Zealand Pharma A/S announced strong financial results for the first nine months of 2025, reporting significant progress across its obesity drug pipeline as the company prepares for multiple data readouts in 2026. The Danish biotechnology company achieved key clinical milestones with its lead obesity candidates petrelintide and survodutide, positioning itself for what CEO Adam Steensberg described as a "catalyst-rich period."
Key Clinical Milestones Drive Pipeline Progress
The company reached a critical milestone in its petrelintide monotherapy program, with the last participant completing the 28-week primary endpoint visit in the Phase 2 ZUPREME-1 trial in people with overweight and obesity. This achievement paves the way for 42-week topline data expected in the first half of 2026. Additionally, enrollment of all trial participants was completed in November 2025 for ZUPREME-2, the Phase 2 trial evaluating petrelintide versus placebo in people with overweight or obesity and type 2 diabetes.
For survodutide, Zealand Pharma is approaching Phase 3 data in H1 2026, following the last participant's completion of the 76-week primary endpoint visit in the SYNCHRONIZE-1 trial in people with overweight and obesity without type 2 diabetes in October 2025. Baseline characteristics for both SYNCHRONIZE-1 and SYNCHRONIZE-2 trials were presented at the Obesity Society Annual Meeting in Atlanta in November 2025.
Strong Financial Performance Supports Development
Zealand Pharma reported robust financial results for Q3 2025 year-to-date, with revenue reaching DKK 9,146 million compared to DKK 54 million in the same period of 2024. The company's operating result was DKK 7,666 million, excluding transaction-related costs of DKK 196 million related to the Roche partnership agreement. The company's cash position strengthened significantly to DKK 16,169 million as of September 30, 2025, compared to DKK 9,022 million at the end of 2024.
Net operating expenses for the period were DKK 1,479 million, excluding transaction-related costs, compared to DKK 919 million in Q3 2024. The company has updated its financial guidance for 2025, narrowing net operating expenses to DKK 2.0-2.3 billion from the previously guided DKK 2.0-2.5 billion.
Strategic Portfolio Management and Partnership Expansion
As part of active portfolio management, Zealand Pharma announced the decision to pause development of dapiglutide, a GLP-1/GLP-2 receptor dual agonist, to focus investments on programs with the greatest potential for clinical differentiation and long-term value creation. This decision contributed to the narrowed financial guidance for 2025.
The company continues to strengthen its partnership with Roche, with plans to initiate a Phase 3 program with petrelintide monotherapy in the second half of 2026. Zealand Pharma and Roche also expect to initiate Phase 2 trials with petrelintide/CT-388, an amylin+GLP-1/GIP fixed-dose combination, in the first half of 2026.
Expanding Beyond Obesity
Zealand Pharma is also advancing programs in rare diseases and chronic inflammation. For glepaglutide in short bowel syndrome (SBS), the company expects to initiate a Phase 3 clinical trial (EASE-5) in Q4 2025 and anticipates potential regulatory approval in the EU in the first half of 2026. The company is engaging in partnership discussions for future commercialization of glepaglutide.
In chronic inflammation, Zealand Pharma completed enrollment in September 2025 for the first-in-human single ascending dose clinical trial of ZP9830, a Kv1.3 Ion Channel Blocker, with topline data expected in the first half of 2026.
Looking Ahead to 2026
CEO Adam Steensberg expressed confidence in the company's trajectory, stating: "I am highly encouraged by the strong execution across our clinical programs and the momentum behind our partnership with Roche. As we enter a catalyst-rich period for the company, I look forward to our Capital Markets Day in December, where we will set the stage for the rapidly approaching Phase 2 and 3 data readouts for petrelintide and survodutide."
Zealand Pharma will host a Capital Markets Day in London on December 11, 2025, featuring management and external experts in obesity. The event will outline the company's ambitious research strategy aimed at leading the next wave of innovation in obesity treatment, building on Zealand Pharma's expertise in peptide R&D.
