• In late May 2026, Viking Therapeutics reported first-quarter 2026 results that missed earnings estimates as research and development spending increased to support advancing clinical trials and manufacturing for its obesity drug candidates.
• At the same time, the company pushed its VK2735 obesity program further into late-stage development, including a Phase III trial and planned oral studies, while appointing its first chief commercial officer to prepare for potential commercialization.
• We’ll now examine how higher research and development costs tied to VK2735’s late-stage progress may influence Viking Therapeutics’ investment narrative.

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Viking Therapeutics Investment Narrative Recap

To own Viking today, you essentially need to believe VK2735 can successfully clear late stage trials and eventually support a commercial obesity franchise, despite the company still having no revenue and sizeable losses. The latest earnings miss, driven by higher research and development costs, does not change the core near term catalyst, which is the VANQUISH Phase III readouts, but it does sharpen the key risk around cash burn and the potential need for future dilution if spending stays elevated.

The most relevant recent development to this news is Viking’s decision to advance VK2735 into a Phase III program while moving the oral version toward late stage studies. That step helps align the rising research and development spend with concrete trial milestones that could influence how investors assess VK2735’s commercial potential, especially when combined with the appointment of a chief commercial officer to begin preparing for launch if clinical outcomes support approval.

But while VK2735’s progress is encouraging, investors should be aware that...

Viking Therapeutics' narrative projects $118.5 million revenue and $12.9 million earnings by 2029. This requires an earnings increase of about $372.5 million from -$359.6 million today.

Uncover how Viking Therapeutics' forecasts yield a $92.72 fair value, a 183% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were modeling VK2735 toward about US$497.5 million of revenue and roughly US$62.2 million of earnings by 2029, which is a far more upbeat path than the baseline view and could be challenged or reinforced as higher R&D spending and trial execution risks play out around the same VANQUISH milestones you are watching today.

Explore 14 other fair value estimates on Viking Therapeutics - why the stock might be worth less than half the current price!

Reach Your Own Conclusion

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Viking Therapeutics research is our analysis highlighting 2 important warning signs that could impact your investment decision.
• Our free Viking Therapeutics research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Viking Therapeutics' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.