Shares of Hims & Hers Health skyrocketed to 40% in the premarket following the telehealth company’s partnership announcement with Novo Nordisk to sell the famous weight loss drug Wegovy.
The Danish drugmaker is set to garner significant attraction from more patients now that many compounding pharmacies are restricted from making cheaper, unapproved variants of Wegovy, with rare exceptions.
Patients can access direct-to-consumer platform, NovoCare Pharmacy
According to the terms and regulations, the direct-to-consumer platform, NovoCare Pharmacy, will be available through the Hims & Hers site along with a Hims & Hers membership with all dose strengths of Wegovy.
Both companies identified the bundled offering to release this week on the Hims & Hers platform, marking the first step in a long-term partnership.
The collaboration marked a significant milestone for San Francisco, California-based HIMS, which has been scrutinised.
It has been followed by the food and drug administration (FDA) declaration to an end to Wegovy shortage in February, exerting immense pressure on the firm’s business.
In May 2024, Hims & Hers launched compounded variants of semaglutide at a deep discount of 85% to the branded product.
HIMS CEO Andrew Dudum said, “We’re excited to work with Novo Nordisk, a company known for breakthrough innovation in clinical medicine and a strong portfolio of medications.”
Hims & Hers’ strategic partnership with Novo comes weeks after the company began to sell a branded variant of Eli Lilly’s famous weight loss therapy tirzepatide on its platform.
