The FDA, in a stark reversal, on Friday said it would reconsider its decision to remove Eli Lilly’s tirzepatide, from its shortage list.

Eli Lilly’s juggernaut diabetes and obesity drugs Mounjaro and Zepbound have been erased from the FDA’s shortage list, freeing the company from competing with compounding pharmacies that have been producing copycat versions of the in-demand treatments.

The popularity of GLP-1 weight loss drugs has soared, which had created a shortage among many of the drugs, including Eli Lilly's (NYSE: LLY) popular Mounjaro and Zepbound. However, the U.S. Food and Drug Administration (FDA) recently removed both drugs from its shortage list,

The two-year shortage of Eli Lilly’s blockbuster weight-loss and diabetes drugs is over, the U.S. Food and Drug Administration announced Wednesday.

As that figure was large, weight loss drug producer Eli Lilly (NYSE: LLY) saw a nearly 2% bump in its share price in response. That compared well to the just under 1% gain of the S&P 500 index during the session.

A group representing makers of compounded drugs sued FDA over its decision to call an end to the shortage of Lilly's (LLY) weight loss drug tirzepatide. Read more here.

Eli Lilly shares have soared thanks to excitement about the company's position in the weight loss drug market.