Eli Lilly shares surged 5.11% in pre-market trading on Wednesday, driven by a newly announced collaboration with CVS Health and a boost from rival Novo Nordisk's disappointing pipeline updates.

The rally was sparked by CVS Health's announcement of a partnership with Eli Lilly to help eligible patients more easily access transparent pricing for Zepbound and Foundayo, two of Lilly's GLP-1 treatments. Under the collaboration, patients will be able to view pricing options through the CVS Health app and access same-day pickup at CVS pharmacies, along with expanded pharmacy support and $29 MinuteClinic online visits for eligible patients.

Adding to the positive sentiment, competitor Novo Nordisk faced investor disappointment after its earnings report, despite raising its full-year outlook. Investors focused on slightly weaker-than-expected sales for its new Wegovy pill and another trial setback for its next-generation obesity drug CagriSema. The setbacks have intensified scrutiny on Novo's pipeline and highlighted Eli Lilly's strengthening competitive position in the obesity drug market, which analysts project will exceed $100 billion annually by 2030.