Eli Lilly Shares Lose $100 Billion in a Single Day

Shares of obesity treatment giant Eli Lilly fell more than 14% on Thursday, closing at their lowest level in a year and a half, wiping $100 billion off the company’s market value in a single day.

These losses followed disappointing data from its oral weight-loss drug. Eli Lilly announced that its drug, orforgliprone, helped patients lose an average of 12.4% of their body weight at the highest dose, 36 milligrams, in a late-stage study.

Investors had expected about 14% weight loss at the highest dose. This ensures the new pill will have a significant presence in the booming market for years to come.

An oral weight-loss drug produced by rival Novo Nordisk, which has been submitted for approval in the United States, helped trial participants lose about 15% of their body weight.