May 28, 2026
Shares of global pharmaceutical company Eli Lilly (NYSE:LLY) jumped 3.4% in the afternoon session after CVS restored Zepbound as a co-preferred option and simultaneously added Lilly’s new oral obesity pill Foundayo, making Eli Lilly’s full obesity medication portfolio accessible to all three of America’s largest pharmacy benefit managers for the first time.
CVS Caremark covers approximately 25 to 30 million Americans through its standard formulary template, and employers who adopt those plans will see both drugs as equally accessible options. The Foundayo addition is separately important: it is Lilly’s oral GLP-1 pill, a tablet rather than an injection, which addresses one of the primary barriers to weight-loss drug adoption, needle aversion. Getting it onto the CVS formulary eliminates the slow burn that new drugs typically face as they clear PBM access hurdles.
After the initial pop, the shares cooled down to $1,124, up 3.6% from the previous close.
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Eli Lilly’s shares are not very volatile and have only had 9 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The previous big move we wrote about was 16 days ago when the stock gained 2.4% on the news that the stock continued to rally as the company announced an additional $4.5 billion investment to expand its U.S. manufacturing capabilities as it prepares for surging demand for its weight-loss medications.
This brings Eli Lilly’s total capital investment in its home state of Indiana to $21 billion since 2020. The company stated the expansion is necessary to meet the anticipated demand for its medicines, particularly its new weight-loss pill called Foundayo.
Adding to the positive sentiment, a recent clinical trial for Foundayo (also known as orforglipron) showed it produced significant weight loss in adults aged 65 and older, with a safety profile similar to that seen in younger patients. This news follows a period of strong performance, with sales of its existing drug, Mounjaro, surging by over 280% in Japan in the previous calendar year, highlighting the intense global appetite for these treatments.
Eli Lilly is up 4% since the beginning of the year, and at $1,124 per share, it has set a new 52-week high. Investors who bought $1,000 worth of Eli Lilly’s shares 5 years ago would now be looking at an investment worth $5,625.
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