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.

Novo Nordisk's (NVO) stock price dropped following Eli Lilly's announcement of positive Phase 3 trial results for its oral weight loss drug orforglipron—that helped patients shed weight and control blood sugar,

Savvy pharma-stock investors know that an oral GLP-1 drug from Novo Nordisk called Rybelsus has been on the market as a diabetes treatment since 2019. It's an orally available version of semaglutide, which is the same active ingredient in Ozempic and Wegovy.