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.

Eli Lilly stock soared as much as 17% on Thursday to $858. Shares are now positive for the year, up 10% since the start of January. They were down roughly 5% coming into the session. Why: The gains came after Eli Lilly announced positive phase-three trial data for orforglipron,