The world’s largest pharmaceutical stock, Eli Lilly and Company (NYSE: LLY), recently had its worst day in a long, long time. On May 1, Lilly reported Q1 earnings. Afterwards, shares got beaten down by almost 12% in one day, marking the biggest single-day decline in the stock in recent memory. Lilly’s results were not bad, but they weren’t impressive either, hitting shares.
Kicking Lilly while it was down, CVS Health (NYSE: CVS) announced a key partnership with Lilly’s arch-rival, Novo Nordisk A/S (NYSE: NVO), that sent shares even lower. The two companies are angling against Lilly, which is becoming the dominant player in the weight-loss drug market.
