Viking Therapeutics: What’s Next for This Biotech Trailblazer?

Viking Therapeutics just rewrote the rulebook—now the real game begins.

Pipeline Power Plays

The company's metabolic disorder portfolio isn't just advancing—it's accelerating past traditional development timelines. Their lead candidate demonstrates efficacy that makes competitors sweat.

Market Momentum Mechanics

Investors flock where innovation thrives, and Viking's clinical progress turns heads across institutional and retail spheres alike. The biotech's trajectory mirrors the aggressive growth patterns usually reserved for tech unicorns—except here, the deliverables are tangible.

Regulatory Runway Reality

Every data drop moves the needle closer to commercialization. The FDA isn't known for speed, but compelling results have a way of cutting through bureaucratic inertia.

Viking operates in a sector where most pipelines promise moonshots but deliver mud—making their progress a refreshing exception in the biotech casino where everyone plays with house money anyway.

Image source: Getty Images.

Two parallel development paths

Viking launched its Phase 3 VANQUISH program on June 25, 2025, with two massive trials now enrolling. VANQUISH-1 targets 4,500 adults with obesity, while VANQUISH-2 focuses on 1,100 obese or overweight adults with type 2 diabetes. Both 78-week studies will test three weekly injectable doses (7.5 mg, 12.5 mg, 17.5 mg) against placebo, with the primary endpoint measuring percentage change in body weight.

The injectable's earlier Phase 2 data showed 14.7% weight loss at 13 weeks with no plateau observed. Most side effects were mild to moderate and declined throughout the study. In an exploratory maintenance cohort, patients who down-titrated from 90 mg to 30 mg maintained their weight loss with fewer adverse events -- potentially enabling transitions from injectables to pills for long-term management.

Next steps for the oral program

For the oral formulation, the Food and Drug Administration (FDA) will likely require a Phase 2b trial to refine titration before advancing to Phase 3. While this delays the oral program, it doesn't derail Viking's overall strategy.

The market opportunity remains massive.recently revised its 2030 obesity market forecast to $95 billion, and even a 2% share WOULD imply roughly $1.9 billion in annual revenue. That's a significant chunk of change for a company with a $2.9 billion market cap.

The company is exploring monthly dosing for the injectable alongside its weekly option. While competitors such as's MariTide already offer monthly administration, Viking is one of only two companies, alongside Novo Nordisk, to demonstrate strong efficacy with the same molecule in both oral and injectable forms -- a strategy that could allow patients to MOVE seamlessly between regimens.

Partnership potential

With Phase 3 underway and $808 million in cash (as of June 30, 2025), Viking has a runway but faces a $300 million bill for its registrational program. This makes partnership increasingly likely after full dataset analysis and FDA feedback.

Big Pharma remains eager for obesity assets. Whileexited danuglipron, companies like,, and Amgen actively pursue obesity deals. Viking offers one of the few late-stage opportunities remaining, with the recent stock collapse making acquisition more feasible.

Valuation gap

Wall Street maintains an average price target of around $87 to $90 per share, suggesting 200% upside from current levels. The disconnect stems from misunderstood trial design -- aggressive titration maximized efficacy signals but compromised tolerability. Commercial dosing would use gentler escalation, likely matching the injectable's stronger safety profile.

CDC data shows that 40% of U.S. adults have obesity, so the addressable market is enormous. Viking's current valuation prices in failure rather than a solvable execution issue.

For investors willing to look past near-term noise, Viking's dual-formulation strategy and Phase 3 momentum suggest the sell-off created opportunity. The 40% drop looks overdone. Viking stumbled in execution, not science -- and in biotech, science is what ultimately wins.