Eli Lilly 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. Eli Lilly said in a news release that its orforglipron pill had passed a Phase 3 trial with “statistically significant efficacy results” and a safety profile consistent with injectable obesity drugs that already are on the market.

Shares fell after Eli Lilly announced results of a new pill that could rival the weight-loss potential of the Danish giant’s blockbuster shots.

Novo Nordisk A/S slumped after a pill from rival Eli Lilly & Co. helped patients shed weight and control blood sugar about as well as its injected blockbuster Ozempic.