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

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.

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.