Eli Lilly (NYSE:LLY) saw its stock fall over 14% on Thursday after its experimental weight-loss pill showed lower efficacy compared to Novo Nordisk’s (NYSE:NVO) rival treatment, despite reporting strong second-quarter results.

A late-stage study found that Lilly’s once-daily pill, orforglipron, led to a 12.4% reduction in body weight over 72 weeks, compared to 0.9% for placebo participants. Analysts had anticipated results closer to the 14.9% weight loss shown by Novo’s Wegovy in a 2021 trial.

The trial results follow a June study from Novo Nordisk showing its experimental drug CagriSema achieved nearly 23% weight loss in obese or overweight adults.

Despite the trial disappointment, Lilly posted strong financials. Q2 revenue surged 38% year-over-year to $15.56 billion, led by better-than-expected sales of Zepbound, which brought in $3.38 billion.

Adjusted earnings per share climbed to $6.31 from $3.92 a year earlier. Revenue exceeded consensus estimates of $14.7 billion.

Lilly raised its full-year 2025 revenue guidance to $60 billion to $62 billion, up $1.5 billion at the midpoint. Adjusted EPS was also revised upward to $21.75 to $23.