Eli Lilly & Co. Inc.’s stock rose 2.3% Wednesday, after the company said its Zepbound weight-loss drug was more effective than rival Novo Nordisk’s Wegovy in a head-to-head study. Zepbound achieved an average weight loss of 20.

Zepbound, the new GLP-1 weight-loss drug from Eli Lilly & Co., has outperformed its main competitor, Wegovy, in a clinical trial funded by Lilly.

Eli Lilly said patients taking its obesity drug Zepbound lost 47% more weight than those who were given Novo Nordisk's Wegovy in a study.