Sales of its key medicine, Trulicity, are declining in the United States due to competitive dynamics, including Mounjaro switches and supply constraints. Prices of most of Lilly's products are declining in the United States. Potential competition in the GLP-1 diabetes/obesity market is another headwind.The stock also took a hit this month because CVS Caremark, a major pharmacy benefit manager ("PBM"), announced a partnership with rival Novo Nordisk NVO to make NVO's Wegovy its preferred GLP-1 therapy for weight loss, effective July 1.NVO also recently announced partnerships with telehealth providers Hims & Hers Health to offer Wegovy at a discounted price to cash-paying patients.