The obesity drug helped people trim about two inches more off their waists than Wegovy in the first head-to-head study of the rival medicines.

Eli Lilly and Company's stock dropped 11% after CVS's Zepbound exclusion, but analysts see a mispricing opportunity. Click for why LLY growth remains strong.

Eli Lilly on Thursday posted better-than-expected quarterly results, but CVS Health's decision to drop the company's obesity drug Zepbound from the list of medicines it covers for reimbursement dragged shares down over 5%.

Shares of Eli Lilly ( LLY -10.61%) are sliding on Thursday. The stock lost 8.3% as of 12:21 p.m. ET. The leg down comes as the S&P 500 ( ^GSPC 0.87%) gained 1% and the Nasdaq Composite ( ^IXIC 1.87%) gained 1.9%.

A new federal ruling means that patients will no longer have access to cheaper versions of Eli Lilly weight loss and diabetes drugs from compounding pharmacies.

Allison Stange lost 40 pounds since starting Zepbound in April 2024, improving both her blood pressure and sleep apnea. Now she fears a deal struck between CVS Health Corp. and Novo Nordisk A/S will undo all that progress.