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 shares dropped Thursday as Novo Nordisk notched a coverage win for its obesity drug, a sign of the competition in the weight loss field.

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