1707 ET - Drugmaker Eli Lilly suffered its largest one-day loss of market capitalization on record-more than $99 billion-after rival Novo Nordisk struck a deal with CVS that threatens Lilly's growing dominance in the booming anti-obesity drug market. Lilly shares closed down 11.7% at $794.10, their largest one-day percentage decrease since 2008, according to Dow Jones Market Data. CVS's pharmacy-benefits manager will favor coverage of Novo's Wegovy, which means Lilly's competing weight-loss drug Zepbound will be a more costly option for CVS plan members. The Novo-CVS deal is "bad news" for Lilly and will hurt Zepbound's momentum when the new coverage takes effect in July, Leerink Partners analyst David Risinger wrote in a research note. (peter.loftus@wsj.com)
(END) Dow Jones Newswires
May 01, 2025 17:07 ET (21:07 GMT)
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