Viking Reports Mixed Data on Obesity Drug

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Viking Therapeutics is reporting mixed data from a Phase 2 study for its oral obesity drug VK2735, with patients losing up to 12.2% of body weight over 13 weeks. Despite the encouraging efficacy, shares of the biotech tumbled more than 35% at one point as investors focused on high discontinuation rates and gastrointestinal side effects, illustrating the competitive pressures in the crowded obesity drug market.

The trial, called VENTURE-Oral Dosing, met its primary and secondary endpoints, according to the company. Patients on VK2735 achieved statistically significant weight loss compared with placebo (1.3%), with up to 97% of treated patients achieving more than 5% weight loss, and 80% saw more than 10% weight loss, it says.

But safety data curbed investor enthusiasm. While most side effects were mild or moderate gastrointestinal events, discontinuation rates were higher than expected, with up to 38% of patients dropping out at the highest dose versus 18% for placebo, the company says. Nausea affected 58% of patients and vomiting 26%, though both declined after the first few weeks of dosing.

“On efficacy, these are among the strongest oral weight-loss data we’ve seen,” said one financial analyst, “but tolerability remains a question, and investors are signaling they want cleaner safety before viewing Viking as competitive with Eli Lilly and Novo Nordisk.” Analysts noted that VK2735’s efficacy compares favorably with other oral agents in development, and Viking says it will continue advancing both oral and injectable versions of the drug.

The results come as the obesity market is increasingly dominated by Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound, which have set a high bar for both injectable and oral therapies. Lilly is also advancing an oral GLP-1 candidate, while Novo Nordisk is working on next-generation formulations.

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