Hims stock launched by double digits early Tuesday after the company inked a deal to sell Novo Nordisk‘s (NVO) weight-loss drug, Wegovy, on its telehealth platform.
The collaboration will allow people in the U.S. to access NovoCare Pharmacy directly through Hims & Hers Health‘s (HIMS) online platform. Patients can bundle all dose strengths of Wegovy with a Hims & Hers membership for $599 per month.
↑ X NOW PLAYING The Weight-Loss Drug Market Is Hot. Which Medical Stock Will Win The Battle For Supremacy? “We’ve always believed that if you center the customer, you can change the healthcare system,” Hims Chief Executive Andrew Dudum said in a written statement. “We’re doing that at scale and partnering with an industry leader who believes in the same future.”
In morning trades on today’s stock market, Hims stock jumped more than 24% to 35.57. Novo shares rose 3.2% to 64.58.
Hims Stock: Deep Collaboration With Novo
The deal helps Hims & Hers navigate around the Food and Drug Administration’s decision to remove semaglutide — the active ingredient behind Wegovy — from its drugs shortage list. Prior to that, Hims & Hers made a big business for itself selling knockoff semaglutide at a low price. But when a drug is no longer in shortage, pharmacies can’t sell compounded versions of it.
Novo’s Dave Moore says the companies will deepen their collaboration over time. Moore is the company’s executive vice president of U.S. operations and global business development.
“Beyond this initial collaboration, the companies are developing a roadmap that combines Novo Nordisk’s innovative medicines with Hims & Hers’ ability to deliver access to quality care at scale, with the goal of improving long-term outcomes for more people living with chronic disease, and doing that more affordably,” he said in a written statement.
Hims & Hers also recently announced it would sell Eli Lilly‘s (LLY) Zepbound on its website. Lilly, though, noted it’s not collaborating with Hims & Hers.
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