Zealand Pharma Model update reflects added value of Roche deal

Following Zealand's recent partnership announcement to co-develop and co-commercialise petrelintide with Roche, we dive deeper into the details of the deal and provide an up to date view on the status of Zealand's key programs in obesity. Additionally, we update our model to incorporate the cash injection and milestones, while also increasing our R&D, SG&A and peak sales estimates for petrelintide. All in all, we land at a higher TP of DKK 1120 (from DKK 970), and reiterate our Buy rating. For the remainder of the year, we expect upside from competitor data for the amylin class potentially showing its muscle preservation ability in humans, dapiglutide's phase 1b higher dose (26mg) cohort results, and read-through from semagltuide's phase 3 trial in Alzheimer's.