Hims & Hers stock price soars after partnership with Novo Nordisk to offer weight-loss drug Wegovy

Shares in Hims & Hers Health, Inc. (NYSE: HIMS) are skyrocketing in early-morning trading today after the telehealth company announced a new partnership with the Danish pharmaceutical giant Novo Nordisk. That partnership will see Hims & Hers offer Novo Nordisk’s weight-loss drug Wegovy through its platform. Here’s what you need to know.

Hims & Hers will offer weight-loss drug Wegovy 

Hims & Hers Health announced today that it has entered into “a long-term collaboration” with Danish drugmaker Novo Nordisk to offer its popular weight-loss drug Wegovy to its users through the Hims & Hers platform.

The news sent HIMS shares soaring in early-morning trading.

Novo Nordisk is the maker of the Wegovy weight-loss drug. The popular GLP-1 drug is often prescribed for those who wish to manage their obesity and lose weight. In recent years, people who have struggled to lose weight via traditional diet and exercise regimens have increasingly turned to GLP-1 medications.

The collaboration between Hims & Hers and Novo Nordisk will see the telehealth company’s platform integrated with Novo Nordisk’s NovoCare Pharmacy, allowing Hims & Hers users to acquire “all dose strengths” of the Wegovy weight loss drug.

The aim of the partnership is to blend Hims & Hers’s holistic telehealth offering with proven weight-loss medication and to offer the drug to self-paying patients. Hims & Hers says that the medication, along with a required Hims & Hers membership, will be offered to users for $599 per month. It will begin offering the drug this week.

HIMS stock surges

Shortly after Hims & Hers announced the Novo Nordisk Wegovy collaboration, HIMS stock surged in premarket trading this morning. As of the time of this writing, in early-morning trading, HIMS stock is currently up over 26% to over $36 per share.

The stock surge suggests that investors see the Novo Nordisk collaboration as a potential major accelerator for Hims & Hers memberships that could lead to increased recurring monthly revenue.

However, at around $36 per share, Hims & Hers stock price is still well below its all-time high of nearly $73 per share in February. That month, the company released its Q4 results and announced that it would stop offering compounded semaglutide, the active ingredient used in Wegovy and similar GLP-1 weight loss drugs, CNBC noted.

In May 2024, Hims & Hers stock surged after it had been allowed to offer a compounded semaglutide due to a semaglutide shortage. But once the U.S. Food and Drug Administration (FDA) declared that the shortage had resolved, Hims & Hers could no longer offer the compounded drug.

HIMS stock sank 22% after that announcement in February, reported CNBC at the time.

It’s understandable, then, why HIMS shares are surging so much in trading today after the company announced once again that it would be able to offer a GLP-1 weight loss drug—and not just a compounded version, but the brand-name version, Wegovy.

With today’s stock surge, HIMS shares are now up nearly 48% year-to-date. Over the past year, HIMS shares have now surged nearly 185%.

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