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Zealand Pharma A/S (NASDAQ:ZEAL) presented its H1 2025 financial results and pipeline updates on August 14, 2025, highlighting significant revenue growth driven by its Roche partnership and advancement of its obesity treatment pipeline.
Introduction & Market Context
Zealand Pharma has positioned itself as a key player in the rapidly growing obesity treatment market, where approximately 50% of adults globally are expected to have overweight or obesity by 2030. The company is addressing significant unmet needs, noting that only about 3% of eligible patients in the U.S. currently receive prescriptions for weight loss therapy, and more than 60% of patients discontinue GLP-1 receptor agonist (GLP-1RA) treatment within one year.
The company has built a differentiated mid- to late-stage obesity pipeline, backed by partnerships with industry leaders Roche and Boehringer Ingelheim, targeting patients who need alternatives to current GLP-1RAs due to tolerability issues.
As shown in the following slide highlighting Zealand’s position in the obesity market:
H1 2025 Financial Performance
Zealand Pharma reported exceptional financial results for H1 2025, with revenue of DKK 9,096.4 million, primarily driven by its collaboration with Roche for petrelintide. The company posted a net profit of DKK 7,434.8 million for the period.
Research and development expenses totaled DKK 754.5 million, representing 78% of the company’s total spending, reflecting Zealand’s continued investment in its pipeline. Sales and marketing expenses were DKK 78.6 million (8% of spending), while general and administrative expenses amounted to DKK 134.7 million (14% of spending).
The following slide details Zealand’s H1 2025 profit and loss statement:
Zealand’s cash position strengthened significantly, increasing from DKK 9,022 million in December 2024 to DKK 16,578 million by June 2025. This increase was primarily driven by cash flow from operating activities of DKK 8,019 million, partially offset by purchase of treasury shares of DKK 332 million.
The company confirmed its 2025 financial guidance, projecting net operating expenses between DKK 2,000-2,500 million, compared to DKK 1,327 million in 2024. This increase reflects Zealand’s plans to invest significantly in its early-stage research pipeline and strengthen organizational capabilities.
Obesity Pipeline Progress
Zealand’s obesity pipeline is advancing rapidly, with multiple candidates showing promising results.
Petrelintide, an amylin analog being developed in collaboration with Roche, is progressing through clinical trials. The ZUPREME-1 Phase 2 trial completed enrollment in March 2025, with topline data expected in H1 2026 and Phase 3 initiation anticipated in H2 2026. The company highlighted that female participants showed greater weight loss in earlier trials.
As shown in the following slide detailing the petrelintide collaboration with Roche:
Zealand and Roche are working to establish a leading amylin-based weight management franchise, with petrelintide monotherapy targeting the majority of people with overweight/obesity and those intolerant to GLP-1RAs. Additionally, a petrelintide/CT-388 fixed-dose combination is being developed for patients needing greater weight loss and/or better glycemic control, with Phase 2 initiation expected in H1 2026.
The company provided detailed information on petrelintide’s design features and clinical benefits:
Survodutide, a GCGR/GLP-1R dual agonist licensed to Boehringer Ingelheim, demonstrated impressive weight loss of up to 18.7% at 46 weeks in Phase 2 obesity trials. Phase 3 topline data is expected in H1 2026, with a comprehensive global program including trials in patients with and without type 2 diabetes, Japanese and Chinese patients, cardiovascular outcomes, and MASH (Metabolic dysfunction-Associated SteatoHepatitis).
The following slide shows survodutide’s weight loss efficacy data:
Dapiglutide, a GLP-1/GLP-2 agonist, has shown competitive weight loss of 11.4% after 28 weeks of treatment with high doses. Zealand plans to initiate a Phase 2 trial in a specific obesity-related comorbidity in H2 2025.
Rare Disease Programs Update
Zealand provided updates on its rare disease programs. For dasiglucagon in congenital hyperinsulinism, the company is prepared to resubmit Part 1 of the original New Drug Application (NDA) to the U.S. FDA for up to three weeks of treatment, with Part 2 submission for chronic treatment planned afterward. Timing depends on a third-party manufacturing facility receiving an inspection classification upgrade.
For glepaglutide in short bowel syndrome, Zealand completed a Type A meeting with the FDA, submitted a Marketing Authorization Application to the European Medicines Agency in June 2025, and expects to initiate the Phase 3 EASE-5 trial in H2 2025 to support U.S. resubmission.
Outlook and Upcoming Catalysts
Zealand Pharma has multiple catalysts approaching across its portfolio. In H2 2025, the company plans to initiate a Phase 2 trial for dapiglutide in an obesity-related comorbidity, start an additional Phase 3 trial for glepaglutide, and hold a Capital Markets Day on December 11, 2025.
For H1 2026, Zealand expects topline results from the Phase 2 ZUPREME-1 trial for petrelintide, initiation of Phase 2 trials for petrelintide/CT-388, topline results from Phase 3 obesity trials for survodutide, potential European approval for glepaglutide, and topline results from the Phase 1 SAD trial for ZP9830.
In H2 2026, the company anticipates initiating the Phase 3 program for petrelintide and reporting topline results from the Phase 2 ZUPREME-2 trial.
The following slide outlines these upcoming catalysts:
With its strong financial position, advancing pipeline, and strategic partnerships with industry leaders, Zealand Pharma appears well-positioned to capitalize on the growing obesity treatment market while continuing to develop therapies for rare diseases.
Full presentation:
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