That just means it skips having to be "digested" by your stomach and all....everything like that is still metabolized by the liver! If it is metabolized by the liver it is metabolized 100% the same by the liver no matter what route you take it. What else could metabolize it out of your body?
*edit*
Drugs are either metabolized by your liver or your kidneys...nothing else. So metabolized means the process in which the drug is broken down, made into a substance that can be utilized by your body and then discarded into waste. So no matter how it goes into your body it still eventually has to be metabolized (by one or the other).