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'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.

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.