Eli Lilly reported promising results from a study of its experimental oral drug that could rival popular injections to treat obesity and diabetes.

In an hour-long meeting at Eli Lilly and Company’s headquarters in Indianapolis on April 15, the pharmaceutical company’s top executives met, like they had dozens of times before, to hear the long-awaited results of a study involving a new drug.

Eli Lilly's experimental pill worked as well as blockbuster drug Ozempic to lower weight and blood sugar in a trial of diabetes patients, and the company said it expects to seek regulatory approvals by the end of the year.