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.

Eli Lilly's stock wobbled Thursday after a looming coverage hit was detailed for its blockbuster weight-loss drug Zepbound. CVS Health said the drugs Wegovy and Saxenda from rival drugmaker Novo Nordisk will become the preferred options on its standard formulary,

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.