Eli Lilly published late-stage results for its experimental obesity pill orforglipron, reporting that the highest daily dose produced a 12% average reduction in body weight after 72 weeks in 3,127 adults enrolled in the ATTAIN-1 phase-3 study. Nearly 60% of participants lost at least 10% of their weight, and the company said it plans to submit the drug for regulatory review before the end of the year. The data, while comparable to earlier read-outs, came in at the lower end of investor expectations and triggered a sharp market reaction. Lilly’s stock fell almost 14.5% at one point—its steepest single-day decline since August 2000—while rival obesity-drug developers Novo Nordisk and Viking Therapeutics gained roughly 10% apiece. Chief Executive Officer David Ricks told CNBC he was “not disappointed” by the outcome and said no new safety signals emerged. Gastro-intestinal events remained the most common side effects, with nausea reported in up to 34% of patients and discontinuations at the top dose four times higher than with placebo. The sell-off overshadowed a stronger-than-expected second quarter in which revenue from Mounjaro, Lilly’s injectable diabetes and weight-loss therapy, jumped 68% year over year. Leerink Partners subsequently downgraded the stock to Market Perform and trimmed its price target to $715 from $944, underscoring investor uncertainty as competition intensifies for convenient oral obesity treatments.