Company announcement No. 13 / 2026

Zealand Pharma initiates USD 200 million / DKK 1.3 billion share buy-back program

• Robust cash position of USD 2.3 billion (DKK 14.5 billion) as of March 31, 2026
• Financial strength to be further enhanced by significant milestone payments of USD 700 million from Roche in 2026
• Continuing to invest significantly in research capabilities to build a leading metabolic health pipeline and execute on Metabolic Frontier 2030 strategy

Copenhagen, Denmark, May 7, 2026 – Zealand Pharma A/S ("the Company" or “Zealand Pharma”) (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company transforming the future of metabolic health, today announces that it has decided to initiate a share buy-back program (the “Program”), under which the Company will buy back own shares for a maximum total consideration of DKK 1.3 billion  and a maximum of 7,152,557 shares. The Program will run from May 7, 2026, up to and including October 31, 2026, unless it is terminated or suspended earlier by the Company. Danske Bank will act as lead manager and, at its discretion, may complete the Program prior to the end of the stated period. The Program will be implemented in accordance with Regulation (EU) No 596/2014 (the Market Abuse Regulation, “MAR”) and Commission Delegated Regulation (EU) 2016/1052 (the “Safe Harbour Regulation”).

“Zealand Pharma’s strong balance sheet enables us to execute on our key strategic priorities – maximize the value of petrelintide, accelerate and strengthen our research engine, and leverage external innovation to enhance R&D capabilities, while preserving ample room for returning capital to shareholders”, said Henriette Wennicke, Executive Vice President, Chief Financial Officer.  “Our strong financial position and outlook, driven by positive developments for our leading obesity programs, provide us with the flexibility to execute on all of these objectives.”

In 2026, Zealand Pharma expects to receive milestone payments of USD 700 million from Roche, including USD 575 million linked to the initiation of Phase 3 trials with petrelintide monotherapy, expected in the second half of 2026, and an anniversary payment of USD 125 million in Q2 2026.

Purpose and key terms
The Program will be based on the prevailing authorization granted to the Board of Directors by the Annual General Meeting in March 2026 to acquire treasury shares.  Under this authorization, the Company may repurchase shares in the market, provided that the Company’s aggregate holdings of treasury shares do not at any time exceed a total nominal value of 10% of the Company’s share capital. Furthermore, pursuant to the authorization, the acquisition price for such treasury shares may not deviate by more than 10% from the quoted price of the Company’s shares on Nasdaq Copenhagen at the time of acquisition.

The purpose of the Program is to (i) meet obligations arising from the Company’s share-based incentive programs and (ii) reduce the share capital (potentially through subsequent cancellation of shares repurchased, subject to any necessary additional corporate resolutions), as applicable.
The Program will be implemented in accordance with MAR and the “Safe Harbour Regulation and be subject to the limitations under the key terms of the Program below.

The Company has appointed Danske Bank as lead manager for the Program. Danske Bank will make its own trading decisions independently of, and without influence from, the Company, within the terms of the Program as announced below and in accordance with applicable regulation.

Key terms of the Program
The Program will commence on May 7, 2026 and be completed no later than October 31, 2026 unless it is terminated or suspended earlier by the Company. Further, Danske Bank may, at its discretion, complete the Program prior to the end of the stated period.

The Program will be implemented under the following framework:

• The maximum total consideration for shares bought back under the Program is DKK 1.3 billion.
• The maximum number of shares that may be acquired under the Program is 7,152,557.
• Purchases will be carried out on Nasdaq Copenhagen.
• Shares may not be purchased at a price exceeding the higher of: (i) the price of the last independent transaction on the trading venue where the purchase is carried out and (ii) the highest current independent bid on that trading venue at the time of purchase. The shares may not be acquired at a price deviating more than 10% from the price quoted on Nasdaq Copenhagen A/S at the time of acquisition.
• The maximum number of shares that may be bought on any single trading day will not exceed 25% of the average daily trading volume of the Company’s shares on the relevant trading venue, based on the average daily volume during the preceding 20 trading days.
• The Company may suspend or terminate the Program at any time. Any such decision will be disclosed in a company announcement.
• On a weekly basis, the Company will issue a company announcement in respect of transactions made under the Program (in accordance with applicable requirements)

About Zealand Pharma
Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on advancing medicines for obesity and metabolic health. Combining more than 25 years of peptide R&D expertise with a proprietary data platform that leverages advanced data driven and AI/ML approaches, Zealand Pharma aims to lead a new era in obesity and metabolic health. To date, more than 10 Zealand Pharma invented drug candidates have entered clinical development, of which two products have reached the market and three candidates are in late-stage development. The Company has collaborations with global pharmaceutical and biotechnology partners for research, development, and commercialization. Founded in 1998, Zealand Pharma is headquartered in Copenhagen, Denmark, with a U.S. presence in Boston, Massachusetts. Learn more at www.zealandpharma.com.

Contacts
Eric Rojas (Investors)
Vice President, Head of Investor Relations
Zealand Pharma
Email: erojas@zealandpharma.com

Adam Lange (Investors)
Vice President, Investor Relations
Zealand Pharma
Email: alange@zealandpharma.com

Neshat Ahmadi (Investors)
Investor Relations Manager
Zealand Pharma
Email: neahmadi@zealandpharma.com

Rachel James-Owens (Media)
Vice President, Corporate Communications and Media Relations
Zealand Pharma
Email: rjamesowens@zealandpharma.com

Andreas Hylleberg Mølleskov (Media) 
Director, External Communications
Zealand Pharma
Email: ahylleberg@zealandpharma.com