Company announcement – No. 40 / 2022 Zealand Pharma grants warrants to employees in Denmark Copenhagen, DK and Boston, MA, September 13, 2022 – Zealand Pharma A/S (“Zealand”) (Nasdaq: ZEAL) (CVR-no. 20 04 50 78), a Copenhagen-based biotechnology company focused on the discovery and development of innovative peptide-based medicines, announces granting of warrants to employees in accordance with Zealand’s Remuneration policy and overall guidelines for incentive pay, as adopted at the annual general meeting held on April 6, 2022. WarrantsZealand has granted 19,796 warrants to employees in Denmark. The warrants are granted under the warrant program covered by the authority pursuant to Section 8.10 of Zealand’s Articles of Association, adopted on Zealand’s general meeting on April 6, 2022. The warrants are part of an incentive scheme reflecting Zealand’s objective to attract and retain first-rate employees and to help ensure shared short- and long-term interests for the management and employees with shareholders of Zealand. The 19,796 warrants give the rights to subscribe for up to 19,796 new Zealand shares with a nominal value of DKK 1 each, corresponding to 0.04% of Zealand’s total outstanding share capital. The exercise price is DKK 141.0, calculated as the closing price of Zealand’s shares on Nasdaq Copenhagen on September 12, 2022. The 19,796 warrants granted will vest at the three-year anniversary of the grant date, and the exercise of the warrants may take place, in whole or in part after the three-year period, in defined time windows from September 13, 2025, up to and including September 13, 2032. The exercise time windows for all granted warrants are defined as four times a year during a four-week window following the time of publication of either the Zealand’s annual report or quarterly or semi-annual reports (three, six and nine months respectively). The total new warrants granted have a combined market value of DKK 1.4 million calculated on the basis of the Black–Scholes model. The cost of the warrants issued is DKK 70.72. The Black-Scholes parameters used are a historic volatility of 49.2%, a risk-free interest rate of 1.88% and a share price of DKK 141.0. # # # About Zealand Pharma A/S Zealand Pharma A/S (Nasdaq: ZEAL) (“Zealand”) is a biotechnology company focused on the discovery and development of peptide-based medicines. More than 10 drug candidates invented by Zealand have advanced into clinical development, of which two have reached the market and three candidates are in late-stage development. In addition, license collaborations with Boehringer Ingelheim and AstraZeneca create opportunities for more patients to potentially benefit from Zealand-invented peptide investigational agents currently in development.Zealand was founded in 1998 and is headquartered in Copenhagen, Denmark, with a presence in the U.S. that includes Boston. For more information about Zealand’s business and activities, please visit www.zealandpharma.com. Forward-Looking StatementThe above information contains forward-looking statements that provide Zealand Pharma’s expectations or forecasts of future events, including forward-looking statements about the termination of the Company’s ADR program. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. All such forward-looking statements speak only as of the date of this release and are based on information available to Zealand Pharma as of the date of this release. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly. Contact: Anna Krassowska, PhDVice President, Investor Relations & Corporate CommunicationsZealand PharmaEmail: ank@zealandpharma.comDavid Rosen (U.S. Media)Argot PartnersEmail: media@zealandpharma.com