Eli Lilly said on Thursday that its experimental GLP-1 pill helped patients lose 12.4% of their body weight after 72 weeks in a late-stage study, less than previous trial results for Novo Nordisk's injectable obesity treatment Wegovy.

Eli Lilly’s weight loss pill doesn’t appear to work as well as Wall Street had hoped—and it’s forcing investors to yet again rethink the future of the obesity drug market. Lilly shares were down 13.5% early Thursday,

Trials of a daily obesity pill have shown it can help patients lose around 12% of their body weight over 72 weeks. The manufacturer, Eli Lilly, says the drug, which is not yet licensed, could be available next year. The daily pill, called orforglipron, works by suppressing appetite and making you feel more full.