New York, February 5, 2026, 11:30 AM EST — Regular session
- Hims & Hers shares hovered near previous levels following an initial jump to $29.44
- The company rolled out compounded semaglutide pills, starting with a $49 introductory offer for the first month
- Novo Nordisk announced plans to sue, labeling the action as illegal mass compounding
Shares of Hims & Hers Health Inc swung sharply Thursday following the company’s announcement that it plans to offer a low-cost compounded version of Novo Nordisk’s new Wegovy weight-loss pill. Novo Nordisk promptly threatened legal action. The stock bounced back to $24.41 in late morning trading after earlier surging to $29.44.
This shift is significant as the battle over lower-cost versions of top-selling obesity drugs has expanded beyond just injection supply issues. Hims aims to retain users by offering lower prices and more “personalized” dosing, but this approach repeatedly clashes with drugmakers, regulators, and now courts more often.
This comes as U.S. regulators ramp up warnings about unapproved GLP-1 weight-loss drugs, including semaglutide—the key ingredient in Wegovy. The FDA has stressed that compounded versions skip the agency’s safety, effectiveness, and quality reviews. It has highlighted risks like dosing errors and counterfeit products. (U.S. Food and Drug Administration)
Hims announced that eligible customers can now get compounded semaglutide pills starting at $49 for the first month, targeting those who want an oral treatment option. CEO Andrew Dudum emphasized the benefit of more choices on the platform, calling it “the best thing for customers everywhere.” (Hims Inc.)
Novo Nordisk responded swiftly. The Danish pharma giant announced plans for legal and regulatory measures, labeling the Hims product as “illegal mass compounding that poses a significant risk to patient safety.” Novo emphasized it remains the sole maker of an FDA-approved Wegovy pill using SNAC technology, which enhances semaglutide absorption when taken orally. (Reuters)
Hims’ pricing undercuts Novo’s. The company offers a $49 introductory price that rises for longer-term plans, Reuters reported, while Novo plans to charge $199 for its branded product. Pharmacies in the U.S. can compound drugs—mixing ingredients to create patient-specific versions—though broader production usually hinges on official shortages, Reuters added. (Reuters)
The dispute carries weight. Back in September 2025, the FDA issued a warning letter to Hims & Hers Health, saying the company’s website claims about compounded semaglutide were false or misleading. The agency flagged this could make the products misbranded under federal law. (U.S. Food and Drug Administration)
The market response was mixed: excitement about a cheaper, needle-free alternative clashed with concerns about its durability. Markus Manns, portfolio manager at Union Investment, called the move “seems illegal,” while Evan Seigerman of BMO Capital Markets noted that Novo’s management stayed cautious on oral copycats due to absorption challenges. (Reuters)
Drugmakers took a hit as well. Novo’s U.S.-listed shares dropped roughly 6%, while Eli Lilly slid close to 7% by late morning trading.
Hims is expanding beyond weight loss. On Wednesday, it announced that users can now access Grail’s Galleri multi-cancer early detection blood test via its platform. (Hims Inc.)
On Wednesday, a regulatory filing revealed that Hims’ CFO, Oluyemi Okupe, exercised options and sold 5,262 shares at an average price near $26.44. The transaction was made under a 10b5-1 trading plan set up in 2025. (SEC)
The upside isn’t without complications. Should Novo pursue legal action, or if regulators at the federal or state level ramp up enforcement, Hims might have to stop or alter the offering abruptly. The FDA has already flagged concerns over quality and dosing with compounded GLP-1 products, so a safety scandal could erupt quickly.
Investors now face a key question: will this escalate into an injunction battle or drag out as a slow regulatory process? The more immediate trigger is Hims & Hers’ earnings report on February 23. Traders will zero in on details around sourcing, compliance, and just how much of the company’s growth hinges on compounded GLP-1 drugs. (Hims Inc.)
