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

The company's breakthrough puts the market one step closer to having an injection-free alternative for the treatment of obesity and diabetes.

Eli Lilly & Co. shares surged after its experimental pill helped patients shed weight and control blood sugar about as well as Ozempic, an advance that could turbocharge what’s already one of the fastest growing markets in medicine.