LLY Stock Hits All-Time High — CVS Coverage Boost For Zepbound May Be Driving Gains

• CVS Caremark is restoring coverage of Eli Lilly’s weight loss injection Zepbound.
• Zepbound will return to CVS Caremark’s commercial formularies as a preferred option starting Oct. 1.
• Lilly’s newly approved Foundayo pill will be available on plans from June 1, 2026.

Shares of Eli Lilly (LLY) reached a new milestone on Thursday, hitting an all-time high of $1,147.95, and pushing the drugmaker's market capitalization to about $1.02 trillion. The stock was up more than 4% at the time of writing.

The gains came after CVS Health (CVS) said it will restore coverage of Lilly’s weight-loss injection Zepbound and begin covering its newly approved obesity pill, Foundayo. This expands access to Lilly’s obesity treatments and gives eligible patients more treatment options through their insurance plans.

CVS Health shares, meanwhile, were also trading higher, up nearly 1.4%.

CVS Brings Zepbound Back, Covers Foundayo

CVS Health’s decision to restore coverage for Zepbound on certain plans came after Eli Lilly agreed to lower the price it charges many health plans for the treatment, according to a Bloomberg report, citing a CVS spokesperson.

The move could strengthen Lilly’s position in the fast-growing weight-loss market, helping it compete more effectively with rival Novo Nordisk (NVO) by placing the companies on more equal footing across major drug plans, CNBC reported.

In July 2025, CVS Caremark, the company’s pharmacy benefit management unit, restricted coverage of Zepbound after reaching a pricing agreement with Novo Nordisk for Wegovy. The decision made it difficult and potentially more expensive for some patients to access Lilly’s drug.

Under the latest changes, CVS will restore coverage for Zepbound beginning Oct. 1 and start covering Foundayo on June 1.

CVS Focuses On Affordability

After CVS expanded coverage, Lilly said its full obesity medicine portfolio is now covered by all three major US pharmacy benefit managers. It added that for eligible patients with commercial coverage, both medicines are available for $25 a month.

Demand for GLP-1 drugs such as Zepbound, Ozempic and Wegovy has surged in recent years, making them key products for their makers.

CVS said high prices have limited patient access to these treatments. It added that it has been working with drugmakers to lower costs and improve affordability as more GLP-1 options enter the market. 

LLY, CVS Stock: What Stocktwits Retail Sentiment Says

On Stocktwits, retail sentiment for LLY has been “neutral,” and it has remined unchanged in the past 24 hours. For CVS, retail sentiment was “bearish.”

While LLY stock has risen over 57% in the past 12 months, CVS shares have gained 53% in the same period.

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