Corporate Presentation

Rare 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

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