Lilly Obesity Pill Cut Weight by Just 11% in Study; Shares Drop

Eli Lilly & Co.’s experimental pill helped patients shed roughly 11% of their body weight, about 25 pounds, in a late-stage study that sets the stage for a new entrant to the obesity market next year.

The result falls on the lower end of Wall Street’s expectations. Investors had hoped Lilly’s pill, called orforglipron, would be as effective as Wegovy — the blockbuster weight-loss shot made by Novo Nordisk A/S. Wegovy users lost about 14% to 15% of their weight in pivotal trials, slightly less than those getting Lilly’s rival injection Zepbound.

Shares fell more than 12% in ...