The news: Novo Nordisk notched an important win over rival Eli Lilly by getting its weight loss drug Wegovy preferred placement on CVS’ pharmacy benefit manager (PBM) commercial drug formularies starting July 1. CVS’ PBM, Caremark, is also dropping Lilly’s GLP-1 Zepbound from its standard formulary, per media reports.

The exclusion of Zepbound on Caremark’s formularies was a key factor in Lilly’s stock dropping ~8% on Thursday morning, even though the drugmaker reported solid earnings yesterday.

Zooming out: Caremark manages prescription drug coverage for its employer and health plan clients. It’s the second-largest PBM in the US, with 27% market share, per Drug Channels Institute.