Patients who took Eli Lilly 's weight loss drug tirzepatide lost up to 34 pounds on average, or 16% of their body weight, the company said in clinical trial results released Thursday. Eli Lilly plans to complete its application for Food and Drug Administration approval of the drug in the coming weeks and expects regulatory action as early as later this year. The FDA approved tirzepatide for Type 2 diabetes last year, but the drug is not cleared for weight loss. The approval would open "up the opportunity for many more people to benefit from tirzepatide," Eli Lilly CEO David Ricks said Thursday on CNBC's "Squawk Box." He added that the drug sets a "new bar for weight loss and people with diabetes."

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