Shares of Hims & Hers Health (NYSE: HIMS) jumped significantly on Tuesday after they announced a major partnership with the pharmaceutical company Novo Nordisk.
This partnership will enable Hims & Hers to offer Wegovy, a popular weight-loss drug from Novo Nordisk, directly to customers online. This is a big step in making the medication more accessible. Investors reacted positively, sending Hims & Hers stock up by as much as 40% before it settled at a 28% increase. Novo Nordisk’s shares rose by about 3-4%.
Under the agreement, Hims & Hers will provide all dose strengths of Wegovy as part of its subscription services. Starting this week, U.S. customers who qualify can buy Wegovy through the Hims & Hers platform for a starting price of $599 per month.
This price includes the medication and support services like 24/7 care access, nutrition advice, and ongoing medical support. The partnership also utilizes Novo Nordisk’s new pharmacy platform, NovoCare, allowing for easier home delivery of the medication.
This deal comes at an important moment in the growing market for GLP-1 weight-loss drugs. Novo Nordisk wants to help more patients get Wegovy, especially since supply issues have improved and the FDA is regulating cheaper, unapproved versions that many patients relied on during shortages.
Hims & Hers had previously offered compounded semaglutide (the active ingredient in Wegovy) but faced challenges with supply and legality. This partnership ensures a steady supply of the approved branded drug, enhancing Hims & Hers’ position in the telehealth market.
Both companies benefit from this collaboration. Novo Nordisk gains a telehealth partner to reach more patients, while Hims & Hers gets access to a popular drug, boosting its weight management services. They also plan to offer Lilly’s Zepbound and generic versions of older weight-loss medications.
Hims & Hers CEO Andrew Dudum said, “We have always maintained that by prioritizing the customer, we can transform the healthcare landscape.” He emphasized the shared goal with Novo Nordisk to make healthcare more focused on consumers.
Executives from both companies see this partnership as a way to meet growing patient demand and make Wegovy more accessible and affordable, especially now that compounded options are becoming harder to find. They view this agreement as just the beginning and plan future collaborations.