Adding to the pressure is that CVS Health has retained coverage of Zepbound's arch rival Wegovy (semaglutide), sold by Novo Nordisk, after negotiating a price cut with the company, along with Novo Nordisk's newly forged alliances with three leading telehealth companies to drive self-pay sales of its weight loss drug.

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 nearly 7%.

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.