Eli Lilly reported promising results from a study of its experimental oral drug that could rival popular injections to treat obesity and diabetes.

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.

Drugmaker Eli Lilly said that in Phase 3 studies of over 550 adults, their oral GLP-1 pill, orforglipron, could reduce hemoglobin A1C levels on average by 1.3-1.6% and also help people lose up to 16 pounds, or about 7.9% of their body weight.