Shares of Eli Lilly dropped in pre-market buying and selling Thursday, as competitor Novo Nordisk secured a serious win on insurance coverage protection of its weight problems drug and as Lilly reported first-quarter earnings that fell in need of what traders needed to see.
CVS Caremark, the biggest pharmacy profit supervisor within the U.S., introduced Thursday that beginning in July, Novo’s weight reduction remedy Wegovy would be the most popular GLP-1 drugs on its largest industrial formularies, possible making Wegovy extra accessible to sufferers than Lilly’s Zepbound.
The weight problems market has been dominated by the 2 corporations, and in latest months, traders had been viewing Lilly as having an edge, with Zepbound resulting in better weight reduction than Wegovy and with Lilly having what look to be extra promising injectable and oral candidates in its pipeline. However the CVS information is a big step for Novo, as each corporations have been making an attempt to broaden insurance coverage protection, a key hurdle for wider utilization.
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