Lilly's weight-loss medications Mounjaro and Zepbound are gaining market share on Novo's Wegovy and Ozempic, but investors remain unconvinced.

Lilly’s stock was tumbling as disappointing trial data for an oral weight-loss pill offset an upbeat earnings report and outlook.

Lilly and other companies that make similar medicines have been racing to create oral weight-loss drugs, since weekly injections are not always appealing to patients. The trial included more than 3,100 overweight or obese adults who had an obesity-related medical problem but not diabetes.