TLDR
- Novo Nordisk will take legal action against Hims & Hers for launching a $49 copycat version of its Wegovy weight loss pill, which Novo sells for $149
- Novo Nordisk and Eli Lilly shares both dropped roughly 7% following the announcement
- Hims & Hers claims its compounded version is legal because it’s “personalized” with a different formulation, though Novo calls it “illegal mass compounding”
- Novo ended a partnership with Hims in 2025 over “deceptive” marketing concerns, and semaglutide’s patent is protected until 2032
- Novo Nordisk stock has fallen nearly 50% in 2025 and is down another 15% in 2026 after forecasting sales declines of 5-13% this year
Novo Nordisk shares tumbled 7% Thursday after Hims & Hers announced it would sell a compounded copy of Novo’s Wegovy weight loss pill for $49. The Danish drugmaker immediately fired back with plans for legal action.
The telehealth company said it would offer the copycat version for $49 in the first month and $99 thereafter with a five-month plan. That’s a steep discount from the $149 Novo charges for its branded pill.
Eli Lilly stock also fell roughly 7% on the news. Hims shares initially jumped but gave back gains after Novo threatened legal action.
Novo called the move “illegal mass compounding that poses a risk to patient safety.” The company said it would take legal and regulatory action to protect its intellectual property and the FDA drug approval system.
“This is another example of Hims & Hers’ historic behaviour of duping the American public with knock-off GLP-1 products,” Novo said in its statement. The FDA has previously warned Hims about deceptive advertising of GLP-1 knockoffs.
Legal Gray Area
Semaglutide’s patent is protected in the U.S. until 2032. But Hims argues its copies are legal because they’re “personalized.”
The telehealth provider said its compounded product uses a different formulation and delivery system than FDA-approved oral semaglutide. Hims has been offering compounded injectable semaglutide and is now extending to pills.
“This once-a-day pill has the same active ingredient as Wegovy and empowers providers to tailor treatment plans specifically for those who prefer to avoid needles,” Hims said.
Novo manufactures its Wegovy pill using SNAC technology, which helps absorption when taken orally. It’s unclear how Hims’ formula matches that absorption level.
The two companies briefly partnered in 2025 to offer discounted weight loss shots. But Novo ended the collaboration after just two months, citing Hims’ “deceptive” marketing.
Growing Pressure on Novo
The dispute adds to mounting challenges for Novo Nordisk. Shares crashed nearly 50% in 2025, marking the company’s worst year ever.
The stock is down another 15% year-to-date in 2026. Investors have lost confidence in Novo’s ability to maintain sales growth as competition intensifies.
Novo forecast last week that sales and profits would decline 5% to 13% in 2026. The company blamed U.S. pricing pressures and loss of patent exclusivity in markets like Canada and China.
CEO Mike Doustdar said 170,000 people were already taking the Wegovy pill since its early January launch. He framed the weak outlook as short-term pain for long-term gain.
“We are creating affordability for the patients, millions of patients that are right now in need of GLP-1 products, but simply could not afford it,” Doustdar told CNBC.
Eli Lilly is expected to launch its own weight loss pill, orforglipron, in the first half of 2026 pending FDA approval. The company forecasts 25% sales growth this year, a sharp contrast to Novo’s projected decline.
Leerink analyst Michael Cherny said Hims should evaluate similar launches for future weight loss products as the market evolves. Eli Lilly did not immediately respond to requests for comment.
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