KBC Securities - Zealand Pharma A/S (ZLDPF) ADA amylin monotherapy highlights Zealand, Novo, Lilly

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KBC Securities

Jacob Mekhael

ADA amylin monotherapy highlights Zealand, Novo, Lilly

The American Diabetes Association (ADA) conference was held 20-23 June, 2025 and contained a number of highly anticipated updates in the obesity pipeline. We summarise the key amylin monotherapy datasets in this note including data from Zealand from petrelintide's phase 1b showing higher weight loss in females, Lilly's eloralintide full presentation, which shows that the higher doses which showed competitive weight loss and generated excitement following the abstract release also come with headaches and depressive mood side effects, and Novo's CagriSema phase 3 full data publication, which in our view confirms the differentiated tolerability profile of amylin monotherapy vs. GLP-1s.

24/06/2025 1 EN

Underlying

Zealand Pharma A/S

Zealand Pharma is a biotechnology company. Co. is engaged in the discovery development and commercialization of peptide-based medicines. Co.'s pipeline comprises two implementation areas: Cardio-metabolic diseases and Other indications. The Cardio-metabolic diseases area includes medicines for diabetes and obesity treatment, such as Lyxumia (Lixisenatide), Lyxumia/Lantus, ZP2929 and Danegaptide. The Other indications area are ZP1848, Elsiglutide and ZP1480 (ABT-719) drugs for inflammatory bowel disease, chemotherapy-induced diarrhea and acute kidney injury treatment.

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DK0060257814 Pink OTC Markets United States

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Jacob Mekhael

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ADA amylin monotherapy highlights Zealand, Novo, Lilly

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : VPK NA, MAAT FP, ZEAL DC

Zealand Pharma We think sell off is overdone, jury is still out on eloralintide

Morning Notes : ARCAD NA, COLR BB, GIMBb BB

Colruyt On the right track, but challenges remain

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