Eli Lilly's new drug shows promising weight loss results for diabetes patients.

Tirzepatide, a drug approved to treat type 2 diabetes under the brand name Mounjaro, has helped people with the disease who were overweight or had obesity lose up to 16% of their body weight, or more than 34 pounds, over nearly 17 months. Based on the new results, Eli Lilly and Co. will finalize an application to the U.S. Food and Drug Administration for fast-track approval to sell tirzepatide for chronic weight management. If approved, tirzepatide could become the most effective drug to date in an arsenal of medications that are transforming the treatment of obesity, which affects more than 4 in 10 American adults and is linked to dozens of diseases that can lead to disability or death.