HIMS Stock Soars After Novo Nordisk Drops Patent Infringement Lawsuit, Opens Access To Ozempic, Wegovy

• Hims & Hers said that existing patients will have the opportunity to transition to FDA-approved medicines when their providers deem it clinically appropriate.
• The company stated that Ozempic injections in doses of 0.5 mg, 1 mg, and 2 mg are covered.
• It will also include Wegovy injections in 1.7 mg and 2.4 mg doses, while Wegovy pills in 1.5 mg, 4 mg, 9 mg, and 25 mg doses are also covered.

Shares of Hims & Hers Health Inc. (HIMS) surged more than 52% in Monday’s pre-market trading after Novo Nordisk A/S (NVO) partnered with the telehealth platform to offer Ozempic as well as Wegovy at affordable self-pay prices and dropped its patent infringement lawsuit against the company.

Hims & Hers also stated that it will no longer advertise compounded GLP-1 offerings on its platform or in its marketing. Existing patients will have the opportunity to transition to FDA-approved medicines when determined clinically appropriate by their providers, the company said.

Novo shares were up more than 2% in Monday’s opening trade, while Hims & Hers shares were up around 39% at the time of writing. Retail sentiment around HIMS stock trended in the ‘extremely bullish’ territory on the platform.

What Does The Agreement Include?

Hims & Hers stated that the Ozempic and Wegovy offerings will be made available on its platform later this month.

This includes Ozempic injections in doses of 0.5 mg, 1 mg, and 2 mg and will also include Wegovy injections in doses of 1.7 mg and 2.4 mg. Wegovy pills in 1.5 mg, 4 mg, 9 mg, and 25 mg doses are also covered.

Over the coming months, Hims & Hers will educate U.S. weight loss customers about their options across a wider range of FDA-approved treatments. When providers determine it is clinically appropriate, the company will help support a smooth transition to these medications, the company said.

Novo’s Allegations

In February this year, Novo had sued Hims & Hers, stating that the latter is duping consumers and healthcare professionals about the clinical benefits and safety of these unapproved drugs.

The U.S. Food and Drug Administration (FDA) also warned of a crackdown last week on GLP-1 active pharmaceutical ingredients (APIs) intended for use in non-FDA-approved compounded drugs.

“These actions are aimed to safeguard consumers from drugs for which the FDA cannot verify quality, safety, or efficacy.  We take seriously any potential violations of the Federal Food, Drug, and Cosmetic Act,” the agency said.

Subsequently, Hims & Hers announced that it would stop offering the $49 compounded version of Novo’s Wegovy.

NVO stock is down 23% year-to-date, while HIMS stock is down 33%.

Also See: ImmunityBio Resubmits Supplemental Biologics License Application To FDA For Ankitva — IBRX Stock Declines Pre-Market

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