Eli Lilly on Thursday posted better-than-expected quarterly results, but CVS Health's decision to drop the company's obesity drug Zepbound from the list of medicines it covers for reimbursement dragged shares down over 5%.

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.

CVS Health will drop the weight-loss drug Zepbound from its insured pharmacy options this summer. Employers and insurers may follow suit.