The news: A closely watched GLP-1 experimental pill from Viking Therapeutics achieved lower-than-anticipated weight loss results in study data released Tuesday.

Digging into the data: Patients lost up to 12.2% of their body weight after 13 weeks in Viking’s mid-stage trial. Around 28% of trial patients on the medicine stopped taking the pills compared to 18% of placebo patients.

• Wall Street expected closer to 15% body mass loss, and Viking’s stock dropped 40% after the news.
• In the Viking trial, 20% of the patients who discontinued the drug quit because of adverse gastrointestinal effects.

Zooming out: Viking aims to compete with Novo Nordisk and Eli Lilly, which have already finished clinical trials for oral GLP-1s weight loss drugs.

• Novo’s semaglutide pill led to an average 15% weight loss after 68 weeks.
• Lilly’s oral candidate orforglipron reported adults lost between 11% and 12% of their weight after 72 weeks earlier this month, but also missed the 15% expectation.
• Novo and Lilly are expected to launch next year, while Viking is still conducting late-stage trials.
• Pfizer dropped its oral GLP-1 drug candidate after liver safety concerns surfaced. However, AstraZeneca, Roche, and Merck are still testing their own oral weight loss pills.

Why it matters: Pills for weight loss haven't worked as well as shots. For example, injectables tend to produce 20% to 25% weight loss results. This is because it's hard to make pills that survive the digestive system, while shots go directly into the body.

Our take: While weight loss pills won't be as powerful as shots, they still offer a good solution. Losing 10% to 12% of weight is a significant health result. Plus, pills are much more convenient than injectables. They're easier to store and take, and don't require a needle. Drug companies should focus on promoting these benefits to market the pills as a good weight loss option.

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