involves modifying native peptides to retain or enhance biological activity. research strategy Becoming a leader in metabolic health Zealand Pharma's research strategy is centered around the ambition to become a leader in metabolic health. We will leverage our insights to reprogram metabolic health, delivering valued medicines for people living with overweight, obesity, and metabolic imbalance, aiming to enhance metabolic health and extend health span - the period of a person’s life during which they are in good health and free from disease, disability, and age-related ailments.”

Annual report 2025A · The company itself

“Three guiding principles By targeting upstream biological systems, we aim to target and treat the underlying root causes of metabolic imbalances by targeting three areas of unmet need. First, we will address the durability and tolerability of current standard of care by tuning cross axis signaling to rebalance the system. We will leverage human physiology with multi-hormone combinations to dial in efficacy and dial out adverse events. Second, we will address the lack of metabolic flexibility and capacity in people living with metabolic dysfunction by driving weight independent insulin sensitization.”

Annual report 2025A · The company itself

“We will also review and update our IP strategy to adapt to the overall strategy of Zealand Pharma and the fast-moving metabolic health space.”

Annual report 2025A · The company itself

“We look forward to reporting topline data from the Phase 2 ZUPREME-1 trial in Q1 2026 and to initiating registrational clinical trials with petrelintide in H2 2026.” purpose Our purpose Tackling the greatest healthcare challenges of our time Our ambition is to become a generational biotech & leader in obesity and metabolic health J.A. lives with obesity at a glance Zealand Pharma A/S is a biotechnology company focused on advancing innovative medicines for obesity and metabolic health.”

Annual report 2025A · The company itself

“Petrelintide – future foundational therapy for weight management In March 2025, we entered into a collaboration and license agreement with Roche to co-develop and co-commercialize petrelintide as a future foundational therapy for weight management. The partnership aims to redefine the standard of care for people living with overweight and obesity by establishing the leading amylin-based franchise around petrelintide and petrelintide-based combination products.”

Annual report 2025A · The company itself

“Dino works in Alliance Management Obesity Survodutide Survodutide, a dual glucagon/GLP-1 receptor agonist, targets obesity and the large sub-population with MASH and fibrosis. Targeting obesity and MASH with a dual glucagon/GLP-1 receptor agonist Survodutide is a dual glucagon/GLP-1 receptor agonist for once-weekly subcutaneous administration, targeting the treatment of obesity and metabolic dysfunction-associated steatohepatitis (MASH), one of the most prevalent and serious obesity-related comorbidities.”

Annual report 2025A · The company itself

“It is estimated that 34% of people living with obesity have MASH 1 . By activating both GLP-1 and glucagon receptors, survodutide offers the potential for significant body weight reduction by reducing appetite and increasing energy expenditure, improved glycemic control, and direct beneficial effects on the liver.”

Annual report 2025A · The company itself

“We work to transform patients’ lives through innovative medicines addressing unmet medical needs in metabolic health.”

Annual report 2025A · The company itself

“Through our double materiality assessment, we identified four patient-related sustainability topics as particularly material: • Patient health and safety• Access to medicine• Ethical and responsible marketing• Privacy and data protection These topics are directly linked to our strategy and business model and guide how we develop, advance, and prepare future therapies for patients.”

Annual report 2025A · The company itself

“At Zealand Pharma, we approach obesity as a heterogeneous disease requiring differentiated solutions. Our research strategy focuses on targeting the underlying biological mech-anisms driving obesity and its complications, with the ambi-tion to develop therapies that support sustained weight loss, improved tolerability, and broader metabolic benefits.”

Annual report 2025A · The company itself

“As Zealand Pharma continued to grow in 2025, welcoming our 500th employee, we sustained an exception-ally high employee engagement score, demonstrating the strength of our culture even during a period of rapid transforma-tion.”

Annual report 2025A · The company itself

“Our core strength lies in the design, development, and innovation of therapeutic peptides. Our employees are instrumental in fulfilling our purpose and executing our strategic vision of becoming a generational biotech and leader in obesity and metabolic health.”

Annual report 2025A · The company itself

“Our workforce is notably diverse, representing 36 different nationalities and a good representation of various age groups.”

Annual report 2025A · The company itself

“Characteristics of Zealand Pharma's employees Zealand Pharma continues to grow, and from 2023 to 2025 we have almost doubled our number of employees.”

Annual report 2025A · The company itself

“Such rapid growth can be a challenge for companies, and there-fore we are extremely proud of maintaining our exceptionally high employee engagement and low employee turnover. This showcases Zealand Pharma’s ability to attract and retain highly skilled professionals and grow at a healthy pace.”

Annual report 2025A · The company itself

“While transformation can pose challenges, we are extremely proud to have achieved an impressive employee engagement score of 8.9 out of 10.”

Annual report 2025A · The company itself

“All employees receive training on patient safety and product quality responsibilities, supported by comprehensive training plans for teams directly handling safety information and activ-ities related to GxP requirements.”

Annual report 2025A · The company itself

“In 2025, 100% of employees participated in regular perfor-mance and career development reviews. Employees and leaders continuously follow up on performance and devel-opment with ongoing reciprocal feedback throughout the year.”

Annual report 2025A · The company itself

“Employee Development Unit 2025 ✓ 2024 2023 The percentage of employees that participated in regular performance and career development reviews Percentage 100% 100% 100% OUR ACTIONS Actions in 2025 100% of employees were part of Zealand Pharma’s Growth and Development program All leaders participated in our “Shape Tomorrow” Leadership Development Program, specifically designed for Zealand Pharma and built on our DNA, including onboarding of new leaders to the program Completed an extended Organizational Review across all business areas including Talent Review and Succession planning Introduced a new Job Architecture Framework Looking ahead To support the growth and development of all our employees, we launched a new Job Architecture Framework in 2025, which is to be further anchored through 2026.”

Annual report 2025A · The company itself

“Evolving our unique culture and maintaining a sustainable working environment is vital for Zealand Pharma’s substantial transformation in the coming years. To guide our efforts, we have identified three material topics as focal points: Employee engagement, development, and culture Diversity, equity, and inclusion Health and safety All three topics not only have a meaningful impact on our employees’ lives but are also directly linked to our strategy and business model.”

Annual report 2025A · The company itself

“We operate under a Manufacturing and Importation Authorization from the Danish Health Authorities, and ongoing evaluation of our quality system is performed through both internal audits and external inspec-tions from relevant health authorities, including the Danish Medicines Agency, the European Medicines Agency, and the U.S. Food and Drug Administration.”

Annual report 2025A · The company itself

“Regarding our corporate and individual employee commu-nications, we follow a strict set of guidelines to ensure that no illegal promotional activities of e.g., clinical candidates, products, or projects, occur. Corporate communication is handled by our Corporate Communications, Media Relations, and Investor Relations departments to ensure compliant and consistent communication to all external stakeholders and to shareholders.”

Annual report 2025A · The company itself

“We embed quality and product governance across the full lifecycle, from clinical development through post marketing, to ensure product quality, protect patients, uphold scientific integrity, and sustain trust. We work in accord-ance with current Good Practice (GxP), through a clearly defined Quality Management System and policy framework that commits us to protecting patient health and safety and ensuring product quality.”

Annual report 2025A · The company itself

“Potential misconduct and breaches can negatively impacts our patients Breaches within the value chain or Zealand Pharma’s own operations can lead to loss of trust from patients and partners, direct harm to patients, legal consequences, financial penalties, and significant reputational damage Social Social Own workforce Location of topic Why is it material to Zealand Pharma Link between the topic, our strategy, and our business model Employee engagement, development, and culture Own operations Fostering a good working environment leads to a more engaged workforce, which increases the well-being and the quality of life of our employees By focusing on the growth and develop-ment of our employees, we empower them to grow as individuals and reach their full potential Zealand Pharma is in a transformative period with rapid growth.”

Annual report 2025A · The company itself

“Contract Research Organizations (CROs), Clinical Sites, and other service providers are contractually obligated to set up tech-nical and organizational measures to protect patient’s Health Data. The agreements oblige all parties to use the Health Data and Human Biological Material only as consented to by the Subject on the Informed Consent Form or as required by law.”

Annual report 2025A · The company itself

“Our environmental footprint is currently limited, reflecting our business model with primarily R&D laboratory activities and office-based operations and no products on the market.”

Annual report 2025A · The company itself

“In January 2026, Zealand Pharma announced a strategic partnership with the Danish Centre for AI Innovation (DCAI) to strengthen and accelerate drug discovery through access to Gefion, Denmark’s flagship AI supercomputer. Gefion’s state-of-the-art infrastructure provides Zealand Pharma with scalable, flexible computational power tailored to the specific requirements of each research project. Powered entirely by renewable energy and combined with Zealand Pharma’s 27 years of peptide research expertise, this capability enables large-scale protein-peptide simulations with unprecedented computational capacity.”

Annual report 2025A · The company itself

“Elevating and strengthening our research engine Our research strategy is a key pillar in our strategic transformation and is designed to deliver a world-class metabolic health pipeline capable of providing sustainable long-term growth. By leveraging and combining more than 25 years of peptide expertise with advanced computational methods and AI, expanding our global research capabilities by establishing a cutting-edge research site in Boston, and entering into partnerships to complement and expand our molecule-making toolbox, we aim to continue advancing innovative solutions for people with overweight, obesity, and metabolic imbalance, ultimately positioning Zealand Pharma to achieve leadership in metabolic health.”

Annual report 2025A · The company itself

“In December 2025, Zealand Pharma announced a multi-program strategic collaboration and license agreement with OTR Therapeutics to discover and develop novel therapeutics for metabolic diseases. The collaboration will combine Zealand Pharma’s expertise in obesity and metabolic health with OTR Therapeutics’ proprietary oral small molecule platform and strong drug discovery capabilities to discover and develop novel therapeutics for multiple targets in metabolic diseases. This will allow Zealand Pharma to expand its metabolic health pipeline into oral small molecule therapeutics for targets where the company has deep biological expertise.”

Annual report 2025A · The company itself

“At Zealand Pharma, we believe in being transparent about our global tax positions and tax policies, and our work with fair taxation is overseen by our Board of Directors. We are committed to always paying taxes in due time in the countries in which we operate in accordance with applicable tax laws and regulations.”

Annual report 2025A · The company itself

“Any Health Data will only be transferred to partners who can demonstrate that they comply with the GDPR, and have suffi-cient measures in place to protect the data from breaches. Furthermore, Zealand Pharma maintains oversight of Good Clinical Practice (GCP) IT systems used by CROs and clinical sites to ensure data integrity and patient safety.”

Annual report 2025A · The company itself

“Our whistleblower program To maintain ethical operations and a transparent value chain, Zealand Pharma hosts a whistleblower platform compliant with the EU Whistleblower Act. The policy is detailed in our Employee Handbook and a separate policy laying down guide-lines our system.”

Annual report 2025A · The company itself

“By combining more than 25 years of peptide expertise with advanced technologies, strategic partnerships, and a growing global research footprint, we are building a pipeline designed to deliver lasting value for patients and society.”

Annual report 2025A · The company itself

“zealandpharma.com/about-us/ READ MORE The big picture Becoming a generational biotech and leader in obesity and metabolic health 2025 marked a year of transformation, acceleration, and execution for Zealand Pharma. We entered into a historic and transformative partnership agreement with Roche for petrelintide, achieved strong clinical progress across our leading programs, strengthened our executive leadership team, and presented our strategy to become a generational biotech and leader in obesity and metabolic health.”

Annual report 2025A · The company itself

“Advanced global reach and future access through strategic partnerships, including the collaboration with Roche to support development and commercialization of petrelintide.”

Annual report 2025A · The company itself

“Long-acting GLP-2 analog for the treatment of short bowel syndrome (SBS) Glepaglutide is a long-acting GLP-2 analog that is stable in aqueous solution. Zealand Pharma is developing glepaglutide as a ready-to-use, fixed dose product designed for subcutaneous delivery via a simple auto-injector for the potential treatment of SBS. SBS is a rare, debilitating disease, characterized by the inability of the intestine to absorb adequate fluid and nutrients, leaving many patients chronically dependent on complex parenteral support.”

Annual report 2025A · The company itself

“Zealand Pharma and Roche equally share strategic rights and net profits in the U.S. and Europe. manufacturing facility. Zealand Pharma has implemented a supply contingency plan that includes the qualification of an alternative supplier. We look forward to resubmitting the NDA to the U.S. FDA in 2026, enabling this medicine to be brought to patients living with this devastating disease.”

Annual report 2025A · The company itself

“About our next-generation obesity candidates on page 19 & 21 Rare disease programs – focusing on small patient populations with substantial unmet needs In our rare disease programs, we focus on conditions where disease burden is high, patient populations are small, and treatment options are limited. Our programs in congenital hyperinsulinism (CHI) and short bowel syndrome (SBS) address rare, neglected diseases that require complex care and can have a profound impact on patients’ and caregivers’ daily lives and quality of life.”

Annual report 2025A · The company itself

“We have more than 25 years of expertise in the discovery, design, and development of peptide-based medicines. We engineer peptides to enhance biological activity, extend duration of action, and increase stability to provide innovative and better treatments for a broad range of diseases.”

Annual report 2025A · The company itself

“Advancing clinical development to expand patient access Ensuring patient access depends on advancing investigational candidates through clinical trials toward regulatory approval. Currently, four candidates are under evaluation, with an addi-tional two entering development.”

Annual report 2025A · The company itself

“We work to transform patients’ lives through innovative medicines addressing unmet medical needs in metabolic health.”

Annual report 2025A · The company itself

“At Zealand Pharma, we approach obesity as a heterogeneous disease requiring differentiated solutions. Our research strategy focuses on targeting the underlying biological mech-anisms driving obesity and its complications, with the ambi-tion to develop therapies that support sustained weight loss, improved tolerability, and broader metabolic benefits.”

Annual report 2025A · The company itself

“There is an increased risk of fluctuating energy prices due to a higher demand, impacts of climate change, and geopolitical instability.”

Annual report 2025A · The company itself

“Key actions and initiatives looking ahead include: Deliver against SBTi aligned climate targets, with climate performance integrated into company goals for 2026 Complete phase-out of non-electric vehicles and further integrate low-carbon heating solutions across offices Expand energy efficient and low carbon laboratory prac-tices, including renewable electricity sourcing for new sites in Denmark and the U.S.”

Annual report 2025A · The company itself

“In 2025, we further strengthened our governance, due diligence, and compliance frameworks to ensure that sustainability related impacts, risks, and opportunities are identified, managed, and integrated into decision-making.”

Annual report 2025A · The company itself

“Code of Conduct training 2025 ✓ 2024 2023 Completion rate of code of conduct training 98% 97% 86% ✓ Subject to Limited Assurance To further integrate these ethical standards, Zealand Pharma has developed and implemented a supplier risk assessment tool, embedding ESG principles into our supplier screening and selection process. This tool standardizes due diligence across our suppliers, facilitating enhanced risk assessments for higher-risk and business-critical suppliers and partners.”

Annual report 2025A · The company itself

“As our activities expand and our value chain evolves to include future manu-facturing and distribution, we will reassess mate-riality to ensure continued alignment between our business and our environmental impacts.”

Annual report 2025A · The company itself

“Approved by the SBTi, our target is to ensure that 80% of Zealand Pharma suppliers by emissions covering purchased goods and services, will have science-based targets by 2029.”

Annual report 2025A · The company itself

“We look forward to reporting topline data from the Phase 2 ZUPREME-1 trial in Q1 2026 and to initiating registrational clinical trials with petrelintide in H2 2026.” purpose Our purpose Tackling the greatest healthcare challenges of our time Our ambition is to become a generational biotech & leader in obesity and metabolic health J.A. lives with obesity at a glance Zealand Pharma A/S is a biotechnology company focused on advancing innovative medicines for obesity and metabolic health.”

Annual report 2025A · The company itself

“Elevating and strengthening our research engine Our research strategy is a key pillar in our strategic transformation and is designed to deliver a world-class metabolic health pipeline capable of providing sustainable long-term growth. By leveraging and combining more than 25 years of peptide expertise with advanced computational methods and AI, expanding our global research capabilities by establishing a cutting-edge research site in Boston, and entering into partnerships to complement and expand our molecule-making toolbox, we aim to continue advancing innovative solutions for people with overweight, obesity, and metabolic imbalance, ultimately positioning Zealand Pharma to achieve leadership in metabolic health.”

Annual report 2025A · The company itself

“We look forward to reporting topline data from the Phase 2 ZUPREME-1 trial in Q1 2026 and to initiating registrational clinical trials with petrelintide in H2 2026.” purpose Our purpose Tackling the greatest healthcare challenges of our time Our ambition is to become a generational biotech & leader in obesity and metabolic health J.A. lives with obesity at a glance Zealand Pharma A/S is a biotechnology company focused on advancing innovative medicines for obesity and metabolic health.”

Annual report 2025A · The company itself

“We have recently updated our Code of Business Conduct to further refine and reinforce our approach to responsible business practices. In our ongoing commitment to ethical conduct, Zealand Pharma updated its Supplier Code of Conduct in 2025.”

Annual report 2025A · The company itself

“Kicked off the IP collaboration for the Roche partnership to ensure optimal IP protection for our individual and shared assets.”

Annual report 2025A · The company itself

“Research, development and clinical trials 2025 ✓ 2024 2023 % of operating expenditure (OPEX) allocated to Research and Development 76% 69% 76% % of employees (FTEs) working with Research and Development 83% 84% 85% Number of active trials with Zealand Pharma products Embedding diversity in clinical trial design We aim to design clinical trials that reflect the differences of the patient populations we intend to serve. Diversity consider-ations are integrated into trial design and execution, including a focus on representative participant enrollment and gender balance through recruitment strategies and selection criteria.”

Annual report 2025A · The company itself

“We concentrate on innovative drug discovery and building robust global collaborations that enhance our manufacturing and commercialization capacity.”

Annual report 2025A · The company itself

“Upholding high standards in our supply chain We outsource selected manufacturing and clinical operations to qualified partners and maintain strict oversight to ensure consistent adherence to Good Practices (GxP). Supplier selec-tion and monitoring are governed by clear policies, proce-dures, and multiple controls, with partners chosen through a rigorous process assessing ethics, business continuity, and operational capability.”

Annual report 2025A · The company itself

“Scope 3.1 Purchased goods and services Emissions from purchased goods and services represent the largest share of Zealand Pharma’s carbon footprint and our most significant long-term decarbonization opportunity. These emissions primarily arise from outsourced research and development activities across our value chain.”

Annual report 2025A · The company itself

“Responsible and ethical business practices 2025 ✓ 2024 2023 Number of whistleblower cases 0 0 0 Number of convictions for violation of anti-corruption and anti-bribery laws 0 0 0 Amount of fines for violation of anti-corruption and anti-bribery laws (EUR) 0 0 0 Number of confirmed incidents of corruption or bribery 0 0 0 Number of confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery-related incidents 0 0 0 Number of confirmed incidents relating to contracts with business partners that were terminated or not renewed due to violations related to corruption or bribery 0 0 0 ✓ Subject to Limited Assurance As a biotech company with a strong focus on R&D, protecting intellectual property (IP) is crucial for driving innovation and staying competitive. Misuse of IP and challenges in defending IP can negatively impact our business and our ability to develop new treatment possibilities to meet unmet medical needs of patients.”

Annual report 2025A · The company itself

“Failure to do so will hinder new research and development opportunities, stifling innovation and reducing the availability of new treatments Animal welfare Own operations and value chain When Zealand Pharma or any of our business partners perform animal studies, it directly impacts the labo-ratory animals. Through our work and engagement with value chain partners, we do not only have a responsibility for ensuring ethical treatment of animals, but we also have an opportunity to enforce improved treatment of labora-tory animals and higher, more ethical welfare standards across our value chain Patient safety must never be compro-mised, and animal studies are crucial for ensuring the safety and efficacy of new treatments before they are used in humans Both Zealand Pharma and some of our partners conduct animal studies.”

Annual report 2025A · The company itself

“To succeed, we collaborate broadly. Key business relationships include academic and scientific institutions, leading contract research organizations (CROs), contract manufacturing organizations (CMOs), and distribution and commercialization partners. We have commercial partnerships in place for our two leading clinical programs, petrelintide and survodutide. The north star guiding our partnership model is the maximization of patient access to our potential future innovative treatments, while ensuring organizational focus on core strategic objectives and capabilities.”

Annual report 2025A · The company itself

“Decisive action to mitigate climate change We view climate change as one of the defining challenges of our generation, with profound implications for society, human health, and long-term value creation. Our Climate Transition Plan, approved by the Board of Directors, aligns Zealand Pharma with a 1.5°C pathway in accordance with the Paris Agreement. We have also formally committed to the Science Based Targets initiative (SBTi), and had our near-term targets approved.”

Annual report 2025A · The company itself

“There is an increased risk of fluctuating energy prices due to a higher demand, impacts of climate change, and geopolitical instability.”

Annual report 2025A · The company itself

“Financial terms and conditions Zealand Pharma and Roche will co-develop and co-commercialize petrelintide and potential combination products, including a fixed-dose combination product of petrelintide and Roche’s incretin asset CT-388, a GLP-1/GIP receptor dual agonist. The two companies will co-commercialize petrelintide and other products arising from the collaboration in the U.S. and Europe, whereas Roche obtains exclusive rights to commercialization in the rest of the world. Under the terms of the agreement, Zealand Pharma can participate in up to 50% of commercialization activities in the U.S. and Europe, with opt-out and opt-in rights under certain pre-agreed conditions.”

Annual report 2025A · The company itself

“To build on the company’s metabolic heritage in Copenhagen and accelerate medicine creation, Zealand Pharma is establishing a research site in Boston in 2026.”

Annual report 2025A · The company itself

“Zealand Pharma and Roche will co-develop and co-commercialize petrelintide and petrelintide-based combination products for weight management in the U.S. and Europe, with Zealand Pharma having the option to participate in up to 50% of the commercialization activities.”

Annual report 2025A · The company itself

“Financial terms and conditions Zealand Pharma and Roche will co-develop and co-commercialize petrelintide and potential combination products, including a fixed-dose combination product of petrelintide and Roche’s incretin asset CT-388, a GLP-1/GIP receptor dual agonist. The two companies will co-commercialize petrelintide and other products arising from the collaboration in the U.S. and Europe, whereas Roche obtains exclusive rights to commercialization in the rest of the world. Under the terms of the agreement, Zealand Pharma can participate in up to 50% of commercialization activities in the U.S. and Europe, with opt-out and opt-in rights under certain pre-agreed conditions.”

Annual report 2025A · The company itself

“Zealand Pharma and Roche will co-develop and co-commercialize petrelintide and petrelintide-based combination products for weight management in the U.S. and Europe, with Zealand Pharma having the option to participate in up to 50% of the commercialization activities.”

Annual report 2025A · The company itself

“In 2025, we achieved all our yearly climate targets, and took important steps to decouple operational emissions from business growth.”

Annual report 2025A · The company itself

“Our environmental footprint is currently limited, reflecting our business model with primarily R&D laboratory activities and office-based operations and no products on the market.”

Annual report 2025A · The company itself

“Roche is responsible for investments into commercial manufacturing and supply.”

Annual report 2025A · The company itself