Zealand Pharma and partner Roche reported Phase II results for petrelintide showing mean weight loss of about 10.7% at 42 weeks versus 1.7% for placebo — a tolerable safety profile but efficacy below investor expectations that anticipated mid‑teens decline. Investors drove Zealand’s shares sharply lower on the news. The companies characterized tolerability as ‘placebo‑like’ and framed the data as supportive for a Phase III program, but analysts warned the drug may struggle to differentiate in a crowded obesity market dominated by higher‑efficacy rivals. The readout highlights the industry’s narrow margin for success in anti‑obesity therapeutics and the commercial pressure to match leading GLP‑1 and next‑generation agents.