Hims & Hers Announces Plans To Expand Into Canada As Novo Nordisk’s Weight Loss Drug Patent Expires

Hims & Hers Health, Inc. (HIMS) announced on Wednesday that it will expand to Canada next year with its weight loss program, as generic Semaglutide hits the market for the first time.

The patent on Semaglutide expires in Canada before it does in other countries. Semaglutide is the active ingredient in Novo Nordisk’s branded diabetes and weight loss drugs Ozempic and Wegovy.

Hims & Hers’ shares were trading over 3% higher at the time of writing.

The telehealth company stated that the introduction of generics marks a pivotal moment, as branded Semaglutide is often priced out of reach at over C$200 a month. The price for generic Semaglutide, it said, is expected to be available at a significant discount to branded versions. These prices are further expected to lower over time, it added.

Him and Hers plans to offer access to lower-cost treatment options through its digital platform, paired with 24/7 access to licensed providers and personalized, clinically backed care plans.

“As generic semaglutide becomes available for the first time globally, we’re focused on making it truly accessible, by combining affordability with trusted, personalized care at scale,” said CEO Andrew Dudum.

“This is a major step forward for access,” he added in a post on X.

Late last month, Novo Nordisk announced that it is halting its collaboration with Hims & Hers for the sale of Wegovy after alleging that the telehealth company failed to adhere to the law, which prohibits mass sales of compounded drugs. It alleged that the telehealth operator is promoting and selling illegitimate, knockoff versions of Wegovy.

Dudum, however, alleged that Novo management is “misleading the public.” The CEO said in a post on X that the pharma company’s commercial team has been increasingly pressuring the company to control clinical standards and steer patients to Wegovy regardless of whether it is clinically best for patients.

Compounded drugs are different from generics. Generic drugs are FDA-approved versions of brand-name drugs. Compounded drugs, on the other hand, are custom-made medications to meet a specific patient's needs when an FDA-approved drug is unavailable or unsuitable. Compounded drugs are not FDA-approved.

On Stocktwits, retail sentiment around HIMS is trending in the ‘bearish’ territory, coupled with ‘low’ message volume.

HIMS stock is up by 109% this year and by about 144% over the past 12 months.

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