CVS Health Corp.’s drug-benefits unit negotiated a deal to make Novo Nordisk A/S’s Wegovy more widely available to its members, a blow to rival Eli Lilly & Co.’s Zepbound that was moved off the company’s list of preferred drugs.

Eli Lilly and Company's stock dropped 11% after CVS's Zepbound exclusion, but analysts see a mispricing opportunity. Click for why LLY growth remains strong.

Eli Lilly’s stock wobbled Thursday after a looming coverage hit was detailed for its blockbuster weight-loss drug Zepbound.