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.

Shares in Eli Lilly have weakened after CVS Health, one of the largest pharmacy benefit managers (PBMs) in the US, said it would no longer cover its obesity therapy Zepbound. The shares closed down nearly 12% after CVS Health's revelation and Lilly's announcement that,