ZEALAND PHARMA — Diverging Analyst Views Post-LLY Amylin Data (Nov 2025)
BNP Paribas Exane – Bullish (Outperform, TP DKK 905, +90%)
- Sees Lilly’s mixed eloralintide results as positive for Zealand.
- High fatigue/headache rates at LLY strengthen petrelintide’s differentiation on safety.
- Upcoming catalysts: Petrelintide Ph2 (Q1 ’26), Survodutide Ph3 (mid-’26).
- View: clear path for ZEAL to stand out; risk/reward skewed positive.
Jefferies – Cautious/Neutral
- Says ZEAL is in a tough spot until Petrelintide data readout in H1 ’26.
- Acknowledges LLY’s dose-escalation looks solid and portfolio power “off the charts.”
- Zealand’s best chance: hope LLY’s Ph3 doesn’t outperform, and deliver data that look statistically stronger or cleaner (~20 % weight loss).
- Tone: Wait-and-see; limited upside near term.
J.P. Morgan – Bearish/Defensive
- Notes LLY’s 16–20 % weight loss and good tolerability (headache/depression ≈ placebo, vomiting lower than GLP-1s).
- Warns no positive read-across to Petrelintide, which also targets the calcitonin receptor—tolerability could be worse.
- LLY clearly ahead; Zealand’s data not expected until Q1 ’26.
- View: Short-term negative; ZEAL overshadowed by LLY’s strong profile.
Consensus Snapshot:
| Bank | Stance | Key Message |
| BNP Paribas Exane | Bullish | Lilly’s AEs create differentiation upside for Petrelintide. |
| Jefferies | Neutral | Needs strong 2026 data to re-rate; LLY dominance weighs. |
| J.P. Morgan | Bearish | LLY’s clean data limit read-across; Petrelintide may face tolerability risk. |
Bottom Line:
Street sentiment is split — Exane views ZEAL as a buy on differentiation potential, while Jefferies and JPM prefer to stay cautious until Phase 2 Petrelintide data in H1 2026 clarify the competitive picture.
Street sentiment is split — Exane views ZEAL as a buy on differentiation potential, while Jefferies and JPM prefer to stay cautious until Phase 2 Petrelintide data in H1 2026 clarify the competitive picture.