Zealand Pharma reported H1 2026 revenue of DKK 4,525 million, operating profit of DKK 3,321 million and profit for the period of DKK 3,524 million, while maintaining full-year 2026 guidance of DKK 4.5 billion in collaboration revenue and DKK 2.7-3.3 billion in operating expenses excluding other operating items. The company said petrelintide will enter Phase 3 registrational trials in H2 2026 after Phase 2 data showed double-digit weight loss and tolerability largely comparable to placebo in people with overweight or obesity. Zealand also disclosed a USD 100 million royalty monetization agreement with Royalty Pharma tied to rusfertide, under which Royalty Pharma receives a 1% royalty on potential future global net sales plus milestone-linked economics, while Zealand receives USD 50 million at closing and USD 50 million on the first anniversary; above USD 1.5 billion in annual global net sales, Zealand retains a 0.25% royalty and Royalty Pharma receives 0.75%. The U.S. FDA has set a PDUFA goal date in the third quarter of 2026 for rusfertide's New Drug Application, and Takeda Pharmaceutical is responsible for global commercialization.