#1Pioneering next- generation peptide therapeutics Zealand Pharma April 2024 ZEAL & ZEALAND PHARMA#2ZEAL& ZEALAND PHARMA Forward-looking Statements This presentation contains "forward-looking statements", as that term is defined in the Private Securities Litigation Reform Act of 1995 in the United States, as amended, even though no longer listed in the United States this is used as a definition to provide Zealand Pharma's expectations or forecasts of future events regarding the research, development and commercialization of pharmaceutical products, the timing of the company's pre-clinical and clinical trials and the reporting of data therefrom and the company's Significant events and potential catalysts in 2024 and Financial Guidance for 2024. These forward-looking statements may be identified by words such as "aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “possible,” “potential," "will," "would" and other words and terms of similar meaning. You should not place undue reliance on these statements, or the scientific data presented. The reader is cautioned not to rely on these forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect, and which include, but are not limited to, unexpected costs or delays in clinical trials and other development activities due to adverse safety events, patient recruitment or otherwise; unexpected concerns that may arise from additional data, analysis or results obtained during clinical trials; our ability to successfully market both new and existing products; changes in reimbursement rules and governmental laws and related interpretation thereof; government- mandated or market-driven price decreases for our products; introduction of competing products; production problems at third party manufacturers; dependency on third parties, for instance contract research or development organizations; unexpected growth in costs and expenses; our ability to effect the strategic reorganization of our businesses in the manner planned; failure to protect and enforce our data, intellectual property and other proprietary rights and uncertainties relating to intellectual property claims and challenges; regulatory authorities may require additional information or further studies, or may reject, fail to approve or may delay approval of our drug candidates or expansion of product labeling; failure to obtain regulatory approvals in other jurisdictions; exposure to product liability and other claims; interest rate and currency exchange rate fluctuations; unexpected contract breaches or terminations; inflationary pressures on the global economy; and political uncertainty, including the ongoing military conflict in Ukraine and the uncertainty surrounding upcoming elections in the US. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. All such forward-looking statements speak only as of the date of this presentation and are based on information available to Zealand Pharma as of the date of this presentation. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Information concerning pharmaceuticals (including compounds under development) contained within this material is not intended as advertising or medical advice. 2#3About Zealand Pharma Corporate Presentation ZEAL & ZEALAND PHARMA 3#4About ZP We are an international biotech company headquartered in Denmark Founded in 1998 ZEAL& ZEALAND PHARMA • . Peptide platform validated through two approved products marketed by Sanofi and Novo Nordisk ~260 employees globally as of December 31, 2023 Listed on NASDAQ CPH (ZEAL.CO) • Market Cap on 3/31/2024: DKK 43B (USD ~6.1B) 62.6M Shares Outstanding as of March 31, 2024 Cash position* DKK 4.1B (~USD $595M) • Including Jan-24 capital raise, EIB loan and RCF OPEX guidance for 2024 • Net operating expenses are expected to be DKK 1,100-1,200M Headquarters and labs outside Copenhagen, Denmark *Cash position includes cash, cash equivalents and marketable securities. Zealand also has a Revolving Credit Facility (RCF) with Danske Bank, off-balance sheet, of DKK 350M and a Loan facility with the European Investment Bank of EUR 90 million in three tranches (Tranche A of EUR 50 million is expected in Q1-2024, Tranches B and C are subject to pre-specified milestones being met). Based on foreign exchange rates as of March 31, 2024 DKK 6.943 = USD $1 4#5About ZP We strive to be the world's best peptide drug discovery and development company Dasiglucagon² • . Stabilized Prevention of aggregation Lixisenatide¹ • First SIP-tail modified GLP-1 analog Glepaglutide GLP-2 analog • Stabilized Long-acting Survodutide³ GCGR/GLP1R • Acylation for long half-life Optimized formulation space Dapiglutide GLP1/GLP2 • Acylation for long half-life Petrelintide Amylin analog • Acylation for long half-life Co-formulation potential ZP6590 GIP analog Enhanced drug properties Engineered dual pharmacology • Acylation for long half-life • Co-formulation potential ZEAL& ZEALAND PHARMA Designed novel peptide modalities ZP10000 a4ẞ7 inhibitor Cyclic peptide • Oral bioavailability ZP10068 Complement C3 inhibitor4 Sweet spot for peptide therapeutics ZP9830 Kv1.3 blocker Engineered from biological toxin marketed 1 Marketed globally by Sanofi. clinical development preclinical development / discovery research 2 Zegalogue® (dasiglucagon) for injection licensed to Novo Nordisk: DKK 242.5 million outstanding potential development, regulatory manufacturing and sales milestones + high single to low double digit % royalties on global sales; Zealand is responsible for certain activities to support approval outside the U.S., reimbursed by Novo Nordisk; Zealand retains all non-licensed intellectual property rights to the company's other dasiglucagon development programs 3 Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries): EUR 315 million outstanding potential development, regulatory and commercial milestones + high single to low double digit % royalties on global sales 4 Lead candidate under an exclusive agreement between Zealand and Alexion: USD $610 million in potential development, regulatory and commercial milestones + high single to low double digits % royalties on net sales 5 сл#6Our R&D pipeline addresses unmet medical needs across several therapeutic areas Inflam- T1DM mation Rare diseases Obesity Product candidatea Partnered ZEAL& ZEALAND PHARMA Pre-clinical Phase 1 Phase 2 Phase 3 Registration Dapiglutide (GLP-1R/GLP-2R dual agonist) Petrelintide (amylin analog) ZP6590 (GIP receptor agonist) Survodutide (GCGR/GLP-1R dual agonist) b Dasiglucagon: SC continuous infusion Glepaglutide (GLP-2 analog) ZP9830 (Kv1.3 ion channel blocker) ZP10068 (complement C3 inhibitor)c Obesity Obesity Obesity Boehringer Ingelheim Obesity and MASH ALEXION Congenital hyperinsulinism Short bowel syndrome Undisclosed Undisclosed AstraZeneca Rare Disease Dasiglucagon: bi-hormonal artificial pancreas systems Dasiglucagon: mini-dose pen T1DM management T1DM exercise-induced hypoglycemia aInvestigational compounds whose safety and efficacy have not been evaluated or approved by the U.S. Food and Drug Administration (FDA) or any other regulatory authority. bSurvodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries): EUR 315 million outstanding potential development, regulatory and commercial milestones + high single to low double digit % royalties on global sales; Licensed to Alexion: USD $610 million potential development, regulatory and commercial milestones and high single to low double digits percentage royalties on net sales. GCGR-glucagon receptor; GIP=gastric inhibitory polypeptide; GLP-1R-glucagon-like peptide-1 receptor; GLP-2-glucagon-like peptide-2; GLP-2R-glucagon-like peptide-2 receptor; MASH-metabolic dysfunction-associated steatohepatitis (formerly NASH, or nonalcoholic steatohepatitis); SC=subcutaneous; T1DM-type 1 diabetes mellitus. 60#7About ZP In 2024 we are expanding efforts to advance our pipeline of differentiated obesity assets ZEAL& ZEALAND PHARMA Petrelintide (amylin analog) Dapiglutide (GLP-1R/GLP-2R) Ph1b 16-week MAD clinical trial data Ph2a DREAM clinical trial data1 Ph2b trial initiation Ph1b 13-week dose-titration clinical trial data Survodutide² (GCGR/GLP-1R) Boehringer Ingelheim Ph2 MASH clinical trial data Ph3 obesity trial enrollment³ Deliver on rare disease and inflammation pipeline Regulatory decisions for rare disease assets Dasiglucagon for CHI Glepaglutide for SBS ZP9830 (Kv1.3 lon Channel Blocker) First-in-human trial initiation with inflammation assets ZP10068 (Complement C3 Inhibitor)4 Notes: 1) DREAM is an investigator-led trial. 2) Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). 3) SYNCHRONIZETM-1 and SYNCHRONIZETM-2. 4) Discovery and development agreement with Alexion, AstraZeneca Rare Disease. 7#8Obesity ▸ We aspire to be a key player in the fast-developing obesity treatment space, achieving meaningful weight loss and addressing long-term complications such as NASH Corporate Presentation ZEAL & ZEALAND PHARMA 8#9Obesity ZEAL& ZEALAND PHARMA We believe in a shift from maximizing weight loss towards 2000 quality of weight loss and effects on comorbidities... 5% Intensive lifestyle therapy First-generation weight-loss 10% medications 15% Total body weight loss Focus area and 20% high unmet need 25% 30% Bariatric surgery Content developed by Zealand Pharma. Segment characteristics and drivers Payer-reimbursed segment (prescriber-driven) Key drivers ос . Relative weight loss • Comorbidity risk reduction Health outcomes data • Safety Tolerability Self-pay segment (consumer-driven) Key drivers Desired weight loss Quality of weight loss, incl. muscle preservation Tolerability Convenience and administration Patients' willingness-to-pay 0#10Obesity ...and that success of future weight-loss medications will be determined by differentiation on multiple fronts Examples of differentiation factors ZEAL& ZEALAND PHARMA GLP-1 backbone GLP-1 mono GLP-1/GIP GLP-1/GCGa GLP-1/GIP/GCG GLP-1/GLP-2a Amylina Other? во HD Effects on obesity-related comorbidities Improved tolerability by addressing GI side effects Unique non-incretin mechanisms, addressing quality of weight loss for weight maintenance (incl. preservation of muscle mass) Offer greater convenience through dosing regimen and/or delivery method Develop fixed or loose 'flexible-use' combinations for patient segments that need the highest weight loss aZealand Pharma clinical development pipeline. Content developed by Zealand Pharma. GCG-glucagon; Gl=gastrointestinal; GIP=gastric inhibitory polypeptide; GLP-1-glucagon-like peptide-1; GLP-2-glucagon-like peptide-2. 10#11Obesity Zealand Pharma has a rich obesity pipeline of differentiated product candidates Developed with GLP-1 receptor agonist foundation GLP-1 • Increase insulin sensitivity • • Delay gastric emptying Decrease appetite ZEAL& ZEALAND PHARMA Initially developed as monotherapy but with potential for combination + Glucagon • Increase energy expenditure • Reduce hepatic fat content • Stimulate lipolysis in fat tissue Survodutide dual GCG/GLP-1 receptor agonist + GLP-2 • Improve intestinal barrier function • Amylin Delay gastric emptying • Delay gastric emptying • ⚫ Restore leptin sensitivity . . Increase satiety Improve tolerability to GLP-1 Dapiglutide dual GLP-1/GLP-2 receptor agonist Petrelintide amylin analog GIP Stimulate insulin secretion Increase satiety Reduce nausea ZP 6590 GIP receptor agonist First-in-class potential, targeting obesity and the large sub-population with fatty liver co-morbidities, including NASH Novel MoA with first-in-class potential, targeting obesity and co-morbidities associated with low-grade inflammation, including NASH and neuro-inflammation, such as Alzheimer's disease Non-incretin MoA with best-in-class potential for obesity as monotherapy option with GLP-1RA-like weight loss but better tolerability and potential for preservation of muscle mass Targeting obesity with potential to complement GLP-1 for better effect and/or tolerability#12Obesity Petrelintide Petrelintide is a potential best-in-class amylin analog for GLP-1RA-like weight loss with better tolerability Design of molecule Petrelintide (ZP8396) is a 36-amino-acid acylated peptide, based on the peptide sequence of human amylin ZEAL& ZEALAND PHARMA Positioning opportunities and differentiation Long-acting amylin analog (half-life of 10 days)¹, suitable for once-weekly administration Obesity - targeting GLP-1RA-like weight loss with high quality, incl. preservation of muscle mass Chemical and physical stability at neutral pH, allowing for co-formulation with other peptides² MoA - alternative mechanism that reduces food intake by restoring leptin sensitivity and increasing satiety Potent agonistic effects on amylin and calcitonin receptors³ Safety and tolerability - potential for better tolerability vs GLP-1RAS Sources: 1. Olsen et al. Poster 92-LB. Presented at ADA 83rd Scientific Sessions, June 23-26, 2023, San Diego, CA; 2. Skarbaliene et al. Poster 1406-P. Presented at ADA 82nd Scientific Sessions, June 3-7, 2022, New Orleans, LA; 3. Eriksson et al. Presentation at ObesityWeek, November 1-4, 2022, San Diego, CA. GLP-1RA-glucagon-like peptide-1 receptor agonist; MOA=mechanism of action. Intellectual property: Composition of matter, patent expiry in 2037. Patent-term extension up to 5 years, i.e. 2042. Potential rights beyond 2042 based on patent applications and additional elements. 12#13Obesity Petrelintide Native amylin is a non-incretin peptide that increases satiety in contrast to GLP-1, which reduces appetite Mechanism of action A 37-amino acid peptide hormone, produced mainly in the pancreatic beta cells and co-secreted with insulin in response to ingested nutrients Proposed physiological effects of amylin receptor activation¹ Pancreas (indirect)a ↓ Insulin secretion ↓ Glucagon secretion Liver and adipose tissue ↑ Insulin sensitivity Amylin ZEAL& ZEALAND PHARMA CNS (↑ Leptin sensitivity² ↑ Satiety Energy expenditure ↓Body weight Via the vagal nerve ↓ Fat accumulation aMediated by the effect of amylin on the CNS. Sources: 1. Figure adapted from Mathiesen et al. Eur J Endocrinol 2022;186(6):R93-R111; 2. Roth et al. Proc Natl Acad Sci USA 2008;105(20):7257-7262. CNS=central nervous system; Gl=gastrointestinal; GLP-1=glucagon-like peptide-1. GI tract ↓ Gastric emptying 13#14Obesity Petrelintide Petrelintide significantly reduced fat mass Unpublished while preserving lean mass in DIO rats Change in body weight at Day 30 data Change in body composition at Day 30 Fat mass ZEAL& ZEALAND PHARMA Mean (SEM) change in body weight (%) 10 5 -5 -10 Vehicle * *** Liraglutide 5 nmol/kg BID *** Mean (SEM) change in fat mass (% of body weight) Mean (SEM) change in lean mass (% of body weight) 2 T 0 -2 -4 *** 2 Dry lean mass 0 N + *** -6 Petrelintide 2 nmol/kg Q2D Petrelintide 10 nmol/kg Q4D *p<0.05, ***p<0.001 vs vehicle. Source: Figures adapted from Data on file. BID=twice daily; DIO-diet-induced obese; Q2D=every 2 days; Q4D=every 4 days; SEM=standard error of the mean. H *** *** 14#15Obesity Petrelintide A single subcutaneous dose of petrelintide 2.4 mg resulted in average weight loss of 4.2% at Day 7 Change in body weight in Phase 1a SAD trial of petrelintide ZEAL& ZEALAND PHARMA Change in body weight (%) 0 + Placebo +0.6% (n=6) -8 07 Petrelintide 0.7 mg (n=6) -2.6% 24 21 42 0 7 Petrelintide 1.4 mg (n=6) -3.6% Petrelintide 2.4 mg (n=6) -4.2% 24 21 42 0 7 Days from dose 21 42 0 7 Source: Figure adapted from Olsen et al. Poster 92-LB. Presented at ADA 83rd Scientific Sessions, June 23-26, 2023, San Diego, CA. SAD=single ascending-dose. 21 24 42 15#16Obesity Petrelintide Six, once-weekly, low doses of petrelintide resulted in average weight loss above 5% Part 1 of the Phase 1b MAD trial of petrelintide ZEAL& ZEALAND PHARMA Change in body weight (%) 5 -10- Placebo (n=6) LO 5 -0.4% Petrelintide 0.6 mg (n=7) -5.3% T T Petrelintide 1.2 mg (n=7) -5.1% Dosing T 0 1 2 3 4 5 6 7 8 9 10 11 12 13 0 1 2 3 4 5 6 7 8 9 10 11 12 13 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Weeks after first dose Source: Figure adapted from Olsen et al. Poster presented at ObesityWeek, October 14-17, 2023, Dallas, TX. MAD=multiple ascending dose. 16#17Obesity Petrelintide In Part 1 of the MAD trial, petrelintide was well-tolerated with no serious or severe TEAEs and no withdrawals ZEAL& ZEALAND PHARMA Number of participants (events) Total AEs Mild Moderate TEAEs in Part 1 of the Phase 1b MAD trial with petrelintide Placebo (n=6) Petrelintide 0.6 mg (n=7) Petrelintide 1.2 mg (n=7) 5 (28) 6 (23) 5 (24) 6 (23) 3 (4) 0 7 (29) 7 (29) 1 (2) Severe 0 Serious 0 Metabolism and nutrition disorders 1 (1) Gl disorders 3 (7) 0 0 6 (9) 2 (6) 0 0 6 (8) 5 (9) Nausea occurred in three participants on petrelintide, with one also reporting vomiting; no other participants reported vomiting • No injection-site reactions were reported, and no participants developed anti-drug antibodies Source: Table adapted from Olsen et al. Poster presented at ObesityWeek, October 14-17, 2023, Dallas, TX. AE=adverse event; Gl=gastrointestinal; MAD=multiple ascending dose; TEAE=treatment-emergent adverse event. 17#18Obesity Petrelintide Results from Part 2 of the trial, exploring higher doses of petrelintide over 16 weeks, are expected in H1 2024 ZEAL& ZEALAND PHARMA ÅÅÅ >>> We are investigating significantly higher doses of petrelintide... ...over a longer duration of 16 weeks... ... using a dose-escalation scheme... ...in 48 people who are overweight or have obesity The next step in the development of petrelintide will be a comprehensive Phase 2 program to be initiated in H2 2024 Source: ClinicalTrials.gov (NCT05613387), accessed November 2023. 18#19Obesity Dapiglutide Dapiglutide is a potential first-in-class GLP-1R/GLP-2R dual agonist for obesity and low-grade inflammation Design of molecule ZEAL& ZEALAND PHARMA Positioning opportunities and differentiation Dapiglutide is derived from a GLP-2 peptide backbone with amino acid substitutions to 'dial in' GLP-1R activity Obesity - pursuing ≥20% weight loss ů GLP-1 component reduces body weight and GLP-2 has potential for additional anti-inflammatory effects¹ Safety and tolerability - similar to other GLP-1RA- based weight-loss medications Designed with higher potency towards the GLP-1R while retaining activity on the GLP-2R2 Cardiovascular benefits - potential cardioprotective benefits from GLP-1 agonism and additional anti- inflammatory effect from GLP-2 agonism Long-acting with a half-life (123–129 hours) that is suitable for once-weekly administration³ Comorbidities - potential for regenerative effects to address organ damage associated with low-grade inflammation, such as NASH and Alzheimer's disease Sources: 1. Drucker & Yusta. Annu Rev Physiol 2014;76:561-583; 2. Reiner et al. JPEN J Parenter Enteral Nutr 2022;46(5):1107-1118; 3. Data presented by Agersnap at the 82nd ADA Scientific Sessions, June 3-7, 2022. GLP-1-glucagon-like peptide-1; GLP-1R-glucagon-like peptide-1 receptor; GLP-2-glucagon-like peptide-2; GLP-2R-glucagon-like peptide-2 receptor. Intellectual property: Composition of matter, patent expiry in 2037. Patent-term extension up to 5 years, i.e. 2042. Potential rights beyond 2042 based on patent applications and additional elements. 19#20Obesity Dapiglutide People with obesity have increased low-grade inflammation, which drives several related comorbidities Excess fat storage can trigger low-grade systemic inflammation through reduced intestinal barrier integrity1 Obese adipose tissue Dysbiosis Obesity-related low-grade inflammation can result in: ZEAL& ZEALAND PHARMA . • Insulin-resistance Impaired gut hormone secretion Dysregulation of gut-brain-fat axis 'Leaky gut' Intestinal permeability LPS CVD as increased inflammation drives residual risk in people with CVD² Liver disease due to abnormal accumulation of triglycerides in the liver³ ↑ Intestinal inflammation Neuro-inflammation due to excess circulating proinflammatory cytokines and changes in the integrity of the blood-brain barrier4 20 20 Sources: 1. Figure adapted from Vetrani et al. Nutrients 2022;14(10):2103, used under the Creative Commons Attribution (CC BY 4.0) license (https://creativecommons.org/licenses/by/4.0/). The figure has been reformatted. The publication is available at https://doi.org/10.3390/nu14102103; 2. Ridker et al. Lancet 2023;401(10384):1293-1301; 3. Luo & Lin. Immun Inflamm Dis 2021;9(1):59-73; 4. Salas-Venegas et al. Front Integr Neurosci 2022;16:798995. CVD cardiovascular disease; LPS-lipopolysaccharides.#21Obesity Dapiglutide Dapiglutide showed dose-dependent mean weight loss of up to 4.3% over 4 weeks in healthy patients Phase 1 multiple ascending dose trial (n=40) ZEAL& ZEALAND PHARMA 2 0 Placebo (n=12) Change in body weight (%) + Dapiglutide 1.0 mg (n=7) Dapiglutide 2.25 mg (n=7) Dapiglutide 3.5 mg (n=7) Dapiglutide 3.5/6.0 mg (n=7) Mean relative change at Week 4: -4.3% -6. T 0 1 2 3 401 2 T 3 T 2 3 Dosing T T T T 401 2 3 401 2 3 4 0 1 Weeks from first dose Dapiglutide was generally well-tolerated with no severe or serious AEs, no withdrawals due to AEs, and no observation of anti-drug antibodies Source: Figures adapted from data presented by Agersnap at the 82nd ADA Scientific Sessions, June 3-7, 2022, New Orleans, LA. AE=adverse event. 21 24#22Obesity Dapiglutide In H1 2024, results for dapiglutide are expected from the investigator-led DREAM trial ZEAL& ZEALAND PHARMA DREAM is evaluating the effects of dapiglutide on body weight, gut permeability, and inflammation¹ ÅÅÅ Population N=54, men and women aged 18–75 y BMI ≥30 kg/m² years Duration 12 weeks Dose strengths Endpoints Similar to the doses evaluated in the previous 4-week MAD trial, thus up to 6.0 mg² Primary endpoint: percentage change in body weight from baseline to Week 12 Key secondary endpoints: patients with a body weight reduction ≥5% and ≥10%; percentage change in fasting serum/plasma concentrations of biomarkers for gut permeability and inflammation Sources: 1. ClinicalTrials.gov (NCT05788601), accessed November 2023; 2. Data presented by Agersnap at the 82nd ADA Scientific Sessions, June 3-7, 2022, New Orleans, LA. BMI-body mass index; MAD=multiple ascending dose. 22 22#23Obesity Dapiglutide In H2 2024, results for dapiglutide are expected from the 13-week Phase 1b dose-titration trial ZEAL& ZEALAND PHARMA The Phase 1b trial is evaluating higher doses of dapiglutide than the previous 4-week MAD trial and DREAM ÅÅÅ ÅÅÅÅÅ Population N=54, men and women aged 18-64 years BMI 27.0-39.9 kg/m² Duration 13 weeks Dose strengths Higher doses than the previous 4-week MAD trial and DREAM Endpoints Primary endpoint: incidence of TEAES Key secondary endpoints: pharmacokinetics endpoints related to dapiglutide exposure; absolute and percentage change in body weight from baseline to Day 92 Source: ClinicalTrials.gov (NCT06000891), accessed November 2023. BMI-body mass index; MAD=multiple ascending dose; TEAE-treatment-emergent adverse event. 23#24Obesity Survodutide Survodutide*, targeting obesity and MASH, activates both GLP-1 and glucagon receptors Design of molecule ZEAL& ZEALAND PHARMA Positioning opportunities and differentiation Boehringer Ingelheim Survodutide is a 29-amino-acid peptide, based on the hormone oxyntomodulin with dual agonism at GCG and GLP-1 receptors 晶 0 MoA reduces body weight by increasing energy expenditure and regulating appetite¹ Obesity - potential for ~20-25% weight loss and improved glycemic control Safety and tolerability - similar to other GLP-1RA- based weight-loss medications Deliberately designed with strong bias towards GLP-1 receptor (8:1 receptor bias vs glucagon)² Cardiovascular benefits - potential benefits driven by GLP-1RA Extended half-life for once-weekly administration is achieved by amino acid substitutions² MASH - potential for important benefit in MASH with direct effect of glucagon on the liver *Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). Sources: 1. Wynne et al. Int J Obes (Lond) 2006;30(12):1729-1736; 2. Zimmermann et al. Mol Metab 2022;66:101633. GCG-glucagon; GLP-1-glucagon-like peptide-1; GLP-1RA-glucagon-like peptide-1 receptor agonist; MoA-mechanism of action; MASH-metabolic dysfunction-associated steatohepatitis (formerly, non-alcoholic steatohepatitis, or NASH). Intellectual property: Composition of matter, patent expiry in 2034. Patent-term extension up to 5 years, i.e. 2039. Potential rights beyond 2039 based on patent applications and additional elements. 24#25Obesity Survodutide In a 16-week Phase 2 trial in T2DM, survodutide effectively reduced HbA1c and body weight Change in HbA1c Change body weight Mean (SE) absolute change (%) 0 -0.5- -1.0 -1.5 -2.0 -2.5 0 HHII T + H-0.25% HHHHH T F I -1.47% -1.88% LO 5 8 Weeks 12 16 17 End of treatment Placebo Survodutide 1.8 mg QW Survodutide 0.3 mg QW Survodutide 2.7 mg QW Survodutide 0.9 mg QW Survodutide 1.2 mg BIW aThe semaglutide arm was open-label. Mean (SE) relative change (%) 0 -2 + -6 -8 ZEAL& ZEALAND PHARMA Boehringer Ingelheim -1.20% T ++ ЕНЕ НА НЕЧ HHHHHH H I -5.40% -8.95% -10 T T T 0 2 3 4 5 6 7 8 Weeks 12 1617 End of treatment Survodutide 1.8 mg BIW Semaglutidea 1.0 mg QW The safety and tolerability profile was as expected and in line with increasing doses of GLP-1R agonists Body weight at baseline was 93.0-100.1 kg and HbA1c at baseline was 7.9-8.2%. Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). Sources: Figures adapted from Rosenstock. Presentation at ObesityWeek, November 1-4, 2022, San Diego, CA. BIW=twice-weekly; GLP-1R-glucagon-like peptide-1 receptor; HbA1c=hemoglobin A1c; QW-once-weekly; SE-standard error; T2DM-type 2 diabetes mellitus. 25 45#26Obesity Survodutide In a 46-week Phase 2 trial in obesity, survodutide dose-dependently reduced body weight by up to 18.7% Phase 2 trial of survodutide in people who were overweight or had obesity ZEAL& ZEALAND PHARMA Boehringer Ingelheim Mean relative change at Week 46 (%) Adjusted mean (95% CI) change in body weight (%) 0 -2 -4 46 -6 -8 -10 -12 -14 -16 -18 TH THH НОЯ -20 -22 0 2 Baseline 6 T I Placebo (n=76) -2.0% T T T T T 王 Survodutide 0.6 mg -6.8% HH H H+H I I QW (n=88) THIOH THI 8 10 12 14 16 18 20 24 Week -8 28 32 36 3.5 40 -0 46 Survodutide 2.4 mg -13.6% QW (n=92) Survodutide 3.6 mg -16.7% QW (n=71) Survodutide 4.8 mg QW (n=54) -18.7% Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). Source: Figure adapted from Le Roux et al. Oral presentation (51-OR) at ADA 83rd Scientific Sessions, June 23-26, 2023, San Diego, CA. Analysis based on dose reached at the end of treatment regardless of the dose assigned at randomization. Cl=confidence interval; QW-once-weekly. 26#27Obesity Survodutide Treatment with survodutide in the Phase 2 obesity trial showed no unexpected safety findings As expected, Gl disorders were the most frequent drug-related AEs ZBAL& ZEALAND PHARMA Boehringer Ingelheim • Most treatment discontinuations occurred during the rapid dose escalation phase (up to Week 20) and may be mitigated with more gradual dose-escalation TEAE, n (%) a Survodutide 0.6 mg (n=77) Survodutide 2.4 mg (n=78) Survodutide 3.6 mg (n=77) Survodutide 4.8 mg (n=77) Survodutide total (n=309) Placebo (n=77) Any TEAE Nauseab 70 (90.9) 70 (89.7) 71 (92.2) 70 (90.9) 281 (90.9) 58 (75.3) 26 (33.8) 51 (65.4) 48 (62.3) 49 (63.6) 174 (56.3) 15 (19.5) Vomitingb 7 (9.1) 23 (29.5) 26 (33.8) 27 (35.1) 83 (26.9) 4 (5.2) Diarrheab 14 (18.2) 22 (28.2) 18 (23.4) 15 (19.5) 69 (22.3) 8 (10.4) Constipationb 9 (11.7) 17 (21.8) 19 (24.7) 20 (26.0) 65 (21.0) 4 (5.2) Leading to treatment 15 (19.5) 20 (25.6) 19 (24.7) 22 (28.6) 76 (24.6) 3 (3.9) discontinuation Gl-related 5 (6.5) 13 (16.7) 13 (16.9) 20 (26.0) 51 (16.5) 1 (1.3) Serious 1 (1.3) 2 (2.6) 6 (7.8) Investigator defined, 47 (61.0) 66 (84.6) 62 (80.5) 4 (5.2) 62 (80.5) 13 (4.2) 5 (6.5) 237 (76.7) 29 (37.7) drug-related TEAE Serious, drug-related TEAE 0 (0.0) 0 (0.0) 2 (2.6) 0 (0.0) 2 (0.6) 0 (0.0) aBased on the treated set and presented according to planned treatment; "TEAEs listed according to preferred term and occurred in ≥15% patients in any treatment arm. Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). Source: Table adapted from Le Roux et al. Oral presentation (51-OR) at ADA 83rd Scientific Sessions, San Diego, June 23-26, 2023. AE=adverse event; Gl=gastrointestinal; TEAE-treatment-emergent adverse event. 27#28Obesity Survodutide Survodutide reduced blood pressure by up to 8.6 mmHg (systolic) and up to 4.8 mmHg (diastolic) at Week 46 Systolic blood pressure Diastolic blood pressure 2008 ZEALAND PHARMA Boehringer Ingelheim -2 -4 -6 -8 -10 -2.5 Adjusted mean (95% CI) absolute change from baseline (mmHg) -6.2 -12 -8.1 -8.7 -8.6 -14 Placebo Survodutide 0.6 mg QW Survodutide 2.4 mg QW Adjusted mean (95% CI) absolute change from baseline (mmHg) 0 -2 -4 -1.9 -3.3 -6 -4.4 -4.3 -4.8 -8 -10 -12 -14 Survodutide 3.6 mg QW Mean blood pressure at baseline across cohorts: 122.6-127.5 mmHg for systolic blood pressure; 80.5-82.4 mmHg for diastolic blood pressure. Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). Source: Figures adapted from Le Roux. Presentation at the 59th EASD Annual Meeting, October 2-6, 2023, Hamburg, Germany. Cl=confidence interval; QW-once-weekly. Survodutide 4.8 mg QW 28#29Obesity Survodutide The Phase 3 program with survodutide in obesity, SYNCHRONIZE™, has been initiated SYNCHRONIZETM-11 Efficacy and safety in patients with obesity without T2DM Inclusion criteria Study design • HbA1c <6.5% (no history of diabetes) BMI ≥30 or BMI ≥27 with comorbiditiesa • N=600 • 1:1:1 ratio (3.6 mg, 6.0 mg, or placebo) SYNCHRONIZETM-22 Efficacy and safety in patients with obesity and T2DM HbA1c ≥6.5% and <10% BMI ≥27 T2DM managed with diet and exercise alone or with stable pharmacological treatment SYNCHRONIZETM-CVOT3 Long-term CV safety in patients with obesity and established CVD/CKD or risk factors for CVD · BMI ≥27 with CVD and/or at least two weight-related risk factors for CVD, or • BMI ≥30 with CVD/CKD and/or at least two weight-related factors for CVD • Trial duration: 76 weeks ZEAL& ZEALAND PHARMA Boehringer Ingelheim Primary endpoint • Percentage change in body weight from baseline to Week 76 Achievement of body weight reduction ≥5% from baseline to Week 76 • N=600 • 1:1:1 ratio (3.6 mg, 6.0 mg or placebo) • • Trial duration: 76 weeks • N=4,935 • 1:1:1 ratio (3.6 mg, 6.0 mg or placebo) • Trial duration: up to 114 weeks Percentage change in body weight from baseline to Week 76 Achievement of body weight reduction ≥5% from baseline to Week 76 • Time to first occurrence of any of five major adverse cardiac events (5P-MACE) to demonstrate non- inferiority aComorbidities comprise dyslipidemia, hypertension, obstructive sleep apnea, and others. Inclusion criteria for all three trials include age ≥18 years. 5P-MACE includes cardiovascular death, non-fatal stroke, non-fatal myocardial infarction, ischemia-related coronary revascularization or heart failure. Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). Sources: 1. SYNCHRONIZE-1. ClinicalTrials.gov (NCT06066515), accessed November 2023; 2. SYNCHRONIZE-2. ClinicalTrials.gov (NCT06066528), accessed November 2023; 3. SYNCHRONIZE-CVOT. ClinicalTrials.gov (NCT06077864), accessed November 2023. BMI-body mass index; CKD=chronic kidney disease; CV-cardiovascular; CVD-cardiovascular disease; CVOT=cardiovascular outcomes trial; HbA1c=hemoglobin A1c; T2DM-type 2 diabetes mellitus. 29 29#30Obesity Survodutide There is a significant overlap between obesity and liver disease ZEAL& ZEALAND PHARMA Obesity is associated with severe comorbidities, for which there are significant unmet medical needs Boehringer Ingelheim Pulmonology Asthma COPD Liver disease MASLD MASH Mental illness Depression Anxiety CVD Hypertension Heart failure ASCVD Stroke People who are overweight or have obesity ~75%¹ • MASLD T2DM Kidney disease Glomerulonephritis End-stage renal disease ~34%1 MASH CVD • ~15-30%2,3 ~10-15%4 Skin disease Psoriasis Hidradenitis suppurativa Cancer Colorectal cancer Breast cancer CKD ~20%5,6 Estimates of overlap of comorbidities are not available in literature; approximation in figure is based on individual prevalence estimates. Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). Sources: 1. Quek et al. Lancet Gastroenterol Hepatol 2023;8(1):20-30; 2. Vinciguerra et al. Acta Diabetol 2013;50(3):443-449; 3. Pantalone et al. BMJ Open 2017;7(11):e017583; 4. Schienkiewitz et al. BMC Public Health 2012;12:658; 5. Arinsoy et al. J Ren Nutr 2016;26(6):373-379; 6. Yim & Yoo. Clin Exp Pediatr 2021;64(10):511-518. ASCVD-atherosclerotic cardiovascular disease; CKD=chronic kidney disease; COPD=chronic obstructive pulmonary disease; CVD-cardiovascular disease; MASLD=metabolic dysfunction-associated steatotic liver disease (formerly, NAFLD, or non-alcoholic fatty liver disease); MASH=metabolic dysfunction-associated steatohepatitis (formerly, non-alcoholic steatohepatitis, or NASH); T2DM-type 2 diabetes mellitus. 30#31Obesity Survodutide Survodutide has been evaluated in a Phase 2 trial in MASH ZEAL& ZEALAND PHARMA Boehringer Ingelheim Men and women 18-80 years with MASH and fibrosis (NAS ≥4 and F1-F3) and BMI ≥25 kg/m² Survodutide 6.0 mg QW Survodutide 4.8 mg QW N=295 R • Survodutide 2.4 mg QW • Placebo QW Primary endpoint: Histological improvement of MASH without worsening of fibrosis after 48 weeks of treatment Secondary endpoints: . . LFC reduction of ≥30% from baseline Absolute and relative change of LFC from baseline ≥1 stage decrease in fibrosis stage (liver biopsy) Absolute change in NAS (liver biopsy) loloo Screening (imaging and biopsy) Dosing Week 48 (imaging and biopsy) End of study Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). Source: ClinicalTrials.gov (NCT04771273), accessed February 2024. BMI-body mass index; LFC=liver fat content; NAS=NAFLD activity score; MASH=metabolic dysfunction-associated steatohepatitis (formerly NASH, or non-alcoholic steatohepatitis); QW-once-weekly. 31#32Obesity/MASH Survodutide Survodutide* GCGR/GLP-1 receptor dual agonist shows best-in-class potential in MASH Phase 2 trial Phase 2 biopsy-driven trial in people with MASH¹ Participants showing improvement in MASH without worsening of fibrosis (stages F1-F3): 83.0% with survodutide vs 18.2% with placebo (p<0.0001) Statistically significant improvement in liver fibrosis with survodutide in secondary endpoint ZEAL& ZEALAND PHARMA Boehringer Ingelheim Survodutide treatment did not show unexpected safety or tolerability issues, including at the higher dose of 6.0 mg → Further development in MASH planned Full data to be presented at a scientific congress in the first half of 2024 *Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). Source: 1) Boehringer Ingelheim press release February 26, 2024 MASH= metabolic dysfunction-associated steatohepatitis (formerly NASH=non-alcoholic steatohepatitis); CI=confidence interval; QW= once-weekly; GCG-glucagon; GLP-1-glucagon-like peptide-1 32 32#33Rare Diseases We aspire to lead in SBS and CHI, and expand into intestinal rehabilitation and transient hyperinsulinism to alleviate disease burden for as many patients as possible Corporate Presentation ZEAL & ZEALAND PHARMA 33#34Rare diseases CHI Congenital Hyperinsulinism (CHI) is a severe, ultra-rare genetic disorder with significant impact on patients' QoL ZEAL& ZEALAND PHARMA CHI is an ultra-rare disease in newborns and children • • 1 in 28-50,000 newborns per year are diagnosed with genetically determined CHI in the US and EU1,2 CHI can cause serious episodes of hypoglycemia during childhood 2,3 Persistent episodes of hypoglycemia may result in brain damage • Hypoglycemia can cause seizures in ~50% of the patients4 Lack of proper management within days can lead to permanent brain injury and neurocognitive impairment 3.4 Significant impact on the patient and caregivers' quality of life . • Complex care requirements can cause lengthy and frequent hospitalizations and make daily social activities difficult 4,5 Severe CHI requires continuous enteral feeding, making transfer to other caregivers difficult (e.g., school)4 More than 50% of CHI patients may be unresponsive to current medical treatment options6 1 Arnoux JB et al. 2011 Orphanet J Rare Dis;6:63; 2 Yau et al. Plos One 2020;15(2):e0228417; ³Thornton PS et al., J Pediatr. 2015;167(2):238-45. 4Banerjee I et al., Orphanet J Rare Dis. 2022;17:61; 5Pasquini TLS et al. Front Endocrinol 2022:13;876903; 6Yorifuji et al. Clin Pediatr Endocrinol 2017;26(3):127-152. 34#35Rare diseases CHI Dasiglucagon has potential to address shortcomings of current management of CHI Current treatments for CHI are associated with significant limitations and clinical barriers Cited by healthcare providers as greatest limitations5: • • Lack of responsiveness or incomplete response Adverse effects or intolerable side effects Treatment Diazoxide Glucagon Somatostat in analogs (octreotide) Pancreatic surgery Current usage (availability varies by country) • Approved for hyperinsulinism due to various underlying conditions in the US and certain ex-US regions² • Used off-label in CHI¹ . • Used off-label in CHI¹ • Short acting: 3-4 daily s.c. injections/continuous infusion 1.4 Long-acting: intramuscular injection every 28 days5 • Total/near-total pancreatectomy in diffuse CHI if medical management fails 1 • • • . • • . Clinical barriers FDA-issued warning on pulmonary hypertension in infants in 20152,3 Lack of adequate response 1 Hypertrichosis² Fluid retention, acute heart failure, pulmonary hypertension² Requires daily reconstitution of lyophilized glucagon Precipitates in the infusion tube (cannot use long-term)1 Hepatotoxicity 1,4 • Tachyphylaxis, QT prolongation4 Necrotizing enterocolitis (can be fatal in children with CHI)1,4 Patients develop lifelong insulin dependent diabetes mellitus5 Patients develop lifelong severe exocrine insufficiency5 ZEAL& ZEALAND PHARMA Dasiglucagon for subcutaneous infusion* Zealand expects to resubmit Part 1 of NDA related to three weeks of dosing and Part 2 associated with chronic use to the US FDA in H1 20247 Glucagon analog designed to allow for continuous subcutaneous (s.c.) infusion via pump Two Phase 3 trials in neonates and children up to 12 years of age demonstrated potential in management of CHI Wearable s.c. infusion pump system Nov20กาวในขณ 00003 IP exclusivity: compound patent US 2035 and EU 2039 ¹Yorifuji et al. Clin Pediatr Endocrinol 2017;26(3):127-152; 2Proglycem. Package insert. Teva Pharmaceuticals; 2015; ³Gray KD et al. J Perinatol. 2018;38(11):1496-1502; 4Haris et al. Therapeutic Adv Endocrinology Metabolism 2020;11:1-23; 5Zealand Pharma, Physician Market Survey, 2020; 6Zealand Pharma has entered a collaborative development and supply agreement with DEKA Research & Development Corporation and affiliates for infusion pump system; FDA issued a Complete Response Letter (CRL) to Part 1 of the NDA due to inspection findings at a third-party manufacturing facility that are not specific to dasiglucagon; Part 2 to be supported by additional analyses from existing CGM datasets included as a secondary outcome measure in the Phase 3 program; *Investigational compound and device whose safety and efficacy have not been evaluated or approved by the FDA or any other regulatory authority 35#36ZEAL& ZEALAND PHARMA Rare diseases CHI Three Phase 3 trials form the basis of our NDA submission to the US FDA for dasiglucagon in CHI Trial 17103: Dasiglucagon significantly reduced the requirement for IV glucose in a hospital setting IV Glucose Infusion Rate Trial 17109: Dasiglucagon reduced time in hypoglycemia by ~50% and hypoglycemic events by 37-40% in a homecare setting Hypoglycemia events per week detected by CGM* Part 2: 21-days open- label treatment² Part 1: Placebo control, crossover x 48 hours¹ IV Glucose Infusion Rate (mg/kg/min) 15 10 2505 15.7 p=0.0037 9.4 4.3 0 Baseline Placebo Dasi 10 of 12 patients weaned off IV glucose >12 hours 7 patients weaned off IV glucose without need for pancreatectomy 60 50 Standard of Care (SoC) 40 Dasiglucagon + SoC in all participants Events / week (<70 mg/dl) IN WAS 30 20 10 Dasiglucagon + SoC 0 T T BL 1 2 3 4 5 7 8 Weeks *Primary endpoint comparing rates of hypoglycemia detected by SMPG demonstrated no difference between dasiglucagon and SoC CGM = continuous glucose monitoring; SMPG = self-measured plasma glucose Assessed as generally well tolerated in both trials Skin reactions and gastrointestinal disturbances most frequently reported adverse events 42 of 44 participants continued into long-term extension trial 17106 17103 Phase 3 clinical trial enrolled patients aged 7 days to 12 months, who were newly diagnosed and dependent on IV glucose in hospital setting: https://clinicaltrials.gov/ct2/show/NCT04172441 17109 Phase 3 clinical trial enrolled children aged 3 months to 12 years being treated with standard of care (+/- surgery) with persistent hypoglycemia: https://clinicaltrials.gov/ct2/show/NCT03777176 17106 is an open label long-term safety study that enrolled 17109 and 17103 participants with ongoing positive benefit / risk aged >1 month: https://clinicaltrials.gov/ct2/show/NCT03941236 1 De Leon et al. European Society for Paediatric Endocrinology (ESPE), September 2022; 2 Banerjee et al. ESPE, September 2022; ³Thornton et al. Pediatric Endocrine Society, April 2022 36#37Rare diseases CHI Opportunity to treat up to 800 patients with diffuse CHI at ultra-rare disease price levels in the US Patients eligible for dasiglucagon treatment in the US ZEAL& ZEALAND PHARMA Ultra-rare disease therapy analogues with clear clinical value command premium prices in US5 Annual treatment cost (k$) 700-800 Diffuse CHI patients 1,500 • ~60% of CHI patients are diagnosed with diffuse CHI1 ~45-70 newly diagnosed diffuse CHI patients/year 2,3,4 1,250 Naglazyme All diffuse CHI patients considered eligible for dasiglucagon treatment4 Kanuma 1,000 Procysbi Majority of patients are treated and closely followed by pediatric endocrinologists in few Centers of Excellence4 750 • Elaprase Focal CHI patients 500 400-500 Most focal patients are cured after pancreatic surgery, while few patients will require continued short- or longer-term medical treatment Aldurazyme Ultomiris 250 # of CHI patients 0 500 Diffuse CHI Focal CHI 1Arya et al. Plos One 2014;9:e98054; 2Arnoux JB et al. 2011 Orphanet J Rare Dis;6:63; 3Yau et al. Plos One 2020;15(2):4 Based on KOL interviews (2022); 5 Zealand Pharma Payer & Pricing Research, December 2022 Indications by product: Procysbi (nephropathic cystinosis); Naglazyme (Maratolamy syndrome); Ultomoris (atypical hemolytic uremic syndrome); Kanuma (lysosomal acid lipase deficiency); Luxturna (biallelic RPE65 mutation-associated retinal dystrophy); Elaprase (Hunter syndrome); Aldurazyme (Hurler and Hurler-Scheie forms of Mucopolysaccharidosis I). Luxturna 1,000 1,500 Patient population 37#38Rare diseases SBS Short Bowel Syndrome (SBS) is a rare, chronic and debilitating condition High unmet medical need • SBS is a rare, chronic and debilitating condition resulting in impaired intestinal absorptive capacity 1.2 SBS is associated with significant medical complications including liver and renal failure, metabolic complications, chronic fatigue, and life-threatening infections³ Life-long dependency on parenteral support (PS) • SBS patients experience chronic dependence on complex PS to provide necessary nutrition and fluid intake and balance3 PS management is associated with a significant burden on health care systems and reduction in the patients' and caregivers' quality of life4,5 Need for improved treatment options • More effective and convenient treatments to further reduce PS is needed, with the ultimate goal of enteral autonomy³ ZBAL& ZEALAND PHARMA 1Jeppesen P., Expert Opinion on Orphan Drugs; 1:515-25, 2013; 2 Pironi, L, et al. Definitions of intestinal failure and the short bowel syndrome. Best Practice & Research Clinical Gastroenterology. 30(2), 173-185 (2016); 3 Cueda C et al. ESPEN Practical Guideline: clinical nutrition in chronic intestinal failure. Clin Nutrition 40; 5196-5120 (2021); 4 Belza et al. Stress, Anxiety, Depression and Health-Related Quality of Life in Caregivers of Children with Intestinal Failure on Parenteral Nutrition: A Cross-sectional Survey Study. JPEN J Parenter Enteral Nutr. 2022 Nov 6. doi: 10.1002/jpen.2461; 5 Winkler et al. Clinical, social, and economic impacts of home parenteral nutrition dependence in short bowel syndrome 38#39Rare diseases SBS Glepaglutide has best-in-class potential as a next- generation GLP-2 therapy for patients with SBS . Gattex® (teduglutide): only currently available GLP-2 treatment Effective half-life of 1.3 hours at steady state • 0.05 mg/kg daily subcutaneous dosing via vial and syringe • Multi-step reconstitution process Glepaglutide: ZEAL& a long-acting stable GLP-2 analog* Forms depot at the injection site ZEALAND PHARMA Effective half-life of ~88 hours at steady state1 Expected 10 mg twice-weekly subcutaneous dosing • Ready-to-use auto-injector with needle protection • Regulatory decision (PDUFA) with US FDA in Dec-2024 Vial of GATTEX Alcohol swab pads Diluent syringe (white cap) Needle for reconstitution Figure A Plastic dosing syringe Source: https://www.gattex.com/resources-and-support/ Ande) nyection me 10 mg/0.5 m * Investigational product, not approved for distribution; IP exclusivity: Compound patent 2026 + 5 years PTE; Dosing regime (pending) 2038, Clinical formulation (pending) 2039 1 Agersnap M. et al, 2022, Clin Drug Investigation; 42(12):1093-1100 39#40Rare diseases SBS Glepaglutide significantly reduced weekly PS volume at Week 24 versus placebo in the EASE SBS-1 trial* ZEAL& ZEALAND PHARMA PS volume (I/week) Change from baseline Notes: 0 -1 T BL WI W2 W4 Glepa 10 mg TW (N=35) - Glepa 10 mg OW (N=35) Placebo (N=36) In anatomical subgroup analysis for patients without and with colon-in-continuity, the mean PS volume reduction at week 24 was -5.63 L/week and -4.77 L/week, respectively T W8 W12 Weeks W16 W20 W24 *) Results presented by Palle B. Jeppesen at the ASPEN 2023 Nutrition Science & Practice Conference in April 2023. -2.85 L/week Clinical response was significantly higher with twice weekly glepaglutide compared to placebo (p=0.0243): • 65.7% twice weekly glepaglutide 45.7% once weekly glepaglutide • 38.9% placebo group 9 patients treated with glepaglutide discontinued PS during the trial • • -5.13 L/week p=0.0039 14% (n=5) twice weekly glepaglutide 11% (n=4) once weekly glepaglutide • no patients receiving placebo Glepaglutide appeared to be well-tolerated in the trial • Most frequently reported adverse events were injection site reactions and gastrointestinal events 40 40#41Rare diseases SBS Glepaglutide Phase 3 clinical program focused on potential regulatory approval in 2024 ZBAL& ZEALAND PHARMA Phase 3a pivotal trial Phase 3 extension trials Phase 3b nutritional status EASE 1 NCT03690206 Placebo, once and twice weekly treatment (~24 weeks) EASE 2 Once and twice weekly long-term treatment (~104 weeks) NCT03905707 EASE 3 NCT04881825 Once weekly long-term treatment w/ autoinjector (~104 weeks) EASE 4 Absorption of fluids & energy (~24 weeks) NCT04991311 1 https://clinicaltrials.gov/ct2/show/NCT03690206; 2 https://clinicaltrials.gov/ct2/show/NCT03905707; 3 https://clinicaltrials.gov/ct2/show/NCT04881825; 4 https://clinicaltrials.gov/ct2/show/NCT04991311 41#42Rare diseases SBS Global teduglutide sales of >$700M, with US price of $515k/year and significant room for patient expansion Global Teduglutide Sales 1,2 (USD Millions) Estimated US SBS-IF Patients³ ZEAL& ZEALAND PHARMA US Sales EU/Can Sales Japan & RoW Sales 219 173 102 336 CAGR +16% ~7,500 708 690 Currently 1,500 606 SBS-IF Pediatric patients ~2,500 patients are on 568 Gattex in the US4, ~20% of the total 461 estimated US SBS-IF 571 556 513 488 100 103 74 82 10 34 35 2014 2015 2016 2017 2018 2019 2020 2021 2022 US WAC per treatment year ($k)5 515 patient population SBS-IF Adult patients ~5,000 ~1,500 Addressable SBS- IF population Est. Patient on Gattex® 12014-2018: Carnegie ZEAL research report, 24 February 2020; 2 2019-22: Gattex/Revestive sales data as reported in Takeda SEC filings, following fiscal financial year April to Mar. Converted to USD per Yearly Average Currency Exchange Rates, IRS.gov; 3 SBS Intestinal Failure patient estimates based on Zealand Pharma claims analysis, 2020 and Mundi et al, Characteristics of Chronic Intestinal Failure in the USA Based on Analysis of Claims Data, JPEN in Press 2022. 4 ZP estimate based on US Gattex sales and net price estimate; 5 WAC at end of year, https://app.prospectorx.com/ 42#43Chronic Inflammation ▸ Advance innovative treatments against chronic inflammatory diseases by adding clinical benefits to existing treatments: improved efficacy outcomes, better safety/tolerability or reduced treatment burden Corporate Presentation 33 43 ZEAL & ZEALAND PHARMA#44Inflammation Our pre-clinical pipeline targets chronic inflammatory diseases with significant unmet medical needs Kv1.3 blocker (ZP9830) Targeting a broad set of chronic inflammatory diseases . Complement C3 inhibitor (ZP10068) ZEAL& ZEALAND PHARMA Partnered with Alexion for complement driven diseases 2000- IFN-g [pg/ml] 1500 1000- 500 0 -14 -12 -10 -8 Compound conc [log M] Concentration-dependent inhibition of pro- inflammatory cytokine release (including IFN-g, IL-2 and IL17A) from stimulated human whole blood1 . . In 2023, Zealand has completed activities to support advancing ZP10068 into clinical studies All subsequent regulatory, clinical, and development efforts will be led and conducted by Alexion USD 610 million potential development, regulatory and commercial milestones + high single to low double digits % royalties on net sales 1Data on file. Concentration-dependent effect on pro-inflammatory cytokine release from Thapsigargin stimulated whole blood. 44#45Type 1 Diabetes We aspire to create a paradigm shift in type 1 diabetes management by reaching higher glycemic goals and drive better outcomes and quality of life Corporate Presentation ZEAL & ZEALAND PHARMA 45 45#46T1DM We aim to shift the paradigm in the management of T1D by using dasiglucagon Severe hypoglycemia Z ZEGALOGUE (dasiglucagon) injection 06mg/06 ml autoinjector Exercise-induced hypoglycemia* SAMPLE ZEAL& ZEALAND PHARMA Automated glucose management* ---- ZEGALOGUE (dasiglucagon) injection 0.6 mg/06 m TIS123A Severe hypoglycemia associated with significant morbidity and mortality1 Approved in the U.S. for + pediatric and adult patients with diabetes aged >6 years Partnership with Novo Nordisk for commercialization and further development MAA submitted in June 2023 ॐ Mini-dose pen (investigational device) Physical activity is recommended for individuals living with diabetes² Current recommendations for Einsulin/blood sugar management during exercise are complex² Despite innovation people with diabetes remain at significant risk of EIH Phase 2 IITs completed iLetⓇ bihormonal bionic pancreas (investigational device) Only 20% of people with T1 diabetes achieve glycemic goals³ 90% of subjects on Phase 2 study of BHBP achieved ADA treatment goals4 A staged, phase 3 program to evaluate ~700 adults and children to begin in 2023 * investigational compounds whose safety and efficacy have not been evaluated or approved by the FDA or any other regulatory authority Ready for Phase 3 1 ADA Standards of care. Diabetes Care 2021 Jan; 44 (Supplement 1): S1-S2; 2 Colberg SR et al. Diabetes Care. 2016;39:2065-2079;; 3 Pettus et al., Diabetes Care (2019) 42(12):2220-2227; 4 S. Russell et al. 2020. Conference. Diabetes Technology & Therapeutics. Page A-53; MAA = Marketing Authorisation Application 46#47Additional company information Corporate Presentation ZEAL & ZEALAND PHARMA 47#482023 FY Profit & Loss ZBAL& ZEALAND PHARMA DKK million Revenue 2023 FY 2022 FY 342.8 104.0 Gross profit 323.6 104.0 Research and development expenses -684.9 -614.0 Sales and marketing expenses -30.6 -32.3 General and administrative expenses -185.3 -237.2 Other operating Items 5.0 -57.6 P&L reflecting Zealand's investment in its differentiated assets targeting obesity • Revenue of DKK 343 million is driven by milestones from Boehringer Ingelheim for survodutide and Sanofi for lixisenatide, the agreement with Novo Nordisk for ZegalogueⓇ and proceeds from the agreement with Alexion. • Total operating expenses of DKK 896 million are slightly lower than last year, driven by lower G&A expenses due to cost reduction efforts following the announced restructuring on March 30, 2022, offset by higher R&D expenses. 76% of OPEX allocated to R&D driven by investments in the clinical advancement of the obesity pipeline and progression of the late-stage rare disease assets. • The loss in net financial items relates primarily to the final repayment and termination of the loan agreement with Oberland Capital in May 2023 (DKK 137 million). Net operating expenses -895.8 -941.1 Operating result -572.2 -837.2 2023 FY OPEX composition Net financial items Result before tax Tax -136.6 -134.9 DKKm -708.9 -972.0 185 (20%) -5 (-1%) 5.1 6.4 Research and development Sales and marketing General and administration Other operating items 31 (3%) Net result for the year from continuing operations -703.7 -965.6 Discontinued operations Net result for the year -236.5 -703.7 -1,202.1 685 (76%) 48#492024 financial guidance DKK million 2024 Guidance ZBAL& ZEALAND PHARMA 2023 Actual Revenue anticipated from existing and new license and partnership agreements No guidance 343 due to uncertain size and timing Net operating expenses1 1,100 - 1,200 896 Notes 1. Net operating expenses consist of R&D, S&M, G&A and other operating items Financial guidance based on foreign exchange rates as of February 27, 2024 49 49#50Experienced management team Adam Steensberg Henriette Wennicke David Kendall Christina S. Bredal Ivan M. Møller Chief Executive Officer Finance and Business Development Chief Financial Officer Research & Development Chief Medical Officer People & Organization Chief People Officer Operations Chief Operating Officer ZEAL& ZEALAND PHARMA Ravinder S. Chahil Legal & IP General Counsel UNIVERSITY ING'S College LONDON KING Copenhagen Business School HANDELSHØJSKOLEN UNIVERSITY OF COPENHAGEN IMD DANISHBIO cessa tech novo nordisk Copenhagen Business School HANDELSHØJSKOLEN GN 2000 novo nordisk UNIVERSITY OF MINNESOTA mannkind A American Diabetes Association.Ⓡ Lilly UNIVERSITY OF COPENHAGEN pwc EY DTU HARVARD TAS V NOVARTIS BCG polpharma MN Actavis 50#51ZEAL& ZEALAND PHARMA Significant events and potential catalysts in 2024 NON-EXHAUSTIVE H1 2024 Petrelintide Topline results from 16-week Phase 1b MAD trial Dapiglutide Topline results from Phase 2a investigator-initiated trial DREAM Survodutide¹ Present results from Phase 2 MASH trial at scientific congress Dasiglucagon (CHI) NDA resubmission to US FDA for three weeks of dosing Dasiglucagon (CHI) Submission to US FDA of analyses supporting chronic use Legend: Obesity Rare diseases Inflammation H2 2024 Petrelintide Initiate Phase 2b trial Dapiglutide Topline results from 13-week Phase 1b dose-titration trial Survodutide¹ Enroll Phase 3 SYNCHRONIZE program² Dasiglucagon (CHI) Potential US regulatory approval Glepaglutide (SBS) Potential US regulatory approval ZP9830 (Kv1.3 Ion Channel Blocker) Initiation of first-in-human clinical trials ZP100683 (complement C3 inhibitor) Initiation of first-in-human clinical trials Potential partnership agreements across therapeutics areas Notes: 1) Survodutide is licensed to Boehringer Ingelheim from Zealand Pharma, with Boehringer solely responsible for development and commercialization globally (subject to Zealand's co-promotion rights in the Nordic countries). 2) SYNCHRONIZETM-1 and SYNCHRONIZE™M-2. 3) Licensed to Alexion, responsible for all clinical development. 51#52Strongly focused on delivering on our strategic objectives for 2024 ZBAL& ZEALAND PHARMA Advance obesity portfolio Ensure regulatory progress for rare disease assets >>>> Initiate first-in- human trials with inflammation assets 52 52