COPENHAGEN, Feb 9, 2026, 10:52 CET — Regular session
- Shares of Novo Nordisk jumped roughly 8% during trading in Copenhagen.
- Hims & Hers has scrapped its plan to offer a $49 compounded semaglutide weight-loss pill.
- Attention shifts to U.S. enforcement moves targeting compounded GLP-1 drugs, with anticipation building around new rival launches ahead.
Novo Nordisk (NOVOb.CO) climbed 8.3% to 320 Danish crowns in Copenhagen by 10:50 a.m. local time, after Hims & Hers (HIMS.N) scrapped plans for a $49 weight-loss pill made with compounded semaglutide—the same compound found in Novo’s Wegovy and Ozempic. 1
This is a big deal for investors, who’ve been watching closely to see if lower-priced competitors might start to erode Novo’s grip on pricing in the U.S. Then came a weekend about-face from a major online distributor—a headline capable of swinging the stock right now.
The surge in “compounded” medicines—custom pharmacy-made versions that involve mixing or changing ingredients—highlights ongoing regulatory boundaries. As demand for obesity drugs climbs, compounding isn’t limited to single prescriptions anymore; online marketing has accelerated its reach, raising fresh questions from regulators.
Hims plans to pull the pill following what it called “constructive conversations with stakeholders,” a move that comes amid legal pressure and warnings from federal authorities. The U.S. Department of Health and Human Services kicked the issue over to the Justice Department. Eli Lilly (LLY.N), for its part, says it’s on track to debut its own weight-loss pill in April. 2
Hims tapped semaglutide for its product, the very compound powering Novo’s Wegovy for obesity and the Ozempic lineup for diabetes. Both fall under the GLP-1 category—short for glucagon-like peptide-1—drugs that imitate a gut hormone, dialing down appetite and cutting blood sugar.
The U.S. Food and Drug Administration announced Feb. 6 it plans to clamp down on GLP-1 active ingredients showing up in “mass-marketed” compounded drugs that haven’t received FDA approval as alternatives to authorized treatments. Commissioner Martin A. Makary said the FDA is ready to “use all available compliance and enforcement tools” and made it clear that violations could trigger legal action—seizures, injunctions, the lot. 3
Novo has been turning to both lawsuits and regulators in an effort to rein in compounded forms of its GLP-1 drugs, warning that those alternatives can pose safety risks and dull pricing. Hims, for its part, hasn’t said yet if it plans to keep offering compounded semaglutide injections.
There’s no letup in competition. Lilly keeps advancing its obesity lineup, while additional oral drugs could bring broader access—and stir up more pricing pressure—if they arrive as planned.
There’s still skepticism among some investors about whether U.S. regulators will act fast to block the lower-priced supply. “We do think people will still buy it, and don’t think the government will do anything to stop it, based on precedent,” Bernstein’s Christian Moore said. 4
Traders eye Novo as they wait to see if the FDA and Justice Department make a move in the next few days, and also if new sellers jump in after Hims’ retreat. The next milestone for the company is first-quarter earnings, set for May 6. 5
