Here are 1-2 brief analogies for Akero Therapeutics:

• A specialized Eli Lilly focused on developing breakthrough treatments for fatty liver disease (MASH).

• A clinical-stage biotech aiming to be the next Gilead Sciences for liver diseases like MASH.

• efruxifermin (AKR-001): This is a novel fibroblast growth factor 21 (FGF21) analog currently in clinical development for the treatment of metabolic diseases, primarily Non-Alcoholic Steatohepatitis (NASH).

Akero Therapeutics (AKRO) is a clinical-stage biopharmaceutical company focused on developing transformational treatments for patients with serious metabolic diseases. As a clinical-stage company, Akero Therapeutics does not currently have any commercial products approved and on the market. Therefore, it does not have "major customers" in the traditional sense of companies or individuals purchasing its products.

Instead, Akero Therapeutics' operations are primarily funded through equity financing (issuing shares to investors), potential grants, and strategic collaboration agreements, if any exist that generate revenue. Its revenue is not derived from selling drugs to end-users or other companies for distribution at this stage of its development.

Should Akero Therapeutics successfully develop and commercialize a drug candidate in the future, its "customers" would then typically be:

• Pharmaceutical Distributors: Companies that purchase drugs directly from manufacturers and distribute them to pharmacies, hospitals, and clinics (e.g., AmerisourceBergen, Cardinal Health, McKesson).
• Pharmacies and Healthcare Providers: Retail pharmacies, hospital pharmacies, and clinics that dispense the medication to patients.
• Managed Care Organizations/Payers: Insurance companies and other payers who cover the cost of the drug for patients.

However, at its current stage, Akero Therapeutics does not sell to any of these entities.

Madrigal Pharmaceuticals' Resmetirom (Rezdiffra) Approval: Resmetirom received FDA approval in March 2024 for the treatment of adults with noncirrhotic metabolic dysfunction-associated steatohepatitis (MASH) with moderate to advanced fibrosis (F2 to F3). This marks the first and only FDA-approved drug for MASH, establishing a significant first-mover advantage and setting the initial standard of care in a market Akero Therapeutics' efruxifermin (EFX) aims to address. This approval means that a competitor drug will be actively marketed and widely adopted by physicians and patients well before EFX could potentially launch, creating a formidable barrier to market entry and capturing significant market share.

Emergence of GLP-1/GIP Agonists in MASH: Drugs like Eli Lilly's tirzepatide (Zepbound/Mounjaro) and Novo Nordisk's semaglutide (Ozempic/Wegovy), already approved and widely utilized for diabetes and weight management, are undergoing late-stage clinical trials for MASH. Given their strong efficacy in improving metabolic parameters and reducing liver fat, if approved for MASH, these drugs could fundamentally shift the treatment landscape. Their established safety profiles, existing market presence, and broad metabolic benefits could position them as highly attractive initial or cornerstone therapies for MASH patients, potentially diminishing the addressable market or primary positioning for liver-centric therapies like EFX.

Akero Therapeutics (symbol: AKRO) is focused on developing efruxifermin (EFX) for the treatment of nonalcoholic steatohepatitis (NASH), also known as metabolic dysfunction-associated steatohepatitis (MASH), a disease with no currently approved therapies. The addressable market for their main product, efruxifermin, is therefore the overall NASH/MASH market.

Addressable Market Size for NASH/MASH:

Global Market:

• The global nonalcoholic steatohepatitis (NASH) market size was valued at USD 9,980.53 million in 2024 and is projected to reach USD 314,068.7 million by 2033, growing at a CAGR of 46.7%.
• Another estimate predicts the global non-alcoholic steatohepatitis treatment industry will increase from USD 7.75 billion in 2024 to USD 92.5 billion by 2034, with a CAGR of 28.14%.
• In 2022, the global NASH market was estimated at USD 4.8 billion and is projected to reach USD 160.7 billion by 2030, with a CAGR of 55%.
• Vantage estimates the global market could grow to USD 108.4 billion by 2030.

U.S. Market:

• NASH affects approximately 17 million Americans.
• The U.S. NASH market was estimated at US$1.6 billion in 2022.
• North America held the largest share of the global non-alcoholic steatohepatitis treatment market, with 79% in 2024.
• The United States is projected to have 10.45 million diagnosed cases in 2032.
• Up to 12% of U.S. adults may have NASH.

Here are 3-5 expected drivers of future revenue growth for Akero Therapeutics (AKRO) over the next 2-3 years:

1. Regulatory Approval and Commercialization of Efruxifermin (EFX) for Metabolic Dysfunction-Associated Steatohepatitis (MASH): Akero Therapeutics' lead product candidate, efruxifermin (EFX), is currently in Phase 3 clinical trials for MASH, targeting both pre-cirrhotic (F2-F3 fibrosis) and cirrhotic (F4) stages of the disease. Positive results from Phase 2b studies have shown significant improvements in fibrosis and MASH resolution. MASH represents a significant unmet medical need with a large global patient population, estimated at over 25 million, positioning EFX as a potential first-in-class or best-in-class treatment. The successful regulatory approval and subsequent launch of EFX would be the primary driver of future revenue for the company. The contingent value right (CVR) within the Novo Nordisk acquisition agreement, payable upon U.S. regulatory approval of EFX for compensated cirrhosis due to MASH, directly underscores this as a key value and future revenue driver.
2. Expansion of EFX to Broader MASH Patient Populations: Akero is pursuing a comprehensive development strategy for EFX, evaluating it in multiple late-stage clinical programs for various MASH patient populations, including the ongoing Phase 3 SYNCHRONY Histology, Real-World, and Outcomes studies. Successful clinical outcomes and subsequent regulatory approvals for EFX across these different stages of MASH (F2-F3 and F4 cirrhosis) would significantly broaden the addressable market and thus increase potential revenue streams.
3. Leveraging Novo Nordisk's Resources and Global Commercialization Capabilities: The acquisition of Akero Therapeutics by Novo Nordisk, expected to close around the end of 2025, is a significant future revenue driver for EFX. Novo Nordisk's established expertise and world-leading capabilities in cardio-metabolic diseases are anticipated to enhance and accelerate the ongoing Phase 3 SYNCHRONY program for EFX. This acquisition is also expected to bolster preparations for a successful commercial launch and facilitate the global delivery of EFX to patients, thereby maximizing its market penetration and revenue generation upon approval.

Share Issuance

• In March 2024, Akero Therapeutics completed an upsized public offering of 12,650,000 shares of common stock, generating approximately $366.9 million in gross proceeds.
• Akero closed a follow-on offering in January 2025, which raised gross proceeds of $402.5 million from the sale of common stock and pre-funded warrants.
• The total number of outstanding shares significantly increased from 34.88 million in 2021 to 81.72 million as of November 2025.

Inbound Investments

• Novo Nordisk finalized its acquisition of Akero Therapeutics for approximately $5.2 billion in October 2025.