Shortly after the company found itself in hot water amid plans to launch its own version of Novo Nordisk's new oral weight-loss medication, Hims & Hers said it is now teaming up with the drugmaker as part of a "new strategy" for treatments.
Hims & Hers said it will now offer a broad array of Food and Drug Administration-approved medications while offering compounded semaglutide "through the platform on a limited scale." In partnering with Novo, the company will later this month offer multiple dosages of Ozempic injections as well as Wegovy injectables and oral medications.
As part of the deal, Novo will dismiss its lawsuit against the company. Earlier this year, Hims & Hers took heat from the pharmaceutical manufacturer and federal regulators after announcing plans to launch a knockoff of Novo's oral pill. It backed down from those plans under pressure.
The FDA has ramped up scrutiny on compounded GLP-1s, as these formulas are not approved by the agency.
This shift in approach will better align the company's U.S. model with its international approach, Hims & Hers said.
Per the announcement, Hims & Hers will no longer advertise its compounded semaglutide options on its platform or in its marketing, and will provide patients using the compounded products with an opportunity to transition to FDA-approved products.
For the small number of patients whose needs may not be met by products available on the market, Hims & Hers will continue to offer compounded GLP-1s if a provider determines that they are necessary.
“We see tremendous growth opportunities in the U.S. with the expanding assortment of branded GLP-1 medications,” said Andrew Dudum, co-founder and CEO of Hims & Hers, in the announcement.
“I’m excited to have a great partner in Novo Nordisk as we work to create a new model that works for everyday people," he continued. "This collaboration reflects what’s possible globally when drugmakers, biotech companies and diagnostic leaders partner with consumer platforms to support scaled distribution of their latest medical innovations."
The company struck an optimistic tone during its quarterly earnings in late February about the growth potential of its weight-loss business in the face of increased regulatory and industry scrutiny. Executives downplayed the role that the compounded products would likely play in its growth trajectory.