The weight loss drug wars just got messier. On Thursday, Hims & Hers Health Inc. (HIMS) announced it's letting providers prescribe a compounded semaglutide pill—the same active ingredient found in Novo Nordisk's (NVO) blockbuster drug Wegovy. And they're doing it at an introductory price of just $49 for the first month, which is a fraction of what brand-name options typically cost.
The new pill is formulated to protect semaglutide during digestion and help the body absorb it properly—a tricky challenge since the drug normally requires injection. Hims & Hers has been beefing up its infrastructure to handle this kind of expansion, doubling its facility footprint to over one million square feet in 2025. That includes advanced pharmacy capabilities, lab testing, and research and development space. The company insists it's playing by the rules, adhering to all applicable federal and state regulatory standards for compounding.
Eligible customers can start accessing treatment plans with the compounded semaglutide pills immediately. For a company built on making healthcare more accessible and affordable, this is a major push into the booming weight loss market.
Novo Nordisk Isn't Having It
Almost immediately after the announcement, Novo Nordisk fired back with a blistering statement. The Danish pharmaceutical giant didn't mince words, calling Hims & Hers' product an "unapproved, inauthentic, and untested knockoff" that poses serious patient safety risks.
"The action by Hims & Hers is illegal mass compounding that poses a significant risk to patient safety. Novo Nordisk will take legal and regulatory action... This is another example of Hims & Hers' historic behaviour of duping the American public with knockoff GLP-1 products, and the FDA has previously warned them about their deceptive advertising of GLP-1 knockoffs."
Novo Nordisk emphasized that it's the only manufacturer of an FDA-approved Wegovy pill, which uses proprietary SNAC technology to help the body absorb semaglutide when taken orally. The company says its Wegovy pill is available in all doses and in full supply—a not-so-subtle dig at the compounding industry, which often steps in during drug shortages.
According to Novo Nordisk, compounded semaglutide isn't FDA-approved and may contain impurities, unnecessary additives, and untested doses. It's a familiar argument from pharmaceutical companies watching compounders chip away at their market share.
The Backstory Makes This Even Spicier
This isn't the first rodeo between these two. Back in June 2025, Hims & Hers stock crashed nearly 30% when Novo Nordisk pulled the plug on working with the company for direct access to Wegovy. Novo Nordisk accused Hims & Hers of violating laws that prohibit mass sales of compounded drugs disguised as personalized medicine, and claimed the company was using deceptive marketing that put patients at risk.
Now Hims & Hers is launching a compounded version of essentially the same drug, setting up what looks like a prolonged legal battle. Novo Nordisk's stock is already under pressure after a weaker outlook for fiscal 2026, as it fights for market share in the weight loss space. The company is watching competitors like Eli Lilly gain ground, and the last thing it needs is a telehealth disruptor undercutting its pricing.
The fundamental tension here is between pharmaceutical companies that spend billions developing and testing drugs, and compounding pharmacies that can create similar products at lower prices when there's a clinical need. Hims & Hers argues it's expanding access to life-changing treatments. Novo Nordisk says it's reckless corner-cutting that endangers patients.
Market Reaction
Investors aren't thrilled with either company at the moment. Hims & Hers shares fell 1.85% to $23.94 on Thursday, while Novo Nordisk took a bigger hit, dropping 5.98% to $44.37. The pharma giant's decline reflects broader concerns about its competitive position in the weight loss market, not just the Hims & Hers announcement.
For Hims & Hers, the risk is regulatory or legal action that could shut down this new revenue stream. For Novo Nordisk, the risk is watching its premium-priced products get commoditized by cheaper alternatives, whether it wins in court or not.
