The company said it planned to seek Food and Drug Administration approval for the drug, orforglipron, before the end of the year.

On Wednesday, Novo Nordisk presented data showing that Zepbound now accounts for 59% of U.S.-branded weight-loss prescriptions, while Wegovy has just 40%. Novo’s American depositary receipt is now down more than 34% since the company announced a significant guidance cut on July 29.

Eli Lilly's pill, orforglipron, is one step closer to becoming the first new, needle-free alternative in the booming market for weight loss and diabetes drugs.