Hims & Hers Health just took a major hit, its stock dropped over 23% after Novo Nordisk suddenly ended their high-profile partnership.
A few months ago, shares of Hims & Hers Health skyrocketed more than 45% after the telehealth company announced it would offer compounded versions of GLP-1 drugs—those buzzy weight-loss meds like Ozempic and Wegovy. Investors went wild. The stock hit a 52-week high. It was a party.
But as of today? That party’s over.
Hims stock is down over 23% in a single day after two major hits:
- Novo Nordisk just pulled the plug on their semaglutide supply deal with Hims.
- The FDA is cracking down on compounded versions of the drug, warning that many aren’t safe or legal.
What does this mean for Hims? Well, their shiny new GLP-1 weight-loss offering just lost its backbone. Novo Nordisk’s move signals that Hims might not have reliable access to actual semaglutide which is the active ingredient in Ozempic and Wegovy. Without that, the entire pitch falls apart.
And it gets worse. The FDA’s new warning says compounded semaglutide can’t be made from semaglutide salts, which many compounders were using. That basically guts the compounding loophole Hims and others were relying on to offer cheap versions of the drug.
So now, Hims has to go back to the drawing board. They said they’ll try to source FDA-approved semaglutide, but at this point, it’s unclear how they’ll pull that off without a direct supply chain and without ticking off Big Pharma again.
Investors clearly aren’t buying the recovery plan. After riding high on GLP-1 hype, today’s news just reminded everyone that telehealth startups playing in Big Pharma’s sandbox come with risks.
Long story short: Hims shot its shot with weight-loss meds. It worked for a minute. But now the stock is sliding, the FDA is watching, and Novo Nordisk isn’t playing nice. Buckle up.
Ticker: HIMS
Current drop: -23% as of June 25, 2025
Catalyst: Novo Nordisk deal terminated + FDA crackdown on compounded semaglutide
