New York, Feb 9, 2026, 17:31 EST — After-hours.
Shares of Hims & Hers Health (HIMS) tumbled roughly 16%, landing at $19.33 in after-hours trading Monday, after the company scrapped its $49 compounded semaglutide pill and got hit with a patent suit from Novo Nordisk over the weight-loss treatment. Earlier, the stock touched $16.44 before trimming some of those declines. 1
This episode hits just as the U.S. steps up pressure on non-approved, “compounded” GLP-1 drugs for weight loss—those pharmacy-made versions that sidestep the FDA’s usual review. The agency has told companies to stop pitching compounded products as equivalent to FDA-approved generics, warning that legal action is possible if unsubstantiated claims persist. 2
Leerink Partners lowered its price target on Hims & Hers from $24 to $20, sticking with a Market Perform rating. The firm cited ongoing legal uncertainty around compounded semaglutide products and questioned how long the company can continue those sales. Leerink figures weight loss products make up about $800 million of next year’s revenue and roughly 25% to 30% of EBITDA—so any hiccup could be a real problem. 3
Novo’s treating this as a showdown. General counsel John Kuckelman described the pill launch as a “tipping point,” with the company pressing for a court order to block sales of compounded drugs it claims infringe on patents—and seeking damages, too. Onlookers frame the legal push as “declaring war” on GLP-1 compounders. An investor, for their part, called it an “attack on the authority of the FDA.” 4
Over the weekend, Hims said it’s pulling its compounded semaglutide pill from availability, stating: “We remain committed to the millions of Americans who depend on us for access to safe, affordable, and personalized care.” The company left open the question of any potential adjustments to its compounded injectable weight-loss drugs. 5
Drugmakers saw mixed moves. Novo Nordisk jumped 3.6% to $49.37. Eli Lilly, on the other hand, dropped 1.3% to $1,044.67.
The timing’s tricky here. An injunction could land fast, throwing things into motion, or this legal fight could sprawl out, leaving the stock to react to court and regulatory cues rather than earnings prints.
Investors now have their sights on something narrower: initial court filings that could reveal the timeline of the dispute, as well as any sign regulators might take action beyond the withdrawn pill. Hims & Hers will release its fourth-quarter and full-year 2025 results after markets close on Feb. 23, with a conference call scheduled for 5 p.m. ET. 6
