Novo Nordisk ends Hims & Hers partnership over Wegovy rift

Novo Nordisk ended its short-lived partnership with Hims & Hers on Monday, citing concerns over the telehealth company’s promotion of unapproved, cheaper versions of its weight-loss drug Wegovy. 

The Danish drugmaker said that Hims & Hers ignored legal limits after the FDA removed semaglutide—the active ingredient in Wegovy—from its shortage list in February. Novo also pointed out that the American company’s personalized doses violated current regulations.

Shares of Hims & Hers plunged over 34%, while Novo’s stock dropped more than 5% after the announcement.

Hims & Hers CEO Andrew Dudum responded by accusing Novo of anticompetitive conduct and pledged to keep offering the Wegovy brand as well as alternative treatments.

The FDA had allowed compound versions during 2023 shortages, but that permission ended in May.

Analysts warned that the termination could hurt Hims & Hers long-term credibility and revenue goals. Novo’s other partners, including Ro and LifeMD, remain unaffected and are transitioning patients to Wegovy.