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

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.

Drugmaker Eli Lilly said Thursday that an experimental pill form of popular GLP-1 medications helped people with type 2 diabetes lose an average of nearly 8% of their body weight after 40 weeks and lowered their A1C levels.