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Eli Lilly on Thursday said the highest dose of its daily obesity pill helped patients lose almost 12% of their body weight, or roughly 27 pounds, at 72 weeks in a late-stage trial, paving the way for its entrance into the market.

The pill's weight loss was 11.2% when analyzing all patients regardless of discontinuations.

Shares of the company fell around 13% on Thursday. Meanwhile, shares of rival Novo Nordisk , which is also working to bring an obesity pill to the market, jumped more than 7% on Thursday.

The data comes under what some Wall Street analysts were expecting for Eli Lilly's oral GLP-1, with hopes for weight loss of around 15%. Some doctors said the results appear to be comparable to

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