ZEALAND PHARMA

ZEALAND GROWING THE BUSINESS WITH 2015 AS A CATALYST YEAR

US Roadshow

June 2015

DISCLAIMER

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This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Zealand Pharma A/S “Zealand” in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Zealand believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors many of which are beyond Zealand's control.

This presentation does not imply that Zealand has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided.

Pioneering leaders in the design and development of novel peptide

medicines

First medicine on the market, Lyxumia®

Broad pipeline with several others in development

3-pronged strategy: Build on peptide

expertise, grow the proprietary pipeline,

leverage through partnering

Solid financial position:

Cash of DKK 524 / EUR 70.2 million

(end Q1’ 15)

ZEALAND AT A GLANCE

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Agile and dynamic R&D organisation

with a patient-centric focus on

innovation

ZEALAND PEPTIDE EXPERTISE SPANS THE R&D VALUE CHAIN

Identification:

~6,800 synthesized Zealand peptides

Design:

~1,250 active patents, 311 issued patents

Clinical trials:

10 Zealand peptides advanced into the clinic

DISCOVERY CLINICAL D DISCOVERY PRECLINICAL CLINICAL DEVELOPMENT

Peptide medicine is a growing class with unexplored potential:

● Peptides regulate important physiological functions

● Peptides have high biologic specificity and selectivity

● Advantageous efficacy and safety characteristics

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DANEGAPTIDE Myocardial ischemic reperfusion injury

ZP4207 - GLUCAGON RESCUE PEN Acute, severe hypoglycemia

ZP4207 - GLUCAGON MULTIPLE-DOSE USE - Mild to moderate hypoglycemia

ZP2929 Diabetes/obesity

OWNERSHIP COMPOUND / INDICATION PRECLINICAL PHASE I PHASE II PHASE III REG. MARKETED

LYXUMIA® (LIXISENATIDE) - ex-US Type 2 diabetes

LYXUMIA® (LIXISENATIDE) - US Type 2 diabetes

LYXUMIA®/LANTUS® combination (LixiLan) Type 2 diabetes

ELSIGLUTIDE Chemotherapy induced diarrhea

PARTNERED PORTFOLIO AND PROPRIETARY PIPELINE

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Glucagon/GLP-1 dual agonists − diabetes/obesity

Undisclosed target −Cardio-metabolic area

Several peptide projects and indications

Portfolio of outlicensed products and partnered programs

Proprietary pipeline

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OUTLICENSED PRODUCTS AND PARTNERED PROGRAMS: LYXUMIA® (SANOFI) LIXILAN (SANOFI) ELSIGLUTIDE (HELSINN) TWO PRECLINICAL PROGRAMS (BOEHRINGER INGELHEIM)

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LYXUMIA®: FIRST ZEALAND PRODUCT ON THE MARKET

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First and only once-daily short acting GLP-1 agonist

● Significant HbA1c lowering ● Beneficial effect on body weight ● Pronounced effect on gastric emptying ● Pronounced lowering of post-prandial glucose

(PPG)

Lyxumia® (lixisenatide) for Type 2 Diabetes

GLP-1 receptor agonist invented by Zealand

Developed and marketed by Sanofi under global license agreement

THE GLP-1 MARKET CONTINUES TO GROW WITH BIGGEST POTENTIAL IN THE US

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73% 22%

3% 2%

Japan / Korea China

Value of total GLP-1 market in 2014: USD ~2.5 billion

GLP-1 market volume growth of 10% in 2014 America

Europe

GLP-1 class make up ~7% of the total diabetes market

GLP-1 market estimated to exceed USD 7 billion by 2020 – CAGR of 19%

Source: IMS data and market reports

Geographical mix

LYXUMIA® - STATUS AND OUTLOOK

Regulatory:

● Approved in over 50 countries worldwide (ex-US)

● US NDA submission by Sanofi planned for Q3 2015

Commercial: ● Launched by Sanofi in over 35 countries

● Additional launches planned in 2015

Revenue:

● Lyxumia® sales in 2014 of EUR 27 million (+214%)

● Zealand royalty revenue in 2014 of DKK 20 / EUR 3 million

● Q1 2015 royalty revenue DKK 6.3 / 0.8 mio. (+67%)

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ELIXA CV OUTCOME TRIAL : TOP-LINE RESULTS SUPPORT LIXISENATIDE NDA FILING

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ELIXA: Lixisenatide (Lyxumia®) cardio-vascular safety outcome study

Top-line results (March 2015) show: No additional cardiovascular risk related to treatment with lixisenatide

• First CV outcome trial for a GLP-1 receptor agonist to report • Substantial data set from +6,000 high-risk patients • Detailed results to be presented at ADA on 8 June 2015

Evaluate the cardio-vascular safety of lixisenatide compared to placebo in a high-risk adult population with Type 2 diabetes, who recently experienced an acute coronary syndrome event.

Results supports Sanofi’s planned re-submission of lixisenatide in the US in Q3 2015

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Results from Phase IIB trial in 323 Type 2 diabetes patients insufficiently controlled on insulin:

• HbA1c lowering to 6.3%

• Weight loss (1.2 kg)

• No additional hypos compared to Lantus®

• Less frequent nausea and vomiting compared to what has been reported for the GLP-1 Rapid Acting class

LIXILAN - ONCE DAILY INJECTION LYXUMIA® /LANTUS® COMBINATION PRODUCT

LYXUMIA® IS AN IDEAL PARTNER TO BASAL INSULIN

Insulin treatment

alone

Insulin + GLP-1

treatment

Treatment effects on fasting and post-prandial

glucose

Blood glucose treated

Blood glucose untreated

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LixiLan-O: Study in patients insufficiently controlled on oral anti-diabetic medication (OAD): ~1,150 patients

LIXILAN - PHASE III RESULTS EXPECTED IN Q3 2015

Potential positioning:

~5.5 mio patients not at target on

OAD*

~4 mio

patients uncontrolled

on basal therapy*

First injectable after OAD failure in Type 2 diabetes

LIXILAN Phase III program:

* Source: 2017 projections based on international model from Adelphi. Number of patients in the US

LixiLan-L: Study evaluates the effect of LixiLan compared to treatment with Lantus® alone: ~700 patients

Conversion of patients not at target on basal therapy

Sanofi has announced planned regulatory submission of LixiLan in Q4 2015 in the US and in Q1 2016 in Europe

SANOFI COLLABORATION - TERMS

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● Sanofi has global development and commercial rights

● All financing covered by Sanofi

● Milestones to Zealand1) : Up to USD 275 million in total, of which USD 160 million is outstanding

● Royalties on global sales1):

Tiered, low double-digit percentages for Lyxumia® (lixisenatide) AND fixed low double-digit on full net sales of any lixisenatide combination product 1) Zealand pays 13% of its revenue on lixisenatide to Alkermes (formerly owned by Elan) and 0.5% to SIP® technology inventor

Global license agreement on lixisenatide (Lyxumia®) and any lixisenatide combination product

ELSIGLUTIDE A NOVEL GLP-2 AGONIST – ADDRESSING MAJOR NEED IN CANCER THERAPY

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Chemotherapy Induced Diarrhea (CID)

No effective treatments available today

** Source: Stein, Voigt and Jordan, Ther. Adv. Med. Oncol. (2010)

• A serious challenge in cancer therapy, mainly related to 5-FU based chemotherapy regimens*

• 5-FU based chemotheraphy regimens can result up to 50-80% of patients developing CID**

• CID leads to:

dehydration, hospitalization, markedly reduced quality of life, and sub-optimal cancer treatment

* The 5-FU regiment is standard first line chemotherapy in colorectal cancer

ELSIGLUTIDE - A NOVEL GLP-2 AGONIST IN PHASE IIB

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Global rights licensed to Helsinn, a leading company in cancer supportive care:

• Evaluates elsiglutide in 600 colorectal cancer patients on 5-FU chemo regiments • Includes exploratory arm with 120 patients treated also with a marketed

monoclonal antibody • Results from Phase II expected in H1 2016

• Up to DKK 1,040 / EUR 140 million in milestones (DKK 119 / EUR 16 million received) • High single digit percentage of global sales

Global Phase IIb trial initiated by Helsinn in February 2015

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TWO RESEARCH AND DEVELOPMENT COLLABORATIONS WITH BOEHRINGER INGELHEIM (BI)

BI has global rights to novel peptide therapeutics (Zealand retains co-promotion rights in Scandinavia)

Glucagon/GLP-1 dual agonists (GGDAs) for Type 2 diabetes/obesity (June 2011)

• Up to EUR 376 million (EUR 365 million remaining) AND

• Additional payments if other glucagon /GLP-1 dual agonists advances

Tiered high single to low double digit percentages

Novel peptide therapeutics for cardio-metabolic diseases (July 2014)

Up to 4.5 years of joint identification, characterisation and PC preparation BI has global rights to novel peptide therapeutics (Zealand retains co-promotion rights in Scandinavia)

• Up to EUR 295 million in total for lead peptide candidate AND

• Additional potential payments if other peptides advances

Tiered percentages on all products marketed under the agreement

Agreement:

Milestone payments:

Royalties on global sales

NOTE: BI covers all financing

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ZEALAND’S PIPELINE OF PROPRIETARY PRODUCTS: DANEGAPTIDE GLUCAGON RESCUE PEN (ZP4207) GLUCAGON – MULTIPLE DOSE (ZP4207) ZP2929

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DANEGAPTIDE FOR CARDIAC REPERFUSION INJURIES

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Treatment of AMI today:

● PCI (Percutaneous Coronary Intervention) procedures, incl balloon dilatation, to effectively restore blood flow

• 80% of AMI patients undergo timely PCI procedures

• Overall survival up from 40% to over 90%

Today’s therapeutic challenge:

• Several AMI patients have impaired cardiac function due to tissue damage

• Patients with severe AMI (STEMI) have an elevated risk of a second cardiac event

• Trial results for PCI treated STEMI patients: 12-15 months’ mortality rate of 3-5%

Reperfusion injuries results from Acute Myocardial Infarction (AMI)

DANEGAPTIDE - FOR PREVENTION OF ISCHEMIC REPERFUSION INJURIES

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Danegaptide - A novel peptide therapeutic, invented and wholly-owned by Zealand

● Shown to prevent tissue damage and to reduce infarct size in disease models of myocardial reperfusion injuries (pigs and dogs)

● Shown a very good safety and tolerability profile, with evidence from Phase I clinical program with 153 subjects

First ever medicine to protect heart tissue against ischemic reperfusion injuries (IRI)

1st objective: Improve treatment outcome and QoL for AMI patients after PCI

2nd objective: Protect other organs against IRI (acute kidney failure/organ transplants)

Target product profile

It is about what life you survive to

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DANEGAPTIDE - EVALUATED IN A PHASE II POC TRIAL BY ZEALAND

Trial design: • Single-center, double-blind, randomized,

placebo-controlled • Enrolment: Up to 600 patients with severe

AMI (STEMI), who will receive treatment with high or low dose danegaptide or placebo

Phase II trial conducted with world-leading cardiac center at Rigshospitalet:

600 STEMI Patients < 12 hours

200 + 200 Danegaptide 200 Placebo

Primary PCI

Intention to treat analysis group (TIMI flow 0-1)

70 +70 Danegaptide 70 Placebo

Primary endpoint: MSI* by cMRI day 1 & 90

* MSI: Myocardial Salvage Index

• ~85% (>510 patients) of the enrolment target has been met • Trial on track towards expected completion in Q4 2015 • Study results expected available in early 2016

GLUCAGON RESCUE PEN (ZP4207) FOR ACUTE, SEVERE HYPOGLYCEMIA

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• 282.000 annual visits to the emergency room by US diabetic adults due to an acute hypoglycemia event*

• ADA and EASD recommend all patients on insulin therapy to carry a glucagon hypoglycemia rescue kit at all times

Type 1 Diabetes patients

WW: 17 million US: 3 million

Type 2 diabetes patients on

insulin WW: ~25 million

US: 6 million

Hypoglycemia - untapped market potential:

* Source: Data from 2011, ADA, Center for Disease Control and Prevention 2011

• Annual sales of current glucagon

products: USD 300 million • Estimated 5% penetration

• Sub-optimal product offerings

Hypoglycemia events – The no. 1 fear for diabetes patients

• One pen ready to use

• One click

• Vial with powder and a syringe • Multiple steps required before

injection • Difficult for non-professionals to

use

Ready-to–use rescue pen with liquid glucagon formulation

ZP4207 – NOVEL STABLE GLUCAGON PRODUCT

Current medication

Lilly

Novo Nordisk

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Future medication

Wholly-owned by Zealand with patent protection until 2033 + PTE

Patients rescued immediately are less often hospitalized and has less complications

ZP4207 GLUCAGON RESCUE PEN – TWO PARTS PHASE I CLINICAL TRIAL ONGOING

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Part I: Completed Part II: Completed Enrolment: 64 healthy volunteers 20 patients with Type 1 diabetes

ZP4207 is a novel analogue to human glucagon, invented and wholly-owned by Zealand with unique stability and solubility • Phase I initiated by Zealand in November 2014 with a highly

specialized diabetes center in Germany • Results from the Phase I study expected Q2 2015

Single-ascending doses of ZP4207 or glucagon

Evaluate safety and tolerability (PE) and various PK-PD measurements of ZP4207 compared to native glucagon

Treatment:

Objective:

Select single dosing of ZP4207 in cross over design with glucagon as comparator

Evaluate PK-PD measures of ZP4207 and its effect to increase blood glucose levels after insulin induced hypoglycemia

ZP4207 MULTI-DOSE USE – TWO PRODUCT ROUTES

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Treatment of mild to moderate hypoglycemia

• May also serve as rescue pen for severe hypoglycemia

Dual-hormone (insulin – glucagon) integrated with glucose sensor:

Multiple dose pen Artificial pancreas

ZP4207 MULTIPLE-DOSE VERSION IN PHASE I SUPPORTED BY HELMSLEY GRANT

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Phase I trial design

Enrolment: 24 healthy volunteers

• Treatment of mild to moderate hypoglycemia • Eligible for use as essential component in an artificial

pancreas (dual-hormone pump system) • Initial clinical and preclinical activities supported by USD

1.8 million grant from the Helmsley Charitable Trust

Three cohorts of different daily doses of ZP4207, each over 5 days.

• Primarily evaluate safety and tolerability after multiple dosing • Secondary endpoints will measure the pharmacokinetics and

pharmacodynamics (blood sugar levels) after multiple dosing

Treatment:

Objective:

Trial conducted at a highly specialized diabetes center in Germany

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NEWS OUTLOOK

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2015 EVENT OUTLOOK: PARTNERED PORTFOLIO

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Lyxumia® for Type 2 diabetes - Marketed globally ex-US in license collaboration with Sanofi: Q2: Results from ELIXA cardiovascular study - REALIZED Q2: Full results from the ELIXA CVOT and the Get Goal Duo-2 presented at ADA Q3: Regulatory submission in the US Q2-Q4: Quarterly reports on royalty revenue from Sanofi’s sales and commercial status

LixiLan (fixed-ratio combination of Lyxumia ® and Lantus ®) for Type 2 diabetes - Phase III - in license collaboration with Sanofi: Q3: Study completion and results from Phase III (Lixilan-O and Lixilan-L) Q4: Regulatory submission in the US Q1-16: Regulatory submission in EU

2015 EVENT OUTLOOK: PARTNERED PORTFOLIO

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Elsiglutide for chemotherapy-induced diarrhea – Phase IIb development - partnership with Helsinn:

Q1: First patients dosed in Phase IIb study - REALIZED Q1-16: Complete enrolment of patients in observational multiplecenter study

Boehringer Ingelheim glucagon/GLP-1 dual agonist Q4: Advancement of new lead candidate towards clinical development

Boehringer Ingelheim second collaboration Q4: Start of preclinical development and related milestones to Zealand

2015 EVENT OUTLOOK: PROPRIETARY PIPELINE

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Danegaptide for cardiac reperfusion injuries ─ In Phase II development Q4: Completion of Phase II P-o-C study (600 patients) Q1’16: Phase II results

ZP4207 rescue pen for severe diabetes hypoglycemia ─ In Phase I development Q2: Initiation of part 2 of Phase I trial - REALIZED Q2: Trial completion and results from full clinical Phase I trial ZP4207 multi-dose version for mild to moderate hypoglycemia in diabetes ─ In Phase I development Q2: Phase I multiple-dose clinical trial initiated – first subjects dosed - REALIZED H2: Completion and results from clinical Phase I trial

Proprietary pipeline expansion Q2: Presentation of data on novel Zealand invented therapeutic peptides at ADA Q3-Q4: Advancement of new clinical assets

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FINANCIALS AND SHARE INFO

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FINANCIAL HIGHLIGHTS

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INCOME STATEMENT (DKK '000) 2015 2014 2014 Q1 Q1 Full year

Revenue (milestones and Lyxumia royalty) 6,339 84,997 153,773 Royalty expenses -854 -11,474 -13,776 Gross profit 5,485 73, 523 139,997

Research and development expenses -51,796 -36,926 -180,036 Administrative expenses -7,490 -7,989 -39,826 Other operating income 4,288 0 6,328 Operating result -49,513 28,608 -73,537

Financial net -6,035 242 1,047

Tax 0 0 7,500 Net result for the period (after tax) -55,548

28,850

-64,990

HIGHLIGHTS – Q1 2015

● Royalty revenue: DKK 6.3 / EUR 0.8 million ● Net operating expenses: DKK 55.0/ EUR 7.4

million ● Net result: DKK -55.5/ EUR -7.4 million

CASH AND SECURITIES

● DKK 524.0 /EUR 70.2 million

FINANCIAL GUIDANCE FOR 2015

REVENUE EXPECTATIONS

• Growing royalty payments from Sanofi on global sales of Lyxumia® in 2015

Specific guidance on the level of royalty payments cannot be provided as Sanofi has given no guidance on 2015 sales

• Additional potential revenue from partner milestone payments of up to DKK 140 / EUR 19 million

OPERATING EXPENSES

• Net operating expenses for 2015 are expected at a range of DKK 225-235 / EUR 30-32 million

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SHARE & OWNERSHIP INFORMATION

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Listed (Nov’ 10) on NASDAQ Copenhagen: ZEAL Total no. of issued shares: 23.4m No. of shares outstanding (ex. treasury): 22.8m

Share price (1 June 2015): DKK 106 Market Cap (1 June 2015): DKK 2.5bn/ EUR 332m Cash and equivalents (end Q1’15): DKK 524m/ EUR 70m

> 10% ownership:

Sunstone BI & LS Venture Funds, DK

LD Pensions, DK