Hims & Hers Health (NYSE:HIMS) is offering customers access to compounded versions of Novo Nordisk’s (NVO) semaglutide — the active drug in its weight loss medication Wegovy — at a fraction of the cost of the brand-name version.
The stock is up ~31% in Monday morning trading.
The company said plans for injections of its compounded semaglutide — which is also sold as the type 2 diabetes med Ozempic — start at $199 a month. It is also offering a $79 a month plan for an oral version of semaglutide. That is also known as Novo’s diabetes pill Rybelsus.
Hims & Hers said it has a partnership with a “leading US manufacturer” of 503B compounded injectable medications.
“Providing access to compounded GLP-1s means eligible customers can use medications with the same active ingredient as Ozempic and Wegovy without navigating the shortages and costs that are currently limiting access to the branded medications,” the company said in a news release.
The list price of Wegovy is ~$1349 per month. Ozempic is ~$936 per month. The prices are different because of different dosage strengths when semaglutide is used for weight loss and diabetes.
Hims & Hers (HIMS) added that its weight loss offerings are on track to bring in more than $100M in revenue by the end of 2025.
In Monday morning trading, Novo Nordisk (NVO) is slightly higher along with Eli Lilly (LLY), which markets its own GLP-1 drug, tirzepatide, under the names Zepbound and Mounjaro, for, respectively, weight loss and diabetes.