Zealand Pharma is the Danish biotech behind survodutide (the GLP-1/glucagon dual agonist partnered with Boehringer Ingelheim), petrelintide (the amylin analog licensed to Roche), and glepaglutide (a long-acting GLP-2 analog for short bowel syndrome). The company sits in the second tier of the obesity peptide race behind Lilly and Novo, with arguably the most differentiated combination programs.
The SYNCHRONIZE Phase 3 program for survodutide is the most consequential readout on the obesity side. Petrelintide drives much of the upside on the Roche side, with executives projecting $9 billion in peak annual sales across petrelintide, the breast-cancer pill, and four other obesity candidates as part of Roche's Q1 2026 strategy reset. Petrelintide's own Phase 3 program, ZUPREME (three trials, about 7,000 people, 64-week weight endpoint), began on September 22, 2026.
On Friday September 18, 2026, the EMA's CHMP recommended approval of Zeydovio (glepaglutide), a long-acting GLP-2 analog given twice weekly by subcutaneous injection from a single-dose autoinjector, for short bowel syndrome. In the Phase 3 EASE-1 trial of 106 patients dependent on parenteral support, two thirds of patients on glepaglutide had at least a 20% reduction in weekly parenteral support volume at 24 weeks and one in seven weaned off it entirely; twice-weekly dosing cut weekly parenteral support by 5.13 liters versus 2.85 liters on placebo. Zealand called the opinion the first major advance in short bowel syndrome treatment in Europe in more than a decade and expects a European Commission decision in about 67 days. In the U.S., the EASE-5 trial is ongoing.
Stories here cover trial readouts, partnership news, and the share-price moves that follow. See #survodutide, #petrelintide, and #glepaglutide for the lead assets.
Zealand Pharma reported topline results on October 7, 2026 from ZUPREME-2, a 28-week randomized, double-blind, placebo-controlled Phase 2 trial of once-weekly petrelintide in 220 U.S. adults with overweight or obesity and type 2 diabetes, who started with an average BMI of 36.3 and HbA1c of 8.0%. Across three dose groups, average weight fell 7.4% to 9.2% versus 2.0% on placebo, measured as if everyone had stayed on treatment, and HbA1c fell by up to 0.65 percentage points while it rose 0.23 points on placebo. Only 1.9% of people on petrelintide stopped because of stomach side effects, versus 1.7% on placebo; the drug, partnered with Roche, entered Phase 3 in September, and Zealand plans to present full results at a scientific meeting.
Zealand Pharma said on Monday, October 5, 2026 that its share buyback program, launched May 7 at about DKK 1.3 billion (roughly $200 million), was completed ahead of its October 31 deadline after lead manager Danske Bank closed it once the full amount was reached. Zealand bought back 4,408,500 shares at an average price of DKK 294.88 and now holds 5,279,342 treasury shares, about 7.37% of its share capital. The Danish peptide company's lead obesity drug, the amylin analog petrelintide partnered with Roche, entered Phase 3 on September 22.
Boehringer Ingelheim and partner Zealand Pharma reported on Thursday, October 1, 2026 that the Phase 3 SYNCHRONIZE-2 trial of survodutide, a weekly glucagon/GLP-1 receptor dual agonist, met its co-primary endpoints in 755 adults with obesity or overweight and type 2 diabetes; the results were presented at EASD and published in the New England Journal of Medicine. At 76 weeks, under the efficacy estimand, weight fell up to 13.1% on survodutide (3.6 mg and 6.0 mg doses were tested) versus 3.1% on placebo, and HbA1c fell up to 1.21 points from a baseline of 7.4% versus 0.03. Eighteen percent of survodutide patients stopped treatment because of gastrointestinal side effects, versus 1.2% on placebo, and Zealand's shares fell 11.7% in Copenhagen, according to Investing.com.
Zealand Pharma announced on Tuesday, September 29, 2026 that the Phase 2 ZUPREME-1 trial of petrelintide, its once-weekly human amylin analog partnered with Roche, has been published in The Lancet Diabetes & Endocrinology, with more results due in an EASD oral presentation on September 30. The trial randomized 485 adults with obesity (mean BMI 36.7) to weekly petrelintide at 1.0 to 9.0 mg or placebo for 42 weeks, including dose escalation. Mean weight loss reached up to 10.7% versus 1.7% with placebo under the efficacy estimand and up to 10.2% versus 1.4% under the treatment-policy estimand; waist circumference fell up to 10.8 cm versus 4.3 cm, and high-sensitivity C-reactive protein fell up to 41% versus 6%. Zealand said gastrointestinal side effects were mostly mild and at rates similar to placebo, with no vomiting and no GI-related discontinuations at the maximally effective dose.
Zealand Pharma announced on September 22, 2026 the start of the Phase 3a ZUPREME program for petrelintide, its once-weekly subcutaneous amylin analog partnered with Roche. The three placebo-controlled trials are ZUPREME-3 (about 3,900 people with overweight or obesity and at least one weight-related comorbidity, without type 2 diabetes), ZUPREME-4 (about 600 people with type 2 diabetes), and ZUPREME-5 (about 2,500 people with established cardiovascular disease). Each trial's primary endpoint is percentage change in body weight from baseline to week 64. A Phase 2 trial combining petrelintide with Roche's GLP-1/GIP agonist enicepatide (CT-388) is planned for the second half of 2026.
Zealand Pharma announced on Friday, September 18, 2026 that the EMA's CHMP recommended approval of Zeydovio (glepaglutide) for short bowel syndrome. Zeydovio is a long-acting GLP-2 analog given twice weekly by subcutaneous injection from a ready-to-use, single-dose autoinjector. In the Phase 3 EASE-1 trial of 106 patients dependent on parenteral support, two thirds of patients on glepaglutide had at least a 20% reduction in weekly parenteral support volume at 24 weeks and one in seven weaned off it entirely; twice-weekly glepaglutide cut weekly parenteral support by 5.13 liters versus 2.85 liters on placebo. Zealand called the opinion the first major advance in short bowel syndrome treatment in Europe in more than a decade and expects a European Commission decision in about 67 days. In the U.S., the EASE-5 trial is ongoing, and glepaglutide has FDA orphan drug designation.
Zealand Pharma CEO Adam Steensberg spoke on Wednesday, September 16, 2026 at the Morgan Stanley 24th Annual Global Healthcare Conference, where he described the company's Metabolic Frontier 2030 ambition, launched the previous December: five products on the market and 10 clinical programs by 2030. He said petrelintide, Zealand's long-acting amylin analog, produced double-digit weight loss with placebo-like tolerability in the Phase 2 ZUPREME-1 trial and is moving into Phase 3 with Roche. Under the agreement the companies announced on March 12, 2025, Roche paid $1.65 billion upfront, the deal's total potential value is up to $5.3 billion, and profits on petrelintide and the petrelintide/CT-388 combination are shared 50/50 in the U.S. and Europe. Steensberg also discussed survodutide, partnered with Boehringer Ingelheim, and glepaglutide for short bowel syndrome.
The European Association for the Study of Diabetes (EASD) 62nd Annual Meeting in Milan September 28 through October 2, 2026 sets up the September obesity-peptide catalyst calendar and is anchored on the amylin agonist class. AstraZeneca will present Phase 2 APRICUS data (AZD6234 amylin analog monotherapy in obesity) plus the Phase 2b ASCEND readout (AZD6234 plus AZD9550 GLP-1/glucagon dual agonist combination against placebo over 36 weeks, 377 patients). Zealand Pharma and Roche will present petrelintide ZUPREME-2 data (obesity plus type 2 diabetes) with Phase 3 monotherapy initiation planned late 2026. Novo Nordisk will present amycretin (long-acting GLP-1/amylin dual agonist) plus CagriSema follow-through data. The EASD readout window coincides with Roche's Pharma Day September 28 (updates on petrelintide, enicepatide, HM17321). Ascendis Pharma may also provide TransCon CNP achondroplasia updates. The clustered amylin data will position the class for late-2026 and 2027 regulatory and Phase 3 initiation decisions.
The European Association for the Study of Diabetes (EASD) 62nd Annual Meeting takes place in Milan September 28 through October 2, 2026, and sets up the largest single September catalyst window for obesity-peptide investor and clinical interest. AstraZeneca will present Phase 2 data on AZD6234 (selective amylin receptor peptide agonist) monotherapy from APRICUS plus the ASCEND Phase 2b combination with AZD9550 GLP-1/glucagon dual agonist. Zealand Pharma and Roche will present petrelintide (amylin analog) data from ZUPREME-2 (obesity plus type 2 diabetes) with the Phase 3 monotherapy program preparing to initiate late 2026. Novo Nordisk will present amycretin (long-acting GLP-1/amylin dual agonist) plus CagriSema follow-through data. The EASD calendar coincides with the Roche Pharma Day investor event on Monday September 28, 2026 that will update on the top-three-obesity-portfolio (petrelintide, enicepatide, HM17321). Ascendis Pharma is also expected to provide TransCon CNP achondroplasia updates.
Roche (SIX: ROG) is scheduled to hold its investor Pharma Day Monday September 28, 2026, providing updates across the R&D portfolio including three obesity assets that collectively position the company as the credible third-place global obesity competitor behind Eli Lilly and Novo Nordisk. Petrelintide (amylin analog, partnered with Zealand Pharma under the March 2025 up-to-$5.3 billion collaboration, Phase 3 monotherapy initiation planned late 2026 following ZUPREME-1's 10.7% weight loss at 42 weeks). Enicepatide (CT-388, dual GLP-1/GIP receptor agonist acquired from Carmot Therapeutics in 2023, 54% obesity resolution at 24 mg in Phase 2). HM17321 (urocortin-2 / CRFR2 receptor agonist peptide licensed from Hanmi Pharm on August 24, 2026 with $190 million upfront plus up to $2.3 billion in milestones plus tiered royalties). The Roche Pharma Day coincides with the EASD 2026 Annual Meeting Milan September 28 through October 2, where AstraZeneca will present AZD6234 Phase 2 data, Zealand Pharma will present petrelintide data, and Novo Nordisk will present amycretin and CagriSema updates.
Roche (SIX: ROG) is scheduled to hold its Pharma Day investor event Monday September 28, 2026, providing updates across the R&D portfolio including three top-three-position obesity assets: petrelintide (amylin analog partnered with Zealand Pharma under the March 2025 up-to-$5.3 billion collaboration, ZUPREME-1 documented 10.7% weight loss at 42 weeks, Phase 3 monotherapy initiation planned late 2026); enicepatide (CT-388, dual GLP-1/GIP receptor agonist acquired from Carmot Therapeutics in 2023, 54% obesity resolution at 24 mg in Phase 2); and HM17321 (urocortin-2 / CRFR2 receptor agonist peptide licensed from Hanmi Pharm on August 24, 2026 with $190 million upfront plus up to $2.3 billion in milestones plus tiered royalties; Genentech takes over from Phase 2 forward). The Pharma Day briefing frames Roche as a credible third-place global obesity competitor behind Eli Lilly (Zepbound-Mounjaro-Foundayo plus upcoming retatrutide) and Novo Nordisk (Wegovy-Ozempic plus CagriSema plus amycretin), with EASD 2026 Milan September 28-October 2 the immediate downstream data catalyst.
Roche presented ZUPREME-1 Phase 2 data for petrelintide, the once-weekly long-acting amylin analog licensed from Zealand Pharma, at the Monday June 8 investor event. The pitch hinges on tolerability: published topline showed up to 10.7% weight loss at 42 weeks versus 1.7% placebo, with discontinuation 4.8% vs 4.9% placebo and no vomiting at the maximally effective dose. Medical Daily framed the readout as a non-incretin option for the estimated 30-40% of patients who quit GLP-1s for GI side effects. Petrelintide advances to Phase 3 alongside enicepatide.
Boehringer Ingelheim and Zealand Pharma presented the full Phase 3 SYNCHRONIZE-1 readout for survodutide, the glucagon/GLP-1 dual agonist, at ADA 2026. In adults with obesity or overweight without type 2 diabetes, survodutide produced up to 16.6% mean weight loss at 76 weeks versus 3.2% placebo (p<0.0001), with up to 85.1% achieving at least 5% loss. Analyst attention now turns to body composition and liver-fat substudies, with reductions driven largely by fat-tissue loss rather than lean mass.
Roche will present detailed Phase 2 ZUPREME-1 data for the amylin analog petrelintide as an ADA 2026 late-breaker, with a June 8 investor event. In 493 adults with overweight or obesity (mean BMI 37), once-weekly petrelintide produced up to 10.7% mean weight loss at week 42 versus 1.7% on placebo, with treatment discontinuation of 4.8% versus 4.9% on placebo and no vomiting or GI-related discontinuations at the maximally effective dose. That tolerability is the amylin class's central pitch against the incretins.
Full Phase 3 SYNCHRONIZE-1 results for the glucagon/GLP-1 dual agonist survodutide are set for ADA 2026, detailing the obesity readout first toplined in April. In adults with obesity or overweight without type 2 diabetes, survodutide produced up to 16.6% mean weight loss at 76 weeks versus 3.2% on placebo, with up to 85.1% of treated patients losing at least 5% of body weight. The full dataset puts survodutide's glucagon component, which adds energy expenditure and liver-fat effects, in front of the field that gathers in New Orleans.
Boehringer Ingelheim's survodutide full 48-week Phase 2 MASH dataset published in the New England Journal of Medicine alongside the EASL 2026 presentation. MASH improvement without worsening of fibrosis occurred in 47% of the 2.4 mg group, 62% of the 4.8 mg group, and 43% of the 6.0 mg group, versus 14% on placebo. Up to 52% of survodutide-treated adults achieved significant improvement across fibrosis stages F1, F2, and F3 versus around 26% on placebo. Survodutide is an investigational long-acting glucagon/GLP-1 receptor dual agonist (BI 456906, partnered with Zealand Pharma) for once-weekly subcutaneous administration. The Phase 3 program is advancing through LIVERAGE (~1,800 adults with MASH F2-F3) and LIVERAGE-Cirrhosis (~1,590 adults with compensated MASH cirrhosis F4). Survodutide also posted 16.6% weight loss in the SYNCHRONIZE-1 obesity Phase 3 (April 2026). The NEJM publication is the strongest peer-reviewed validation of the GLP-1/glucagon dual mechanism in MASH to date.
Zealand Pharma A/S held its Extraordinary General Meeting at Plesner Advokatpartnerselskab in Copenhagen on May 26, 2026. All proposals presented were approved, with Camilla Sylvest elected to the Board of Directors as recommended by the Nomination Committee. No other shareholder-elected board composition changes were proposed. Zealand's 2026 pipeline anchors on three programs: petrelintide (ZP8396, amylin analog under a $5.3B March 2026 Roche partnership), survodutide (BI 456906, dual GLP-1/glucagon agonist partnered with Boehringer Ingelheim, SYNCHRONIZE-1 obesity Phase 3 readout April 2026 documenting 16.6% weight loss), and the next-generation amylin and glucagon programs. The corporate-governance update is routine; the strategic story remains the SYNCHRONIZE-MASH Phase 3 readout expected late 2026, which positions survodutide as a leading candidate for the dual GLP-1/glucagon agonist class in MASH alongside pemvidutide.
Zealand Pharma reported Q1 2026 revenue of DKK 34M against DKK 8M a year earlier and the DKK 17M analyst consensus — a more-than-2× beat on the recognition of Roche's $700M (DKK 4.5B) milestone payment tied to petrelintide's advancement into Phase 3. The board authorized a share buyback of up to DKK 1.3B. Net operating expenses came in at DKK 573M (below the DKK 679M consensus), and the company reaffirmed petrelintide Phase 3 obesity initiation in H2 2026. Petrelintide is the long-acting amylin analog that posted ~10.7% mean weight loss with placebo-like tolerability in ZUPREME-1; the Roche partnership combines it with the GLP-1/GIP enicepatide (CT-388) in a fixed-dose Phase 2 starting mid-2026. Shares rose 8.4% to DKK 344.