Shares fell after Eli Lilly announced results of a new pill that could rival the weight-loss potential of the Danish giant’s blockbuster shots.

Shares in Eli Lilly shot up last Thursday after the US pharma major announced positive top-line Phase III results from ACHIEVE-1, comparing orforglipron to placebo in adults with type 2 diabetes and inadequate glycemic control with diet and exercise alone.

Novo Nordisk A/S slumped after a pill from rival Eli Lilly & Co. helped patients shed weight and control blood sugar about as well as its injected blockbuster Ozempic.