Shares fell after Eli Lilly announced results of a new pill that could rival the weight-loss potential of the Danish giant’s blockbuster shots.

Novo Nordisk A/S slumped after a pill from rival Eli Lilly & Co. helped patients shed weight and control blood sugar about as well as its injected blockbuster Ozempic.

Novo Nordisk, the Danish maker of Ozempic and Wegovy, announced Tuesday that it has asked the Food and Drug Administration to approve an oral version of its anti-obesity medication, moving ahead in the race between drugmakers to offer a weight loss pill.