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Can Viking Therapeutics Carve Out a Place in the Obesity Market?
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Key Takeaways
Viking launched phase III trials of oral VK2735 after phase II showed up to 12.2% mean weight loss.
VKTX completed enrolment in two phase III studies of injectable VK2735 and is testing oral maintenance.
Viking advances VK3019 as Lilly and Novo Nordisk develop competing obesity treatments.
Viking Therapeutics (VKTX - Free Report) is taking another step toward expanding its presence in the obesity space. The company recently initiated phase III development of the oral formulation of VK2735, its lead obesity candidate, marking an important milestone in its efforts to advance the treatment.
The phase III program, dubbed SUNRISE, comprises two studies evaluating oral VK2735 in adults who are overweight or obese, both with and without type II diabetes (T2D). The decision to advance oral VK2735 is supported by results from the phase II VENTURE-Oral study, which showed that participants who received the highest dose achieved mean weight loss of up to 12.2% compared with 1.3% in the placebo group.
In addition to the oral formulation, Viking is developing a subcutaneous (SC) version of VK2735, administered by injection. This version is also being evaluated across two phase III studies in adults with obesity or overweight, with and without T2D. The company has already completed enrolment in both studies.
The market opportunity is substantial. Per research conducted by Goldman Sachs, global sales of obesity drugs are projected to reach $114 billion by 2030, with oral medications expected to account for 40% of the market. Even a modest share of this projected market could represent a significant growth opportunity for Viking, provided VK2735 demonstrates competitive efficacy and safety and secures regulatory approval.
Viking Explores Opportunities Beyond Weight Loss
Beyond developing oral and injectable formulations of VK2735, Viking is also exploring strategies to support long-term weight maintenance. In September, Viking reported encouraging results from the first part of its VK2735 maintenance study, which showed that participants preserved most of their weight loss from the induction phase even when dosing frequency was materially reduced. Data showed that while participants who moved to every-other-week dosing maintained an average of 90% of their earlier weight loss, those who switched to monthly dosing maintained an average of 85%.
Viking is also broadening its obesity pipeline beyond VK2735. In June, the company initiated a phase I study of VK3019, an investigational dual amylin and calcitonin receptor agonist. Management believes therapies targeting these receptors could be used alone or in combination with GLP-1 or dual GLP-1/GIP agonists to improve weight-loss induction and support longer-term weight management.
Together, these initiatives broaden Viking's approach to obesity treatment, spanning weight-loss induction, long-term maintenance and additional therapeutic targets. However, whether this broader pipeline can help the company carve out a meaningful position will depend on how VK2735 and its other candidates compare with established treatments and emerging therapies.
Intensifying Competition in the Obesity Space
Viking faces stiff competition from established players Eli Lilly (LLY - Free Report) and Novo Nordisk (NVO - Free Report) . Both companies are already marketing oral and injectable obesity treatments. Lilly markets the injectable Zepbound and oral Foundayo, while NVO markets injectable Wegovy and its oral Wegovy pill.
Strong sales at Lilly and continued demand for Novo Nordisk's obesity treatments underscore the scale of the commercial opportunity. Both companies are also advancing next-generation therapies, suggesting that competition in the obesity market will continue to intensify.
Lilly is developing retatrutide, an investigational triple agonist that targets the GLP-1, GIP and glucagon receptors, which has demonstrated encouraging weight loss in phase III studies. It plans to submit a regulatory filing with the FDA in the first quarter of 2027. LLY also recently reported positive results from a phase IIb study on EloraTZP, an investigational combination of eloralintide, a selective amylin receptor agonist and Zepbound. Based on these results, it plans to advance the drug to phase III development by the end of 2026.
Meanwhile, Novo Nordisk has submitted CagriSema to the FDA for weight management. The once-weekly treatment combines Wegovy with cagrilintide, a long-acting amylin receptor agonist. A final decision is expected before this year’s end.
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Can Viking Therapeutics Carve Out a Place in the Obesity Market?
Key Takeaways
Viking Therapeutics (VKTX - Free Report) is taking another step toward expanding its presence in the obesity space. The company recently initiated phase III development of the oral formulation of VK2735, its lead obesity candidate, marking an important milestone in its efforts to advance the treatment.
The phase III program, dubbed SUNRISE, comprises two studies evaluating oral VK2735 in adults who are overweight or obese, both with and without type II diabetes (T2D). The decision to advance oral VK2735 is supported by results from the phase II VENTURE-Oral study, which showed that participants who received the highest dose achieved mean weight loss of up to 12.2% compared with 1.3% in the placebo group.
In addition to the oral formulation, Viking is developing a subcutaneous (SC) version of VK2735, administered by injection. This version is also being evaluated across two phase III studies in adults with obesity or overweight, with and without T2D. The company has already completed enrolment in both studies.
The market opportunity is substantial. Per research conducted by Goldman Sachs, global sales of obesity drugs are projected to reach $114 billion by 2030, with oral medications expected to account for 40% of the market. Even a modest share of this projected market could represent a significant growth opportunity for Viking, provided VK2735 demonstrates competitive efficacy and safety and secures regulatory approval.
Viking Explores Opportunities Beyond Weight Loss
Beyond developing oral and injectable formulations of VK2735, Viking is also exploring strategies to support long-term weight maintenance. In September, Viking reported encouraging results from the first part of its VK2735 maintenance study, which showed that participants preserved most of their weight loss from the induction phase even when dosing frequency was materially reduced. Data showed that while participants who moved to every-other-week dosing maintained an average of 90% of their earlier weight loss, those who switched to monthly dosing maintained an average of 85%.
Building on these results, Viking recently initiated the second part of its maintenance study to evaluate oral VK2735 as a potential option for maintaining weight loss. The study will assess whether weight loss achieved with weekly VK2735 SC can be maintained using oral tablets or less frequent injections. An update on this study is expected next year.
Viking is also broadening its obesity pipeline beyond VK2735. In June, the company initiated a phase I study of VK3019, an investigational dual amylin and calcitonin receptor agonist. Management believes therapies targeting these receptors could be used alone or in combination with GLP-1 or dual GLP-1/GIP agonists to improve weight-loss induction and support longer-term weight management.
Together, these initiatives broaden Viking's approach to obesity treatment, spanning weight-loss induction, long-term maintenance and additional therapeutic targets. However, whether this broader pipeline can help the company carve out a meaningful position will depend on how VK2735 and its other candidates compare with established treatments and emerging therapies.
Intensifying Competition in the Obesity Space
Viking faces stiff competition from established players Eli Lilly (LLY - Free Report) and Novo Nordisk (NVO - Free Report) . Both companies are already marketing oral and injectable obesity treatments. Lilly markets the injectable Zepbound and oral Foundayo, while NVO markets injectable Wegovy and its oral Wegovy pill.
Strong sales at Lilly and continued demand for Novo Nordisk's obesity treatments underscore the scale of the commercial opportunity. Both companies are also advancing next-generation therapies, suggesting that competition in the obesity market will continue to intensify.
Lilly is developing retatrutide, an investigational triple agonist that targets the GLP-1, GIP and glucagon receptors, which has demonstrated encouraging weight loss in phase III studies. It plans to submit a regulatory filing with the FDA in the first quarter of 2027. LLY also recently reported positive results from a phase IIb study on EloraTZP, an investigational combination of eloralintide, a selective amylin receptor agonist and Zepbound. Based on these results, it plans to advance the drug to phase III development by the end of 2026.
Meanwhile, Novo Nordisk has submitted CagriSema to the FDA for weight management. The once-weekly treatment combines Wegovy with cagrilintide, a long-acting amylin receptor agonist. A final decision is expected before this year’s end.