CVS Health Shares Edge Higher Amid Legal Wrangling Over Drug Exclusion as Volume Plummets to 289th Ranking

CVS Health Corp. (CVS) closed on September 4, 2025, with a 0.50% gain, despite a 25.28% decline in trading volume to $370 million, ranking 289th in market activity. The stock faced renewed scrutiny following legal challenges over its decision to prioritize Novo Nordisk’s Wegovy over Eli Lilly’s Zepbound in its pharmacy benefit manager (PBM) coverage. A lawsuit alleges that Caremark RX LLC, CVS’s PBM arm, improperly terminated Zepbound’s coverage after securing rebates for Wegovy, despite Zepbound’s FDA-approved status as a treatment for obstructive sleep apnea.

CVS’s choice to exclude Zepbound from preferred medication lists has drawn criticism from patients, who argue the move overlooks therapeutic distinctions between the two GLP-1 drugs. The company’s rebate agreement with Wegovy has intensified regulatory and legal pressures, with multiple federal lawsuits accusing it of favoring cost concessions over patient care. The case highlights growing tensions in the pharmaceutical sector over PBM pricing strategies and their impact on drug accessibility.

Backtest results from historical data indicate that similar legal and pricing disputes for PBM firms have historically led to mixed stock performance. While short-term volatility is common during litigation periods, long-term outcomes often depend on regulatory rulings and market adjustments to coverage changes. Analysts note that CVS’s ability to navigate these challenges will influence investor sentiment in the coming months.