HIMS Stock Extends 3-Day Rally: Hims & Hers Targets GLP-1 Gold Rush In Canada After Novo Nordisk Patent Expiry

• Hims launched generic Semaglutide in Canada, opening a lower-cost alternative to Novo Nordisk’s Ozempic and Wegovy.
• Health Canada recently approved the first generic semaglutide products in the G7.
• Hims said Canadian GLP-1 treatment plans will start at C$149 per month, below the estimated C$200-C$400 monthly cost range for branded Ozempic.

Shares of Hims & Hers Health, Inc. (HIMS) jumped 1% in overnight trading heading into Friday after the telehealth firm launched a generic Semaglutide offering in Canada, capitalizing on a rare patent lapse by Novo Nordisk that has opened a major international GLP-1 market to lower-cost competition. 

HIMS stock jumped 4% on Thursday to end at $24.01, marking its third straight session of gains. Shares also rose marginally in after-hours trading.

Hims Launches Generic Semaglutide In Canada

Hims said Canadians can now access generic Semaglutide, the active ingredient behind Novo’s blockbuster diabetes and weight-loss drugs Ozempic and Wegovy, through its telehealth platform as part of its weight-loss program. 

The launch comes after Novo Nordisk's failure to pay a C$250 patent maintenance fee in Canada, allowing its Semaglutide patent to lapse years earlier than expected. Earlier this month, Health Canada approved the first generic semaglutide product in the G7, authorizing versions from companies including Dr. Reddy's Laboratories and Canada-based Apotex.

Hims & Hers said the generic drug offered through its platform is manufactured by Apotex, marking the company’s first international rollout of a generic GLP-1. The company’s personalized treatment plans in Canada will start at C$149 per month if prescribed by a licensed healthcare provider, significantly below the estimated C$200-C$400 monthly cost range for branded Ozempic, depending on dosage and insurance coverage. 

The obesity-care program offered by Hims combines access to medication with ongoing support and evidence-based guidance on nutrition, movement, and sleep.

HIMS Diversifies Beyond GLP-1 Drugs

The Canadian expansion also marks another turn in Hims & Hers’ rapidly growing GLP-1 strategy. The company had previously leaned heavily into compounded weight-loss drugs during U.S. shortages for Wegovy and Eli Lilly’s Zepbound. Hims struck a deal with Novo Nordisk earlier this year to offer branded GLP-1 drugs directly through its U.S. telehealth platform after the companies resolved a Novo patent infringement lawsuit for compounded Semaglutide marketing.

Hims has since expanded its partnerships with major drugmakers, offering branded therapies, including Wegovy, Ozempic, Zepbound, and Mounjaro, through its platform, alongside newer generic offerings.

Beyond GLP-1s, Hims has expanded into hormone health with offerings such as Testosterone Rx+, a daily hormone-support pill that combines enclomiphene with zinc, vitamins, and L-arginine. Peptides are also a potential future growth category for Hims, particularly ahead of upcoming FDA discussions around peptide compounds that may remain eligible for compounding. 

The GLP-1 Weight War Gets Heavier

The Canadian generic rollout also comes as the race between Novo Nordisk and Eli Lilly heats up in the global GLP-1 market, which has quickly become one of the pharma industry’s red-hot sectors. Novo’s Semaglutide portfolio, including Ozempic, Wegovy, and Rybelsus, is one of the largest GLP-1 franchises in the U.S. market, with the country accounting for over two-thirds of global Semaglutide revenue.

Meanwhile, Lilly has gained ground with Zepbound and Mounjaro, with Mounjaro recently overtaking Keytruda as the world’s top-selling drug. Competition escalated further on Thursday after Lilly released new late-stage data for its newer obesity drug, Retatrutide, showing that patients lost an average of 28.3% of their body weight after 18 months of treatment. Lilly said that about 45% of patients receiving the highest dose lost at least 30% of their body weight.

Lilly is positioning Retatrutide as a more powerful therapy for patients with severe obesity, potentially giving Lilly another advantage over Novo.

How Do Retail Traders Feel About HIMS, NVO And LLY?

On Stocktwits, retail sentiment for HIMS and NVO was ‘bearish’ amid ‘low’ message volume, while LLY retail sentiment was also ‘bearish’ but with ‘normal’ message volume. 

Over the past year, HIMS shares are down 59% and NVO stock has fallen 33%, while LLY shares have risen 45%. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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