Roche‑partnered petrelintide produced up to 10.7% mean weight loss at 42 weeks in a Phase II study but missed investor expectations for placebo‑corrected efficacy and was judged inferior in magnitude to Eli Lilly’s leading candidate. Zealand’s stock plunged after the readout; analysts said tolerability looked strong but the efficacy gap reduces petrelintide’s commercial case in an intensely competitive obesity market. Company statements framed the results as adequate to advance to Phase III for certain doses while investors questioned the drug’s ability to differentiate from higher‑efficacy GLP‑1 and combination rivals.