Shares of Hims & Hers Health $Hims & Hers Health Inc.(HIMS)$ plunged 20% after $Novo-Nordisk A/S(NVO)$ announced it was ending its partnership with the telehealth company regarding the sale of its weight loss medication.
On Monday, the Danish pharmaceutical giant said it would stop supplying Hims & Hers with direct access to its FDA-approved obesity drug Wegovy via NovoCare Pharmacy. The collaboration—only expanded in April—was originally intended to broaden access to affordable obesity treatment for U.S. consumers.
Novo Nordisk cited alleged violations by Hims & Hers, accusing the company of breaching laws against the mass sale of compounded medications and engaging in "misleading marketing" that could jeopardize patient safety.
“Protecting patients living with obesity is our top priority,” said Dave Moore, Executive Vice President of U.S. Operations at Novo Nordisk. “Patients prescribed semaglutide—whether by in-person or telehealth providers—deserve authentic, FDA-approved Wegovy.”
The partnership had previously offered the drug through the Hims & Hers platform starting at $599 per month, bundled with around-the-clock care, clinical support, and nutritional advice.
Novo Nordisk also raised red flags about counterfeit versions of the drug made with unauthorized foreign ingredients, singling out Chinese suppliers not approved by the FDA to produce semaglutide, Wegovy’s active compound.
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