The Food and Drug Administration on Friday approved Eli Lilly & Co.'s /zigman2/quotes/200106384/composite LLY +0.76% Mounjaro, a once-weekly injection for adults with type 2 diabetes. Patients enrolled in the Phase 3 clinical trial reported that the therapy reduced hemoglobin A1C between 1.8% and 2.4%, depending on the dose. Lilly also said it helped people lose between 12 and 25 pounds, though weight loss is not included on the FDA label. Approximately 30 million people in the U.S. have type 2 diabetes. "We find it noteworthy that the FDA sees Mounjaro's approval as meaningful enough to put out their own press release highlighting the news, while using language that we believe speaks to the transformative potential of the product," Mizuho Americas analysts told investors. Analysts there expect Mounjaro to generate more than $14 billion in sales by 2030. Lilly's stock has gained 5.5% this year, while the broader S&P 500 /zigman2/quotes/210599714/realtime SPX +0.16% is down 15.5%.