Eli Lilly on Thursday downplayed CVS Health's decision to drop the company's obesity drug Zepbound from some lists of medicines it covers for reimbursement, but shares of the drugmaker still fell roughly 10% on investor worries that the move could blunt its sales momentum.

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.

Wegovy and Zepbound are part of a wave of obesity medications known as GLP-1 receptor agonists that have soared in popularity due to the amount of weight people lose while taking the injections. Coverage of these drugs has been patchy due to in part to their cost and the wide swath of patients who could take them.