New York, March 9, 2026, 05:56 EDT
Hims & Hers Health shares jumped in premarket trading Monday, following a Bloomberg News report that Novo Nordisk plans to offer its weight-loss drugs via the telehealth platform. An announcement confirming the partnership could come as early as Monday, marking a reversal from last month’s patent dispute between the two firms. Bloomberg.com
Why does it matter now? Hims could soon have a more direct path to FDA-approved supply, right as Washington sharpens its focus on compounded GLP-1 drugs—the diabetes meds also used for weight loss. Compounding, making customized versions for individual patients, took off during recent shortages, but the FDA is tightening the screws. Reuters
Novo could get another crack at the U.S. cash-pay market online, aiming to shore up semaglutide—the key ingredient in Wegovy and Ozempic—as cheaper generics and Eli Lilly’s Zepbound creep in. The pharma company already leans on telehealth outfits like Ro and LifeMD to push branded Wegovy. Over at Hims, Lilly’s Zepbound is also in the lineup. Reuters
What happened was swift. Hims put out a $49 compounded take on Novo’s new Wegovy pill back in February, only to yank it almost immediately after the FDA stepped in—threatening enforcement and bouncing the issue to the Justice Department. Novo responded with a patent suit, pushing for a halt to Hims’ compounded sales. “Patient safety has always been our top priority,” Novo’s legal chief John F. Kuckelman said in the lawsuit statement. Reuters
Previously, the two firms had teamed up. Back in April 2025, Novo announced plans to collaborate with Hims, Ro, and LifeMD, allowing each to offer Wegovy directly to cash-paying U.S. buyers. Just two months later, Novo cut ties with Hims, citing issues over its marketing and its ongoing sale of Wegovy knockoffs. Reuters
Last month, Hims CEO Andrew Dudum pointed out that while the company is moving into areas outside weight loss, the bulk of its revenue and profits still comes from other segments. Novo, for its part, said Friday it’s still holding discussions with firms interested in expanding access to FDA-approved drugs. Reuters
Still, the reported deal leaves Hims facing its main risk. Just last week, the FDA issued warnings to 30 telehealth companies over allegedly deceptive marketing tied to compounded GLP-1 drugs. Hims, for its part, had said in February that its 2026 guidance relies on ongoing access to compounded semaglutide via its platform. Reuters
Caution hasn’t really left Wall Street. Michael Cherny at Leerink noted, “the more important component for the stock is how Hims progresses with its weight-loss business.” Kadyn Kim at Morningstar echoed that hesitation, pointing to “a lot of question marks” still circling the company. Reuters
Rosalie Hoyle, research scientist at Avalere, pointed out that the FDA might turn to new guidance to spot “potential safety risks” tied to compounded semaglutide. That move could pile more pressure onto Hims’s personalized semaglutide offering, which analysts still call a key pillar of the stock’s narrative. Reuters
Back in February, Needham’s Ryan MacDonald noted that Hims would be “looking at the market from the outside” if it couldn’t secure a branded weight-loss drug. Then, on Feb. 23, Hims reported 2025 revenue jumping 59% to around $2.35 billion, adding that its 2026 outlook counted on continued access to compounded semaglutide—an approach that makes any return of Novo’s branded product a factor that stretches well beyond a single day’s share reaction. Reuters
