Updates

** Shares of drugmaker Eli Lilly LLY.N fall 8.6% to $821.62

** CVS Health CVS.N says it plans to drop LLY's obesity drug Zepbound from the list of medicines it covers for reimbursement

** CVS says it would drop coverage from July 1, but keep reimbursing for rival GLP-1 weight-loss drug Wegovy after negotiating a more favorable price from Novo Nordisk NOVOb.CO

** Q1 sales of Zepbound of $2.31 billion came in slightly below analysts' estimates of $2.33 billion, as per data compiled by LSEG

** Co also cuts annual adj. profit forecast to between $20.78 per share and $22.28 per share from $22.50 per share to $24 per share previously

** Including session's moves, LLY up 7.9% YTD

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com))