Zealand Pharma A/S Q1 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Novod - Nordea Markets - Analyst : Thank you very much, Michael Novod from Nordea. Two questions, one to petrelintide and one to dapiglutide. On petrelintide, can you try to elaborate more on the early discussions you had with Roche when you did the deal? I know you can't really talk together right now until the deal is closed, but the early discussions around different ratios for the amylin versus GLP-1 in order to try to improve tolerability, also with focus on how the initial data looked on for CT-388. And then secondly, for dapiglutide, and I know it's already just out of the gates from one big collaboration, but maybe you can try to talk about how you try to plan for outlicensing of dapiglutide. Will we see you already in the second half of this year trying to close a deal on dapiglutide, or do we have to wait until a potential launch in Europe, or that you are progressing further towards the market in the US? Thanks.

Question: Andy Hsieh - William Blair & Company - Analyst : Well, great, thanks for taking our questions. So Adam, I think you mentioned briefly in your prepared remarks about the topic. But I'm curious about the team's take on the maintenance opportunity. Specifically, how do you envision designing studies to answer relevant clinical questions? Do you plan to do this in the Phase 2 setting or, based on the available PK data, it could be seamlessly incorporated in the Phase 3 program?

Question: Prakhar Agrawal - Cantor Fitzgerald - Analyst : Hi, thank you for taking my questions and congrats on all the progress. I had 2 on ZUPREME-2 in overweight obesity with type 2 diabetes. So number one, what will be the top doses tested in Supreme 2? Will it be similar to ZUPREME-1 in obesity without type 2 diabetes? And second question, early data suggested weight loss benefit for amylin in type 2 diabetes should track closer to obesity, but we didn't really see that materializing with CagriSema (inaudible) trial. So wondering if the team had any thoughts here as it relates to the amylin plus GLP-1 combination? And would you still expect amylin monotherapy to have similar weight loss in type 2 diabetes and obesity? Thank you.

Question: Chiara Montironi - Van Lanschot Kempen - Analyst : Hello, team. Thanks a lot for taking my question. This is Chiara Montironi on behalf of, Suzanne Voorthuizen. So I was wondering, for the petrelintide Phase IIb readout next year, what should we expect a top line release to include? And what would you consider a good result? And yes, I was also REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 08, 2025 / 12:00PM, ZELA.CO - Q1 2025 Zealand Pharma A/S Earnings Call wondering whether these Phase 2 studies will include measurement of body compositions or any biomarkers that may feed into the potential of amylin for better quality of fat versus lean mass loss. Thank you.

Question: Charlie Haywood - BofA Global Research - Analyst : Charlie Haywood, Bank of America. So the first one is your peer talked yesterday to still seeing an average stay time on the GLP-1 of around seven months. So I appreciate some of that's supply and payer driven. But where do you think or what's your vision for where you could get to for petre monotherapy stay time in the future, especially in the context of maintenance therapy? And then secondly, on your comment about needing a pipeline to reflect the future company and you're sort of saying the petre program is obviously fairly derisked and acknowledging that your GIP agonist hasn't moved for a while, could you talk about your ambition for future R&D in this sort of cardiometabolic space beyond the current portfolio? Any targets you see particularly interesting? Any unmet needs you expect to evolve? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 08, 2025 / 12:00PM, ZELA.CO - Q1 2025 Zealand Pharma A/S Earnings Call

Question: Charlie Haywood - BofA Global Research - Analyst : Thank you.

Question: Shan Hama - Jefferies - Analyst : Thanks for taking my questions, two for me, please. How will you define success in the Phase 2 dapiglutide study that you expect to initiate during the second half of the year? And although I appreciate it's still quite far away, could you give us some initial thoughts on the potential topics for the Capital Markets Day in December?

Question: Oli Burrow - Goldman Sachs - Analyst : It's Oli Burrow on for Rajan Sharma. So two questions, firstly, on the amylin competitive landscape, so we've seen some early data from AbbVie or [Cooper's Vudami] and there's some upcoming data from Lilly's eloralintide ADA. So could you provide some perspectives on those two assets? And why is petrelintide differentiated versus those assets? And then the second question on the Roche partnership, so could you discuss potential cost share structures on R&D? Are there any caps to spend for Zealand? Just could you give us a sense of how much you and Roche plan to spend, both on the development of petrelintide and the combination asset?

Question: Oli Burrow - Goldman Sachs - Analyst : Awesome thank you.