Shares of Hims & Hers Health (NYSE:HIMS) plunged 22% at market open on Monday, February 9.
Hims & Hers Health (NASDAQ: HIMS) has had among the worst runs of any public company over the last year.
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Hims & Hers scraps low-cost weight-loss pill following backlash Him & Hers (NYSE:HIMS) shares are set to open 23% lower at about $18 after the telehealth company announced over the weekend that it will stop offering a compounded oral version of semaglutide, the active ingredient in Novo Nordisk's weight-loss drug Wegovy, following regulatory scrutiny and industry backlash. “Since launching the compounded semaglutide pill on our platform, we've had constructive conversations with stakeholders across the industry,” Hims & Hers said in a statement on Saturday.
Novo Nordisk said on Monday it has filed a lawsuit against U.S. telehealth company Hims & Hers for infringing on the Danish group's patents.
Novo Nordisk is asking the court to permanently ban Hims from selling compounded versions of its drugs that infringe on the company's patents, and is seeking to recover damages. The move escalates the feud between Novo and Hims, which said on Saturday it will stop offering its newly launched obesity pill copycat after facing scrutiny from federal regulators and legal threats from the Danish drugmaker.
Hims & Hers Health (HIMS) drops 15% premarket after halting compounded Wegovy pill sales amid FDA scrutiny and Novo Nordisk pressure. Samsung (SSNLF) surges on imminent HBM4 chip mass production, reportedly shipping to Nvidia for next-gen AI accelerators.
Faced with legal action, Hims and Hers walked back on its plans to launch the cheaper drug in an announcement Saturday. The company said: “Since launching the compounded semaglutide pill on our platform, we've had constructive conversations with stakeholders across the industry.
Novo Nordisk's Frankfurt-listed shares rose 4.5% on Monday after telehealth firm Hims & Hers reversed its launch of a $49 compounded weight-loss pill over the weekend, following legal threats from Novo and the U.S. Food and Drug Administration.
Hims & Hers on Saturday said it would stop offering its copycat Wegovy weight-loss pill. The decision comes after Novo Nordisk, maker of Wegovy, and the U.S. Food and Drug Administration threatened legal action against the telehealth provider.
Hims & Hers said in a statement on Saturday that it will stop offering access to the compounded semaglutide pill after the U.S. Food and Drug Administration said it would take action against the telehealth provider for its $49 weight-loss pill.
Hims & Hers ( NYSE:HIMS ) shares are plunging 16% in after-hours trading following coordinated moves by two federal agencies against its compounded weight-loss drugs.