Phase 2 data for petrelintide, Roche‑partnered and developed by Zealand Pharma, showed mean placebo‑corrected weight loss of about 9% (10.7% absolute) at 42 weeks—below analyst expectations and well short of recent benchmarks set by Eli Lilly’s rival candidates. Investors sold Zealand stock sharply after the readout, signaling skepticism about the drug’s commercial differentiation in a crowded obesity market. Zealand highlighted a favorable tolerability profile and said the data support moving into Phase 3 later this year; analysts cautioned that modest efficacy versus frontline competitors could compress the drug’s market potential despite good safety. The mid‑stage results rekindle questions about dose ceilings for amylin analogs and their ability to match the efficacy of next‑generation GLP‑1 and dual‑agonist programs. From a clinical perspective, petrelintide’s safety may ease Phase 3 development, but payors and prescribers will weigh efficacy gaps and tolerability in a hypercompetitive segment where incremental advantages drive uptake.