Hims & Hers stock price slides again as Novo Nordisk lawsuit tightens the screws on Wegovy copies

New York, Feb 10, 2026, 11:24 (EST) — Regular session

• Hims & Hers stock slid another 5.6% in mid-morning trading, deepening the 20% plunge it took on Monday.
• Novo Nordisk is going after compounded versions of Wegovy in the U.S., filing a patent lawsuit and pushing for a sales halt plus damages.
• Traders have an eye on any injunction attempts, possible FDA action on compounded GLP-1s, and Hims’ results coming up on Feb. 23.

Hims & Hers Health (HIMS.N) shares slipped 5.6% to $18.25 on Tuesday. Investors showed caution following Novo Nordisk’s patent suit and ongoing U.S. attention on compounded weight-loss medications.

The drop stings for Hims, which has been ramping up its online sales of GLP-1 weight-loss meds. These drugs, designed to imitate a gut hormone that reduces appetite and blood sugar, have quickly turned into a major force behind soaring demand for obesity treatments.

The announcement comes just as regulators and pharmaceutical companies insist that drug shortages are a thing of the past. According to the U.S. Food and Drug Administration, semaglutide, found in Novo’s Wegovy, is no longer officially classified as in short supply—experts note that this limits when pharmacies can legally compound the drug. Hims has projected revenue above $2.3 billion for 2025 and set its sights on $6.5 billion by 2030.

This marks Novo’s first U.S. patent suit targeting a compounder over Wegovy, Reuters reported. The company wants the court to permanently block Hims from selling compounded versions it says violate its patents, and is seeking damages. Novo general counsel John Kuckelman described the amount requested to Reuters as “a very significant amount.” 1

Hims pushed back on the characterization, saying the lawsuit “directly assaults” compounding — something it called a long-standing part of U.S. pharmacy practice. The company labeled the action a “blatant attack” intended to limit consumer choice.

Novo’s shares jumped 5% Monday, with Hims tumbling 20% as the market responded to growing pressure on sellers of copycat GLP-1 drugs. Sydbank’s Soren Lontoft Hansen called it “war”—Novo is going after Hims’ pill and targeting GLP-1 compounding operations in general. 2

Hims rolled out a compounded semaglutide pill with a $49 starting price, but yanked it just days after launch. The lawsuit targets both pill and injectable forms of Novo’s weight-loss drug.

Compounding, the process of mixing or customizing medicines in pharmacies—including versions or doses not offered by the branded manufacturer—has a legal footing if an FDA-approved drug is in short supply. If there’s no shortage, legal experts told Reuters, compounding typically happens only when a medication is made for a specific patient.

“Pharmaceutical companies used to leave compounding pharmacies alone over these tailored doses—they saw them as small potatoes,” Sarah Rajec, a professor at William & Mary Law School, told Reuters. But now, she says, the companies have ramped up legal action. Over at the University of California Law San Francisco, professor Robin Feldman described patents as “the big guns.”

Hims bounced around between $18.11 and $19.37 on Tuesday, clawing back after Monday’s rout. The stock’s market cap sits near $13 billion at these prices.

The risks are pretty clear. If a court steps in to halt sales, or if the FDA cracks down harder, Hims would have to scramble to overhaul its weight-loss product. A patent dispute, for its part, could drag on for years and pile up legal bills—even if there’s no immediate sales ban. According to Reuters, Hims plans to contest the validity of Novo’s patent.

Regulators also remain a wild card. The FDA says it plans to take “decisive steps” aimed at reining in the use of GLP-1 active ingredients in compounded drugs not approved by the agency, which are being mass-marketed by companies like Hims & Hers. The agency warned violators could face enforcement, including seizures or injunctions. 3

Feb. 23 marks the next major event for Hims, with the company set to release both its quarterly and full-year numbers after the bell and take questions on a conference call. Investors are expected to zero in on updates around its weight-loss strategy, as well as any impact from ongoing litigation and regulatory issues. 4