Roche and Zealand Pharma reported Phase 2 ZUPREME‑1 results for amylin analogue petrelintide showing roughly 10.7% mean weight loss versus 1.7% for placebo — below investor expectations for a mid‑teens placebo‑adjusted outcome. Zealand’s shares plunged after the announcement and analysts questioned the drug’s differentiation in a crowded obesity market dominated by higher‑efficacy GLP‑1 candidates. Zealand maintained that safety and tolerability were encouraging and signalled plans for a Phase 3 program. The readout sharpens competitive dynamics among peptide-based obesity contenders and may reshape partner and investor interest in amylin analogues.