Eli Lilly and Co. (LLY) announced on its WeChat account Friday that it has won approval from Chinese regulators to sell tirzepatide for weight loss in the country.

Tirzepatide is the active ingredient in Lilly’s injectable diabetes drug Mounjaro and we🥃ig♉ht-loss drug Zepbound. Mounjaro previously was approved in China for diabetes treatment.

The approval comes after Danish rival Novo Nordisk (NVO) announced in June that its 澳洲幸运5官方开奖结果体彩网:weight-loss drug Wegovy received similar approval in China. Last week, a JAMA Internal Medicine study found that tirzepatide caused greater weight loss than semaglutꦦide, the active ingredient in Novo Nordisk's Ozempic and Wegovy.

Fiercꦺe Competition Between Eli Lilly, Novo Nordisk in Weight-Loss Ma꧋rket

Competition between the drugmakers in the world’s second-largest economy will be crucial, with the global weight-loss market expected to reach $77 billion annually by 2030, 澳洲幸运5官方开奖结果体彩网:according Morgan Stanley analysts. 

Eli Lilly did not specify when sales of the drug would begin in China, or how many doses would be sold, according to Reuters. The drugmaker did not immediately respond to Investopedia's request for comment.

Eli Lilly shares rose 1.4% to $860.50 as of 1 p.m. ET Friday and are up almost 50% year-to-date. Novo Nordisk 澳洲幸运5官方开奖结果体彩网:American depositary receipts (ADRs) were up 1.7% to $132.19 and have added about 28% in 2024.