Diabetics given the pill called orforglipron lost 16 pounds, or 7.9% of their body weight, over a 40-week period.

Eli Lilly's experimental pill worked as well as blockbuster drug Ozempic to lower weight and blood sugar in a trial of diabetes patients, and the company said it expects to seek regulatory approvals by the end of the year.

Eli Lilly stock soared Thursday after the pharmaceutical giant said its new weight-loss pill had cleared a late-stage clinical trial, a promising sign as the company continues to face off with Ozempic maker Novo Nordisk.