Viking Therapeutics: Is This GLP-1 Contender Worth Watching?

The GLP-1 drug class has become one of the hottest areas in pharma right now. Viking Therapeutics is one of the smaller, still-clinical-stage companies trying to grab a piece of it. Its pipeline is built around drugs that hit two receptors at once to fight obesity, and the early trial results so far look genuinely promising.

How Big is the Obesity Drug Market, Really?

Demand for good obesity and type 2 diabetes treatments has exploded over the past few years. Morgan Stanley Research estimates the global GLP-1 market could reach somewhere around $190 billion by 2035. Pills instead of injections, plus wider insurance coverage, are two of the big reasons analysts expect that number to keep climbing. In other words, this market is still pretty early in its growth curve.

That said, two big pharmaceutical companies currently control most of the prescription revenue in this space. But having a smaller share of the market today doesn’t mean there’s no room left. The science behind these drugs keeps evolving quickly, so companies that can offer better results, fewer side effects, or more flexible dosing still have a real shot at carving out a place for themselves.

What Does Science Actually Show?

Viking’s main drug candidate is VK2735, given as a subcutaneous (under-the-skin) injection. It’s a “dual agonist,” meaning it targets both the GLP-1 receptor and the GIP receptor. This is basically the same approach used by one of the market’s current leading treatments, a therapy that, in head-to-head studies, has shown somewhat stronger weight-loss results (Jastreboff et al., 2022).

Still, Viking’s own numbers are encouraging. In its Phase 2 VENTURE trial, VK2735 hit its main goal and every secondary goal too, producing weight loss that was statistically meaningful compared to a placebo. Those results were published in a peer-reviewed obesity journal (The Obesity Society, 2026).

After just thirteen weekly injections, patients lost close to 15% of their body weight on average  and the results hadn’t leveled off yet, which suggests people might lose even more weight with longer treatment. Side effects, meanwhile, were mostly mild or moderate, and roughly as many people dropped out of the placebo group as the drug group, which is a good sign for how tolerable the treatment is.

Viking is also working on a pill version of VK2735, aimed at people who’d rather avoid needles. That’s a smart move it could bring in a whole new group of patients. Pills in this drug class have historically been a bit weaker than injections, and the early data for oral VK2735 follows that pattern somewhat: solid effectiveness, but also more people quitting because of stomach-related side effects. That’s a problem Viking still needs to solve.

There’s a third candidate too, VK3019 which works completely differently. It targets amylin and calcitonin receptors instead of the more common incretin pathway. Because it works through a separate mechanism, it could end up complementing VK2735 rather than just duplicating what it does.

What’s Coming Up Next?

The biggest thing to watch is the Phase 3 trial results for the injectable version of VK2735, expected sometime in the next year and a half. If those results hold up the way the Phase 2 data did, the drug could move fairly quickly toward approval, possibly landing on the market by 2028.

But strong clinical data alone won’t guarantee commercial success. The obesity drug market is already dominated by a couple of major players, so for Viking’s injectable drug to really compete, its Phase 3 results will need to match or beat what the current market leader offers. Clearing that bar would let Viking position itself as a premium option instead of just another alternative.

The pill version matters just as much strategically. Figuring out the right dosing approach to cut down on stomach-related side effects, without losing effectiveness, is the key challenge ahead. Analysts expect pills to make up a growing share of new patients in this category going forward. And the early data on VK3019, while still limited, adds some support to the idea that Viking’s broader pipeline strategy could pay off.

What are the Risks?

Investing in a clinical-stage biotech company always comes with a fair amount of risk tied to whether trials succeed or fail. Right now, Viking’s stock price already reflects a good deal of optimism about its pipeline. That means a disappointing Phase 3 result for VK2735 could hit the stock hard. This is very different from investing in an established pharma company that already has approved drugs generating steady revenue.

There’s also risk baked into the broader market projections themselves. Those $190 billion estimates assume insurance coverage keeps expanding and that manufacturers can keep up with demand. If reimbursement policies get tighter, or supply issues persist, actual market growth could fall short of expectations  and competition could end up being fiercer than currently assumed.

Given all this, Viking looks like a higher-risk investment. It might make sense as a small position for investors who can handle volatility tied to binary clinical trial outcomes, as part of a well-diversified portfolio. But for investors focused on protecting their capital, this probably isn’t the right fit. As always, how much (if any) to invest should depend on your own risk tolerance and overall strategy.

Conclusion

Viking Therapeutics has carved out an interesting spot for itself in a fast-growing market. The Phase 2 results for its injectable VK2735 give the company a solid foundation to build on, and the upcoming Phase 3 trials will be the real test of whether that early promise holds up. Between the oral version of VK2735 and the separate VK3019 program, Viking has more than one shot at building a real, diversified pipeline.

As obesity rates keep climbing worldwide, the overall GLP-1 market isn’t going anywhere but up. Whether Viking can turn its early scientific wins into a real commercial business will come down to how the next round of clinical evidence plays out.

References

Jastreboff, A. M., Aronne, L. J., Ahmad, N. N., Wharton, S., Connery, L., Alves, B., Kiyosue, A., Zhang, S., Liu, B., Bunck, M. C., & Stefanski, A. (2022). Tirzepatide once weekly for the treatment of obesity. New England Journal of Medicine, 387(3), 205–216. https://doi.org/10.1056/NEJMoa2206038

Morgan Stanley Research. (2026). GLP-1 market expected to more than double to $190 billion by 2035. Morgan Stanley. https://www.morganstanley.com/insights/articles/glp1-weight-loss-market-may-double-190-billion-2035

The Obesity Society. (2026). Weekly subcutaneous VK2735, a GIP/GLP-1 receptor dual agonist, for weight management: Phase 2, randomized, 13-week VENTURE study. Obesity. https://doi.org/10.1002/oby.70106