Viking Therapeutics has published exciting weight-loss data for the drug candidate VK2735 for the treatment of obesity.

The weight loss in the highest dose version is over 14% after 13 weeks, which is absolutely competitive with the data previously shown by Novo Nordisk and Eli Lilly, says analyst at Sydbank, Søren Løntoft Hansen.

Data from Viking’s phase II study shows that patients receiving weekly doses of VK2735 achieved statistically significant reductions in average body weight after 13 weeks of 14.7% at the highest dose. 

And even though comparisons across studies should be made with caution, it certainly looks competitive when compared to Eli Lilly’s Zepbound and Novo Nordisk’s upcoming Cagrisema, which are probably the weight-loss drugs that have shown the greatest effect so far. 

”On the face of it, it is somewhat better than Lilly’s tirzepatide (Zepbound, ed.) if we look at the phase III data and the curve after about 13 weeks.

”And actually also compared to Cagrisema, which after 20 weeks showed a weight loss of 17%. So almost 15% after 13 weeks looks like strong data and absolutely a competitive product,” says Løntoft Hansen. 

However, he also believes that there are many other factors besides the weight-reducing effect that will determine the potential success of Viking’s drug. 

”It’s about the effect on obesity-related diseases. And then I must also say that things like supply chains will also be a very important competitive parameter,” says the Sydbank analyst. 

This year alone, Novo Nordisk has announced investments of DKK 45bn (USD 6.5bn) in new factories in addition to the acquisition of three filling factories from Catalent in a deal worth more than DKK 75bn. This is partly due to Novo Nordisk struggling to keep up with demand for its latest weight-loss drug Wegovy. 

A second, smaller problem for Viking Therapeutics is that the company does not have a partner. 

”But based on what Viking has announced today, they are probably no worse off in terms of getting it,” says Løntoft Hansen. 

He estimates that Viking’s product could be on the market in 2027 or 2028.

”So it’s strong data, and it will be exciting to follow in the future.” 

”The competition in the obesity market is not just about which product can help you lose the most weight. Of course, this is also a decisive factor, but it’s also about the effect it has on the circulatory system. In addition, the entire supply chain is an important competitive parameter,” says the analyst.

Translated using DeepL with additional editing by Kristoffer Grønbæk