Eli Lilly stock is down today mainly due to disappointing clinical trial results for its oral weight-loss drug Orforglipron. The recent late-stage trial showed an average weight loss of about 11-12.4%, which fell short of analysts' and investors' expectations of closer to 15%, and lagged behind the competing oral drug from Novo Nordisk. Additionally, the trial had a high dropout rate of 24% at the highest dose, raising concerns over patient adherence. This news has overshadowed otherwise strong quarterly earnings and a raised full-year guidance from Eli Lilly, leading to a significant sell-off in the stock. Moreover, competition in the weight-loss drug market is intensifying, and Eli Lilly also faces some coverage restrictions on one of its existing weight-loss drugs, Zepbound. There is broader market nervousness fueled by recent tariff uncertainties on pharmaceutical imports and competitive pressures from rivals like Novo Nordisk and Pfizer. Despite solid financials, these clinical setbacks and competitive challenges have heavily influenced investor sentiment, resulting in the stock trading down about 0.3% today with recent bigger drops in August 2025 noted as the largest in decades for the company.