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3、page 5.European Pharmaceuticals&Life SciencesFeedback from Weighing in onGLP-1 call:Entering thecombination therapy(and theamylin)eraThe central theme at ADA 2025 was the rise of combinationtherapies:our KOL is bullish on CagriSema and MariTide,alsoseeing orforglipron as a game changer.Our KOL highl

4、ightedhigh potential of amylin-based combo therapy,and notedamylin monotherapy could fit in 10%of obesity patients.We hosted a call with a UK-based KOL to discuss his current treatment practice and obesitymarket trending,key takeaways from the ADA 2025 conference(CagriSema,orforglipron,MariTide,etc)

5、,opinions on the amylin class following our recent initiation on ZealandPharma(see:Zealand Pharma A/S:Initiate at OW:Attractive entry point;long-term upside intact(07/07/25),and expectation on tirzepatide SURPASS-COVT.Our KOL noted the demand forobesity drugs(i.e.,tirzepatide in his practice to whic

6、h hes transferred all patients fromsemaglutide)continues to rise in the UK(we note it is primarily a cash-pay market).The KOLcharacterized the ADA 2025 conference as an obesity congress,highlighting that the centraltheme is the rise of combination therapies to push beyond current efficacy benchmarks