Risk of Clinical Trial Setbacks: The success of Zealand Pharma's product pipeline, particularly glepaglutide for short bowel syndrome, is highly dependent on the successful completion of ongoing clinical trials. Failure to demonstrate efficacy or safety, or significant delays in trials, could severely impact future revenue and stock performance.

Uncertainty of Regulatory Approval: Even if clinical trials are successful, there is no guarantee that regulatory authorities (like the FDA or EMA) will grant approval for new drug candidates or new indications. Delays or outright rejections can be costly and halt commercialization efforts.

Challenges in Product Commercialization: While Dasiglucagon (Zegalogue) is approved, achieving broad market acceptance, significant sales, and favorable reimbursement for this and future products like glepaglutide is uncertain. Competition, physician adoption, and payer policies can limit commercial success.