June 24, 2025
Hims & Hers stock plummeted nearly 35% Monday after Novo Nordisk announced it was ending a collaboration to make its blockbuster weight-loss drug, Wegovy, available on Hims’ telehealth platform.
Novo Nordisk said that Hims & Hers was breaking the law by continuing to sell copycat semaglutide, the key ingredient in Wegovy, alongside Novo’s branded drugs.
“Hims & Hers … has failed to adhere to the law which prohibits mass sales of compounded drugs under the false guise of ‘personalization,'” Novo said in a statement Monday. Novo shares lost around 5.5%.
Hims & Hers CEO Andrew Dudum posted on X several hours later, claiming that Novo’s commercial team was pressuring it to “steer patients to Wegovy.”
Commentary
This is not a fight that Hims & Hers can win. Novo’s legal staff, much larger than Hims & Hers, will prevail. Hims & Hers has no grounds for defense, they blatantly went against FDA rules that specified that compounders must stop selling GLP-1s. The argument that they are “personalizing ” the prescriptions doesn’t hold water. You made a lots of money selling the compounded drugs H&H, good while it lasted, but the party is over. deal with it and move on.