Novo Nordisk is set to benefit from a $150B market by 2030, with strong earnings potential and a favorable 14x forward P/E. Read why NVO stock is a hold.

Lilly shares are up 14.2% in response to the news, while shares of its rivals in the GLP-1 weight loss market, Novo Nordisk ( NVO -7.78%) and Viking Therapeutics ( VKTX 1.00%), are falling 7.1% and 1.7%, respectively.

Eli Lilly said its new weight-loss pill had cleared a late-stage clinical trial, a promising sign as the company continues to face off with Ozempic maker Novo Nordisk. Eli Lilly said in a news release that its orforglipron pill had passed a Phase 3 trial with “statistically significant efficacy results” and a safety profile consistent with injectable obesity drugs that already are on the market.