Eli Lilly’s once-daily Foundayo is the second obesity pill to receive FDA approval. It will compete with Novo Nordisk’s pill version of Wegovy.

Lilly says Foundayo was approved to treat obesity and can lead to long-term weight loss, alongside diet and exercise.

The FDA approval of Eli Lilly's GLP-1 pill Foundayo comes nearly three months after Novo Nordisk's oral version of Wegovy hit the market.