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On May 1, 2025, Eli Lilly issued a press release reporting first quarter 2025 results and reaffirming guidance. In conjunction with this press release, Eli Lilly management commented on the decision made by CVS, one of the country’s largest pharmacies, to drop coverage for its popular weight-loss drug, Zepbound, in favor of competitor’s Wegovy. Notably, Eli Lilly’s CEO attributes 45% of the Company’s year-over-year revenue growth to strong sales of Zepbound and Mounjaro.
Following this news, Eli Lilly’s stock price fell by $104.85 per share, or approximately 11.7% to close at $794.10 per share.