Glepaglutide

Company announcement – No. 2 / 2025 Zealand Pharma Announces Financial Results for the Full Year 2024 A transformational year with significant clinical advancement across differentiated obesity pipeline, while building the foundation for accelerated growth in the years to come Positive results with long-acting amylin analog petrelintide in 16-week Phase 1b trial and advancement into large, comprehensive Phase 2b trial in people with overweight or obesity Positive topline results with GLP-1/GLP-2 receptor dual agonist dapiglutide in 13-week Phase 1b trial and expansion of trial to investigate higher doses over a longer treatment period Positive results with glucagon/GLP-1 receptor dual agonist survodutide in Boehringer Ingelheim Phase 2 trial in MASH and advancement into largest Phase 3 MASH program with an incretin-based therapy DKK 8.5 billion (USD 1.2 billion) secured through two equity raises enabling significant investments in R&D pipeline and organizational capabilities Copenhagen, Denmark, February 20, 2025 - Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company focused on the discovery and development of innovative peptide-based medicines, today announced financial results for the year ended December 31, 2024 and provided a corporate update. Driving innovation in obesity with differentiated mid- to late-stage pipeline “2024 was a transformational year for Zealand Pharma with positive data across our mid- to late-stage obesity pipeline and significant capital raised to further invest in our pipeline and the organization, preparing the company for the next phase of growth,” said Adam Steensberg, President and Chief Executive Officer at Zealand Pharma. “From this very solid foundation, both financially and organizationally, we expect accelerated momentum in 2025 with important clinical advancement of our obesity programs.” Key financial results for FY 2024 DKK millionFY 2024FY 2023Revenue62.7342.8Net operating expenses1-1,327.0-895.9Net operating result-1,272.2-572.2Net financial items188.8-136.6Cash position29,022.01,633.1 Notes:1. Net operating expenses consist of R&D, S&M, G&A and other operating items.2. Cash position includes cash, cash equivalents and marketable securities. Financial guidance for 2025 The strong cash position enables Zealand Pharma to significantly accelerate its investments in the company’s wholly-owned obesity programs, which in 2025 will include three large Phase 2b trials. Net operating expenses expected in 2025 are mostly driven by research and development. Development costs primarily relate to the clinical advancement of the wholly-owned obesity programs, including Phase 2b trials, CMC activities related to API and Drug Product, as well as Phase 3 preparations. Research costs are mainly driven by enhanced investments in next-generation peptide therapeutics focused on obesity and inflammation. DKK million 2025 Guidance2024 ActualRevenue anticipated from existing and new license and partnership agreementsNo guidance62.7Net operating expenses32,000 – 2,5001,327.0 Notes:3. Financial guidance based on foreign exchange rates as of February 19, 2025. Highlights of the year and key events anticipated in 2025 Obesity – advancing the differentiated pipeline Petrelintide, a long-acting amylin analog. Zealand Pharma reported positive results from the 16-week Phase 1b trial with petrelintide and presented the data at the Obesity Society Annual Meeting (ObesityWeek). In December 2024, the company subsequently initiated ZUPREME-1, a large, comprehensive Phase 2b trial in people with overweight or obesity and anticipates completion of participant enrolment in the first half of 2025. The company also expects to expand the development program of petrelintide by initiating ZUPREME-2, a Phase 2b trial in people with overweight or obesity and type 2 diabetes in the first half of 2025. Dapiglutide, a first-in-class GLP-1/GLP-2 receptor dual agonist. Zealand Pharma reported positive topline results from the 13-week Phase 1b trial with dapiglutide, providing support for advancing this candidate into a large Phase 2b trial in people with overweight or obesity, which is planned for initiation in the first half of 2025. The company also expanded the Phase 1b trial to evaluate higher doses of dapiglutide over a longer treatment period, with topline results from this part of the trial expected in the first half of 2025. Survodutide, a glucagon/GLP-1 receptor dual agonist. Boehringer Ingelheim reported positive results from the Phase 2 trial with survodutide in MASH, presented the data at the European Association for the Study of the Liver (EASL), and received a Breakthrough Therapy Designation from the U.S. FDA. Boehringer Ingelheim subsequently initiated two large registrational Phase 3 trials with survodutide in people with MASH; LIVERAGE™ in people with moderate or advanced liver fibrosis (stages 2 or 3) and LIVERAGE™-Cirrhosis in people with compensated cirrhosis (fibrosis stage 4). In 2024, Boehringer Ingelheim also completed participant enrolment for SYNCHRONIZE™-1 and SYNCHRONIZE™-2, the Phase 3 clinical trials of survodutide in people with overweight or obesity without and with type 2 diabetes, respectively. Rare diseases – long-term commitment to patients with CHI and SBS Dasiglucagon in congenital hyperinsulinism (CHI). Zealand Pharma is prepared to resubmit the New Drug Application (NDA) for three weeks of dosing to the U.S. FDA contingent on the third-party manufacturing facility receiving an inspection classification upgrade. Subsequently, Zealand Pharma also expects to submit the required and detailed analyses from existing continuous glucose monitoring datasets to support the use of dasiglucagon beyond three weeks. Glepaglutide in short bowel syndrome (SBS). In December 2024, Zealand Pharma received a Complete Response Letter (CRL) for the NDA for glepaglutide, a long-acting GLP-2 analog under development for the treatment of adults with SBS with intestinal failure. In 2025, the company expects to initiate a single placebo-controlled Phase 3 trial (EASE-5) to provide further confirmatory evidence for a regulatory submission in the U.S. and to support regulatory submissions for glepaglutide in geographies outside the U.S. and the EU. In parallel, Zealand Pharma anticipates proceeding with current plans to submit a Marketing Authorization Application to support EU approval. Chronic inflammation – progressing the pipeline ZP9830, Kv1.3 ion channel blocker. Zealand Pharma initiated the first-in-human clinical trial with ZP9830, a Kv.1.3 ion channel blocker in late 2024 and anticipates completing this trial in 2025. The company believes this candidate holds potential to treat a broad range of cell-mediated autoimmune diseases. Sustainability – building a sustainable organization In 2024, Zealand Pharma launched a refined sustainability strategy and developed a Climate Change Transition Plan, outlining activities and targets for climate change mitigation. The company will further accelerate its sustainability efforts in 2025, with key focus areas including the expected submission of the Climate Change Transition Plan to the Science Based Targets Initiative and continued preparations for the EU’s Corporate Sustainability Reporting Directive. Zealand Pharma achieved notable organizational growth in 2024 with a 30% increase in the number of employees compared to 2023. Yet, the company maintained its high employee engagement score of 8.8/10 and decreased the employee turnover rate from 10.3% in 2023 to 7.3% in 2024. Conference call today at 2 PM CET / 8 AM ET Zealand Pharma’s management will host a conference call today February 20 at 2:00 PM CET / 8:00 AM ET to present results for the full year 2024 followed by a Q&A session. Participating in the call will be Chief Executive Officer, Adam Steensberg; Chief Financial Officer, Henriette Wennicke; Chief Medical Officer, David Kendall; and Chief Commercial Officer, Eric Cox. The conference call will be conducted in English. The live listen-only audio webcast of the call and accompanying slide presentation will be accessible at https://edge.media-server.com/mmc/p/96nk8pep. To receive telephone dial-in information and a unique personal access PIN, please register at https://register.vevent.com/register/BI735075144114493ead489441f1d0740f. 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 https://www.zealandpharma.com/investors/events-presentations/. About Zealand Pharma Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on the discovery and development of peptide-based medicines. More than 10 drug candidates invented by Zealand Pharma have advanced into clinical development, of which two have reached the market and three candidates are in late-stage development. The company has development partnerships with a number of pharma companies as well as commercial partnerships for its marketed products. Zealand Pharma was founded in 1998 and is headquartered in Copenhagen, Denmark, with a presence in the U.S. For more information about Zealand Pharma’s business and activities, please visit www.zealandpharma.com. 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. 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, including due to the ongoing military conflict in Ukraine. 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. Contacts Anna Krassowska, PhD (Investors and Media)Vice President, Investor Relations & Corporate CommunicationsZealand PharmaEmail: akrassowska@zealandpharma.com Adam Lange (Investors)Investor Relations OfficerZealand PharmaEmail: alange@zealandpharma.com Neshat Anis Ahmadi (Investors)Investor Relations ManagerZealand PharmaEmail: neahmadi@zealandpharma.com Attachment Zealand Pharma 2024 Annual Report

For many people, the end of the year is a mad rush to wrap things up before the holidays, and so it was for the FDA. Notable regulatory decisions include the first drug approval for a prevalent chronic condition and a novel regenerative medicine approach to help trauma patients. In one case, a new drug approval comes as its developer takes on a new identity in the new year. Here’s a look back at some highlights from a busy regulatory month: presented by Health IT Transforming Patient Care: The Role of AI-Powered Assistants The progress in artificial intelligence (AI) is reshaping patient care, across various dimensions, from facilitating faster discharge to curating treatment plans and suggesting lifestyle changes. By IT Medical Notable Firsts —The prevalent sleeping disorder obstructive sleep apnea has historically been managed with a medical device that helps breathing. Eli Lilly’s Zepbound is now the first FDA-approved drug treatment for the chronic condition. Obesity is a risk factor for sleep apnea and clinical trial results showed that weight reductions from treatment with Zepbound were accompanied by breathing improvement. Approval in obstructive sleep apnea adds another potential blockbuster indication for a metabolic medication that has fast become one of Lilly’s top-selling products. —Patients who have the rare inherited metabolic disorder familial chylomicronemia syndrome lack the ability to break down triglycerides, a type of fat from food. The only way to avoid potentially fatal complications to the pancreas is by maintaining an extremely restrictive diet. Approval of Ionis Pharmaceuticals’ olezarsen gives patients a therapeutic option. The once-monthly injected genetic medicine, which is designed to block the body’s production of a liver protein that regulates triglyceride metabolism, will be marketed under the brand name Tryngolza. Ionis previously brought drugs through late-stage development and commercialization under partnerships with larger companies. Tryngolza will be the first product Ionis commercializes on its own. —When trauma to an arm or leg requires replacement of a blood vessel, the standard treatment is grafting a vein from the patient or implanting a synthetic vein. Now there’s a new regenerative medicine option. Humacyte won FDA approval for Symvess, a bioengineered blood vessel for restoring blood flow to avoid the loss of a limb when grafting a vein from the patient is not feasible. Here’s more about the biotech’s regenerative technology. Sponsored Post The Funding Model for Cancer Innovation is Broken — We Can Fix It Closing cancer health equity gaps require medical breakthroughs made possible by new funding approaches. By Eve McDavid - CEO of Mission-Driven Tech —Mesoblast’s regulatory approval was a long time coming. In 2020 and 2023, the FDA turned down the Australian company’s application for remestemcel, an allogeneic cell therapy for graft versus host disease, an immune response that develops when donor T cells attack the recipient’s cells following a transplant procedure. Remestemcel, brand name Ryoncil, is a made from mesenchymal stromal cells sourced from the bone marrow of healthy donors. The product’s approval covers acute graft versus host disease that is refractory to treatment with steroids in patients age 2 months and older. It’s the first affirmative regulatory decision for a cell therapy made from mesenchymal stromal cells. Approvals in Immunology —Vtama, an Organon drug acquired from Roivant Sciences earlier this year, received FDA approval as a treatment for atopic dermatitis in adults and children age 2 and older. The drug is topical cream that was initially approved in 2022 as a treatment for plaque psoriasis. Approval in atopic dermatitis brings the product to a much larger dermatologic indication, albeit one served my many branded and generic medications. —In other atopic dermatitis news, Galderma landed FDA approval for nemolizumab, brand name Nemluvio. The drug is an antibody designed to block IL-31, a signaling protein associated with the itch and inflammation of the chronic skin disorder. FDA approval of Nemluvio covers use of the drug in patients age 12 and older who have moderate-to-severe atopic dermatitis. It’s the second approval in the past year for Nemluvio, which was first approved over the summer as a treatment for prurigo nodularis. Rare Disease Regulatory Decisions —Neurocrine Biosciences received approval for Crenessity, a treatment for the rare inherited hormone disorder congenital adrenal hyperplasia. The small molecule helps bring the hormone imbalance back to more normal levels. The FDA approved a pill formulation for adults and an oral solution for pediatric patients. Analysts project Crenessity could achieve blockbuster sales, pending regulatory approvals in other countries. —Novo Nordisk is best known for metabolic medicines, but its rare disease portfolio is getting a boost with FDA approval of Alhemo, a drug that reduces bleeding episodes in patients with either hemophilia A or B. Alhemo, known in development as concizumab, is an antibody designed to bind to TFPI, preventing that protein from blocking factor Xa, a different protein that plays a role in blood clotting. That’s the same mechanism of action as Pfizer’s Hympavzi, which won its FDA approval in October. Both drugs are subcutaneous injections that provide alternatives to intravenously infused hemophilia therapies. But Pfizer’s once-weekly Hmypavzi has a dosing edge over Alhemo, which must be injected once daily. —Vertex Pharmaceuticals is adding a new cystic fibrosis (CF) drug to its portfolio with FDA approval of Alyftrek, which combines three compounds in a single therapy. Like Vertex’s other CF therapies, Alyftrek is a modulator of the CFTR a protein that regulates the movement of chloride ions into and out of cells. Alyftrek’s approval is based on clinical data comparing the once-daily therapy to Trikafta, a Vertex triple combination drug initially approved in 2019 as a twice-daily CF treatment. Results showed Alyftrek was non-inferior to Trikafta on a key measure of lung function and was superior in reducing sweat chloride levels, which is a surrogate indicator of the function of CFTR proteins. Besides the dosing advantage, Alyftrek addresses 31 additional mutations that are not addressable by other CFTR modulators. The Dec. 20 approval of Alyftrek came nearly two weeks ahead of the Jan. 2 target date for a regulatory decision. Developments in Cancer Drugs —The FDA awarded accelerated approval to Merus Therapeutics drug zenacutuzumab as a treatment for advanced cases of two types of cancer: non-small cell lung cancer and pancreatic adenocarcinoma. It’s the first approval for a drug that addresses a genetic signature called an NRG1 gene fusion. Netherlands-based Merus will market the bispecific antibody under the brand name Bizengri. In a deal struck days prior to the approval announcement, Partner Therapeutics licensed U.S. commercialization rights to Bizengri. —The blockbuster AstraZeneca drug Imfinzi expanded its FDA-approved uses to include limited-stage small cell lung cancer that has not progressed following concurrent platinum-based chemotherapy and radiation therapy. The checkpoint inhibitor was first approved in 2017 for bladder cancer and added extensive-stage lung cancer as a new indication in 2020. The drug’s latest approval is based on Phase 3 results showing a 27% reduction in the risk of death compared to a placebo. AstraZeneca said the FDA decision makes Imfinzi the first immunotherapy approved for limited-stage small cell lung cancer. —Xcovery Holdings drug ensartinib, brand name Ensacove, was approved to treat adults with advanced cases of non-small cell lung cancer that is positive for ALK mutations. Patients prescribed the once-daily pill must not have previously received an ALK inhibitor. —Pfizer cancer drug Braftovi landed accelerated approval as a first-line treatment for metastatic colorectal cancer driven by the BRAF V600E mutation. The approval covers use of the drug in combination with Eli Lilly’s Erbitux and the chemotherapy regimen referred to as FOLFOX, both standard colorectal cancer therapies. Braftovi, a small molecule inhibitor of BRAF V600E, was initially approved in 2018 for advanced cases of melanoma. The drug came from Pfizer’s 2019 acquisition of Array Biopharma. —Tevimbra, a cancer immunotherapy developed by BeiGene, received FDA approval as a first-line treatment for gastric and gastroesophageal junction cancers when used in combination with chemotherapy. It’s the second FDA approval for the checkpoint inhibitor, which was approved last March for treating advanced or metastatic esophageal squamous cell carcinoma after prior treatment with chemotherapy. The new year means a new identity for BeiGene. The cancer drug developer is changing its name to BeOne Medicines. Starting Jan. 2, the company’s stock symbol on the Nasdaq will be “ONC.” Rejections, Warnings & More Bad News in Biotech —Astellas Pharma’s bid to bring patients less-frequent eye injections of its drug Izervay was rejected by the FDA. Izervay, approved for treating geographic atrophy in 2023, is administered monthly to slow progression of the vision-loss disorder. Astellas sought approval for every-other-month dosing based on two-year Phase 3 data. According to Astellas, no safety benefit/risk issues were cited but the FDA took issue with a statistical matter related to labelling language proposed by the company. The rejection will limit Izervay’s ability to compete against Apellis Pharmaceuticals’ geographic atrophy drug Syfovre, which is approved for both monthly and every-other-month dosing. —In other Astellas news, the label for menopause drug Veozah now sports a black box warning for the risk of serious liver injury. The warning follows a FDA safety communication issued in September after a postmarketing report of a patient who developed signs and symptoms of liver injury after taking the once-daily pill for about 40 days. Veozah won FDA approval in 2023 as the first in a new class of therapies for menopause. —Applied Therapeutics received a double dose of bad regulatory news. First the FDA rejected the biotech’s application for govorestat, a drug developed as a treatment for the rare metabolic disease galactosemia. According to Applied, the agency cited “deficiencies in the clinical application.” Days after the FDA complete response letter, the FDA sent Applied a warning letter. The trial and the drug are redacted in the public version of the letter, but in a regulatory filing, Applied acknowledged the FDA’s concerns are about the govorestat galactosemia trial. Applied said the warning letter identified issues with electronic data capture and a dosing error in the dose-escalation portion of the study — both of which the company believed it had already addressed with the agency. Applied said it would respond to the FDA warning letter. —Bad news keeps stacking up for Intercept Pharmaceuticals and its drug, Ocaliva, a treatment for the rare liver disease primary biliary cholangitis (PBC). On Dec. 12, the FDA issued a safety alert, warning of the risk of serious liver injury in patients without advanced liver cirrhosis. The alert came one month after the FDA turned down Intercept’s application seeking full approval for Ocaliva, which won its accelerated approval in PBC in 2016. The FDA’s rejection letter for the drug cited safety concerns. When Ocaliva first reached the market, it was the only FDA-approved second-line treatment for PBC. In the past year, drugs from Ipsen and Gilead Sciences have each won accelerated approvals as new second-line therapies for the rare disease. Two weeks after the FDA turned down full approval of Ocaliva, the European Commission revoked the conditional marketing authorization for the drug. Advanz Pharma holds rights to Ocaliva in Europe. The company said the commission decision is subject to an ongoing annulment procedure in the EU’s General Court and a ruling is expected in 2025. —The FDA turned down Zealand Pharma’s glepaglutide as a treatment for short bowel syndrome, a rare disorder that develops when the small intestine is damaged or shortened, making it difficult for the organ to absorb nutrients. The drug is a long-acting GLP-2 analog intended to enhance the intestine’s ability to absorb nutrients, reducing patients’ dependence on intravenous feeding. According to Zealand, the FDA said the application needed more evidence of efficacy and safety. The company said it would discuss the letter with the FDA and proceed with plans to seek European approval in 2025. —Lexicon Pharmaceuticals came up short in its bid to expand approval of its drug, sotagliflozin (brand name Zynquista), to include the treatment of adults with type 1 diabetes and chronic kidney disease. The FDA’s Dec. 20 rejection of the drug followed a negative FDA advisory committee vote in October. The FDA approved sotagliflozin last year as a treatment for heart failure; it’s marketed in this indication under the brand name Inpefa. —Johnson & Johnson received a complete response letter for its injectable version of Rybrevant, a drug that treats cancer driven by EGFR mutations. Intravenously infused Rybrevant was approved in 2021 as a treatment for non-small cell lung cancer. The injectable version is made with technology from Halozyme. J&J said the FDA letter flagged manufacturing issues and did not cite any concerns about the new formulation or its safety and efficacy.