Eli Lilly on Thursday downplayed CVS Health's decision to drop the company's obesity drug Zepbound from some lists of medicines it covers for reimbursement, but shares of the drugmaker still fell roughly 10% on investor worries that the move could blunt its sales momentum.

Allison Stange lost 40 pounds since starting Zepbound in April 2024, improving both her blood pressure and sleep apnea. Now she fears a deal struck between CVS Health Corp. and Novo Nordisk A/S will undo all that progress.