Zealand Pharma Petrelintide shows modest weight loss but excellent tolerability in phase 2b
Zealand reported mixed results from the phase 2 (ZUPREME-1) trial of petrelintide in overweight/obesity, showing a modest 10.7% weight loss at 42 weeks, while demonstrating excellent tolerability. We think this outcome makes first line positioning difficult, and view petrelintide as better suited for weight loss maintenance (subject to positive data in that setting). We adjust our peak sales estimate to $ 7b (from $ 22b), which brings down our TP to DKK 500 (from DKK 960). Given the lower upside, we adjust our rating to Accumulate (from Buy).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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