CVS Health said it will significantly expand access to Novo Nordisk's blockbuster weight loss drug Wegovy for patients covered by its pharmacy benefit manager, Caremark. Starting July 1, Caremark will prioritize Wegovy on its standard formularies — or lists of covered drugs — making it the preferred GLP-1 drug for obesity.

Shares in Hims & Hers Health soared in early-morning trading after it announced a partnership with Wegovy maker Novo Nordisk.

The deal could expand access to its in-demand obesity drug at the expense of Eli Lilly, whose shares fell by double digits on Thursday.