Savvy pharma-stock investors know that an oral GLP-1 drug from Novo Nordisk called Rybelsus has been on the market as a diabetes treatment since 2019. It's an orally available version of semaglutide, which is the same active ingredient in Ozempic and Wegovy.

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 said in February that it will invest at least $27 billion to build four new manufacturing sites in the U.S. as demand for its weight loss and diabetes injections soars and the company develops new drugs. The announcement brings the company's total U.S. manufacturing investments to more than $50 billion in recent years.