Zealand Pharma is the Danish biotech behind survodutide (the GLP-1/glucagon dual agonist partnered with Boehringer Ingelheim) and petrelintide (the amylin analog licensed to Roche). The company sits in the second tier of the obesity peptide race behind Lilly and Novo, but with arguably the most differentiated combination programs.
The SYNCHRONIZE Phase 3 program for survodutide is the most consequential readout for the company. 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.
Stories here cover trial readouts, partnership news, and the share-price moves that follow. See #survodutide and #petrelintide for the lead assets.
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.
Following the April 28 SYNCHRONIZE-1 obesity topline (16.6% weight loss at 76 weeks), Boehringer Ingelheim and Zealand Pharma confirmed that survodutide — their dual GLP-1/glucagon agonist — has two global Phase 3 MASH trials underway: LIVERAGE in adults with MASH and fibrosis stages F2 or F3, and LIVERAGE-Cirrhosis in compensated MASH cirrhosis. The Phase 3 program follows Phase 2 data showing 83% of MASH patients achieved histological improvement at 48 weeks. The MASH track positions survodutide alongside tirzepatide's SYNERGY-NASH and broader Lilly Phase 3 activity in the metabolic-liver-disease space, with full SYNCHRONIZE-1 data slated for ADA 2026 in June.
Zealand Pharma announced April 29 that it and partner Roche have formally endorsed advancing petrelintide — a long-acting amylin analog suitable for once-weekly subcutaneous administration — into Phase 3 trials for chronic weight management, with initiation planned for H2 2026. The Phase 3 program will evaluate petrelintide as monotherapy and in combination with Roche's GLP-1/GIP receptor dual agonist enicepatide (CT-388). The decision follows positive Phase 2 ZUPREME-1 data showing up to 10.7% weight loss with placebo-like tolerability; petrelintide is now positioned as the lead non-GLP-1 obesity asset behind only Novo's CagriSema.
Boehringer Ingelheim and Zealand Pharma announced positive topline results from the Phase 3 SYNCHRONIZE-1 trial of survodutide (BI 456906), a glucagon/GLP-1 dual agonist, in adults with obesity or overweight without type 2 diabetes. Adults treated with survodutide achieved 16.6% mean weight loss at 76 weeks (efficacy estimand) versus 3.2% placebo (p<0.0001), with up to 85.1% of treated adults achieving ≥5% weight reduction. Up to 39.2 lb (17.8 kg) average weight loss; initial analysis indicates predominantly fat-tissue loss with lean mass contributing only a small proportion. Full data will be presented at ADA 2026 in June.
Zealand Pharma announced a new Cambridge research hub combining 25+ years of peptide expertise with AI-driven drug discovery, expanding its obesity and metabolic health pipeline.