On July 2, Eli Lilly rose 3.14% in regular trading, trading at approximately $1,230 per share, with turnover of $6.99 billion. The stock rebounded sharply following a 3% decline on June 30, when markets initially sold off on news that obesity drugs were being included in federal Medicare coverage for the first time.

The rebound appears driven by the market reassessing the long-term positive impact of the Medicare GLP-1 Bridge Program, which officially launched on July 1. Under the program, eligible Medicare Part D beneficiaries can access Lilly's weight management medicines Foundayo and Zepbound for just $50 per month through December 31, 2027. Lilly estimates approximately 15 to 20 million Medicare beneficiaries may meet clinical criteria to use these medications, representing a substantial incremental market opportunity for the company's GLP-1 franchise.

The broader pharmaceutical sector rallied in tandem, with AstraZeneca gaining 5.49%, Novo Nordisk rising 4.07%, Pfizer up 2.37%, Merck adding 2.26%, and Johnson & Johnson climbing 2.05%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)