Viking Therapeutics: Positioning in the Competitive Obesity Drug Arena

The obesity treatment market, estimated to be worth approximately $150 billion, continues to attract intense strategic interest from major pharmaceutical players. Viking Therapeutics, with its lead candidate VK2735, is advancing through late-stage development and finds itself at the center of this high-stakes environment.

During the recent 44th Annual J.P. Morgan Healthcare Conference, CEO Brian Lian highlighted the active deal-making landscape in the obesity sector. He noted that large pharmaceutical companies are carefully evaluating their entry strategies, weighing the acquisition of early-stage assets at lower valuations against purchasing validated candidates at premium prices.

Viking has consistently maintained a dual-track strategy. While expressing openness to external partnership or acquisition interest, management has simultaneously emphasized its capability to independently commercialize VK2735. This approach is designed to strengthen the company's negotiating position in any potential business development discussions while also building credibility for a standalone path to market.

Clinical Program Gains Momentum with Published Data

On January 12th, Viking published detailed results from its Phase 2 VENTURE study in the journal Obesity, reinforcing the drug's profile. The key findings included:

• A reduction of up to 14.7% from baseline body weight after 13 weeks of treatment.
• No observed plateau in weight loss during the treatment period.
• A favorable safety and tolerability profile.
• Positive effects on key cardiometabolic parameters.

This peer-reviewed publication adds substantial weight to the prior data presentations and forms a critical foundation for the ongoing Phase 3 program.

Advancing the Pivotal Phase 3 Trials

Viking is currently conducting two registration-focused Phase 3 studies for subcutaneously administered VK2735 under the VANQUISH program:

• VANQUISH-1: Enrollment of roughly 4,650 adults with obesity or overweight and weight-related comorbidities is complete.
• VANQUISH-2: This trial involves approximately 1,100 adults with type 2 diabetes and obesity or overweight. Patient recruitment is expected to conclude in the first quarter of 2026.

Both studies are 78-week investigations comparing three dose levels (7.5 mg, 12.5 mg, and 17.5 mg) against a placebo. Top-line data readouts from VANQUISH-1 and VANQUISH-2 are anticipated in 2027.

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Exploring Maintenance Dosing Regimens

In a parallel development, the company has completed enrollment for an exploratory Phase 1 trial evaluating maintenance dosing. This study includes about 180 adults with a BMI of at least 30 kg/m².

It is designed to test various schedules and formulations, including monthly subcutaneous injections as well as weekly and daily oral tablets. The primary objective is to assess the maintenance of previously achieved weight loss under different long-term regimens.

A Crowded and Competitive Landscape

The competitive intensity in the obesity drug space is accelerating. Novo Nordisk recently submitted CagriSema, a next-generation candidate, for regulatory approval. Eli Lilly has filed for approval of Orforglipron, a once-daily oral GLP-1 molecule.

Furthermore, Pfizer's acquisition of Metsera in November 2025 for around $10 billion underscores the immense strategic value large-cap pharma companies place on securing assets in this therapeutic area.

Against this backdrop, Viking's rapid patient recruitment progress for its Phase 3 trials is notable. It suggests strong interest from both the clinical community and patients—a factor that could translate into significant commercial potential if the final efficacy and safety data are positive.

Financial and Commercial Positioning

Viking Therapeutics currently carries a market capitalization of roughly $3.6 billion. Over the past twelve months, its share price has declined by approximately 19%, underperforming the broader market despite the company meeting its clinical development milestones.

In preparation for a potential future launch, Viking appointed Neil Aubuchon as its Chief Commercial Officer on January 7th. With the advanced development of VK2735, published Phase 2 data, ongoing Phase 3 studies, and an expanding commercial infrastructure, the company is creating clear valuation inflection points leading up to 2027. These will allow the market to assess its prospects against the emerging clinical data and commercialization landscape.