Novo Nordisk, which was down sharply after its results yesterday, surging today. Let's bring in BMO head of health care Research Evan David Segerman. Evan, great to have you with us.>> Thank you for having me. >> Did Lilly deserve to be down 14% today. >> I think it's a bit oversold, but it just shows how Lilly was priced to perfection.I mean, expectations for this data set, you know, above 15%. They had been going around saying this. I had a quote from one of their executives, you know, pointing to what th ...

Market Dynamics & Competitive Landscape - CVS, through its PBM (Pharmacy Benefit Manager), is preferring Wegovy over Zepbound (Lilly) due to interchangeability and leveraging its coverage of millions of lives to negotiate better economic deals [1][3] - Lilly downplays the impact, stating only about 200,000 patients will be affected [5] - The shift is happening because drugs like Wegovy and Zepbound cost about $1,000 per month [3] PBM Strategy & Negotiation - PBMs negotiate drug prices in bulk, covering potentially tens of millions of lives, to bring prices down [4][5] - The prices are confidential, but some discount is surely involved [4] - Pharmacy benefits managers negotiate prices in bulk for millions of people [4] Patient Impact & Access - Patients have been scrambling to refill prescriptions, potentially seeking 90-day supplies, due to the change [6] - Patients are trying to determine if they are still covered, can get the drug at a discounted price, or qualify for a medical exemption [6]