New York, February 10, 2026, 07:40 EST — Premarket
Shares of Hims & Hers Health, Inc. dropped another 4.2% to $18.52 in Tuesday’s premarket, piling onto Monday’s sharp 16.0% slide that left the stock at $19.33 by the close. 1
The development puts a spotlight on just how fast legal and regulatory trouble can land for companies focused on cash-based healthcare. For Hims, the big unknown is whether its splashy effort to sell low-priced weight-loss treatments can hold up if the legal pressure and regulatory scrutiny keep ramping up.
Brand-name makers are locked in a fierce battle over patents in the weight-loss drug space, while regulators sound the alarm on copycat versions. If authorities tighten the screws, telehealth companies may have to rethink not only their offerings but also their pricing—potentially shaking up growth forecasts.
Hims announced this weekend it’s discontinuing access to its compounded semaglutide pill, following what it called “constructive conversations with stakeholders across the industry.” Reuters reported that the U.S. Department of Health and Human Services plans to refer the company to the Department of Justice. 2
The FDA plans to crack down on GLP-1 active pharmaceutical ingredients in compounded drugs that haven’t received its approval, warning it may pursue legal action without issuing additional notices. GLP-1s are a group of medications prescribed for diabetes and weight loss. Compounding involves pharmacies mixing custom drug formulations for individual patients. 3
Novo Nordisk, the company behind Wegovy and Ozempic, has filed a lawsuit targeting Hims over its compounded semaglutide offerings. The drugmaker is seeking a permanent court order to block sales of what it calls unapproved, patent-infringing compounded drugs. “Hims & Hers is mass marketing unapproved knock-off versions of Wegovy® and Ozempic® … that’s dangerous and deceptive to patients,” said John F. Kuckelman from Novo. 4
Reuters said this is the first time Novo has filed a U.S. patent infringement suit against a compounder over Wegovy, as telehealth giants ramp up their efforts in obesity treatments. “Patents are the big guns,” said Robin Feldman, a professor at University of California Law San Francisco. Sarah Rajec, who teaches at William & Mary Law School, noted the sheer scale the market has reached. 5
For investors, the immediate concern isn’t courtroom scheduling—it’s whether regulators step in quickly enough to shake up supply, marketing, and the profit math behind cheap offers. Backing down on the pill might reduce short-term risk for the company, but the battle has shifted: what began as a pricing dispute is now a broader contest over what’s allowed.
The risk cuts both ways. Should the FDA or other regulators tighten their stance—or if Novo secures swift relief in court—Hims might see more downside. But if the company manages to keep within compounding guidelines and steers clear of an injunction, shares could find a footing after that steep selloff.
Market watchers are eyeing the docket for new court filings, possible moves by Novo to halt sales right away, and updates from regulators. There’s also focus on whether Hims plans to adjust its weight-loss treatment lineup and what its marketing strategy looks like now that scrutiny has ramped up.
Investors are watching for Hims’ Q4 and full-year 2025 earnings, which the company plans to release after the bell on February 23. Management will hold a conference call at 5:00 p.m. ET that same day. 6
