Eli Lilly Rejoins $1 Trillion Club on Zepbound Insurance Expansion
Eli Lilly Rejoins $1 Trillion Club as Insurance Coverage Expands for Zepbound
Eli Lilly shares are on pace to hit a new all-time closing high on news of increased insurance coverage for its blockbuster weight-loss drug Zepbound. Lilly shares earlier hit $1,149.10, up 6.1%, though the stock has retreated a bit and was recently up 4.2% at $1,128.94. The company's market capitalization is back above $1 trillion, recovering from a decline after becoming the first drugmaker to break that barrier last November.
CVS Caremark Decision
Pharmacy-benefit manager CVS Caremark decided to add back Lilly's Zepbound weight-loss drug to its lists of preferred drugs. CVS had removed the drug from its formulary template last year citing cost, which prompted some CVS members to switch to Novo Nordisk's Wegovy. Zepbound will go back on the CVS formulary in October. In addition, CVS Caremark will cover Lilly's new weight-loss pill, Foundayo, effective June 1.
Market Share Outlook
Analysts said Lilly might now recapture some market share that it lost to Novo Nordisk last year when CVS excluded Zepbound.
Impacted Symbols
Symbols affected by this headline and their sentiment signals
The news, analyses, and comments on this platform do not constitute investment advice. When making investment decisions, you should conduct your own research and consult with a qualified financial advisor if necessary. FiNews cannot be held responsible for any losses that may arise from the use of this information.
More Headlines
Tokyo Core Inflation Slows, Remains Below BOJ Target
Tokyo Core Inflation Slows, Remains Below BOJ Target
…Nikkei May Rise on Hopes for U.S.-Iran Peace Deal
Nikkei May Rise on Hopes for U.S.-Iran Peace Deal
…Australian Pension Fund HUB24 Faces Regulatory Scrutiny
Australian Pension Fund HUB24 Faces Regulatory Scrutiny
…