Viking Therapeutics (VKTX) Morgan Stanley 24th Annual Global Healthcare Conference summary

Program updates and clinical development

• Lead obesity program VK2735 showed ~15% weight loss in phase II and advanced to two fully enrolled phase III trials, with data expected in the second half of 2027.

• Oral formulation of VK2735 also showed promising phase II data and will enter two phase III trials in Q4, estimated to be 12–18 months behind the injectable program.

• Maintenance study is exploring less frequent dosing regimens (every other week/monthly) with data expected this quarter.

• Phase III subcutaneous trial increases top dose to 17.5 mg and extends dosing to 78 weeks, aiming for improved efficacy and tolerability.

• Oral phase III studies will be shorter and smaller, leveraging safety data from the injectable program to reduce cost and duration.

Market positioning and differentiation

• Both subcutaneous and oral formulations use the same GLP-1/GIP molecule, allowing seamless transition and potentially fewer new adverse events.

• Less frequent dosing regimens are designed to improve long-term persistence and patient adherence.

• Oral products are expected to be a smaller but expanding segment, acting as a funnel to injectables for greater weight loss.

• Commercial strategy includes leveraging a single brand for both formulations and targeting broad market access, including direct-to-employer and direct-to-consumer channels.

Manufacturing and commercialization

• Secured multi-ton API manufacturing capacity with CordenPharma and three additional suppliers, covering vials, syringes, auto-injectors, and tablets, with expandable options.

• Commercialization plans include openness to strategic collaborations but readiness for independent launch, with anticipated broad market access and minimal restrictions.

• Medicare GLP-1 Bridge program and direct-to-employer models are seen as key access drivers.