The 100 billion obesity treatment market witnessed a seismic shift Thursday as Eli Lilly′s positive Phase 3 trial results for its oral GLP−1 drug orforglipron triggered a dramatic 728 billion evaporate from its market capitalization in a single trading session.

Trial Results That Changed the Game:

• Orforglipron demonstrated 14.7% average weight loss vs placebo in 1,200 patients

• HbA1c reduction of 1.8-2.4% in type 2 diabetics

• 82% trial completion rate with fewer gastrointestinal side effects than injections

• Potential $5,000/year price point undercutting current injectables

“Lilly’s pill could capture 40% of the oral GLP-1 market by 2028,” projected Leerink Partners analyst David Risinger, noting the convenience factor could expand treatment adherence by 300%. The news prompted BMO Capital Markets to slash Novo’s price target by 39%, warning of “irreversible market share erosion” unless its own oral semaglutide candidate shows superior data in Q4 trials.