Hims & Hers Teams With Novo Nordisk For $599 Wegovy Access

Hims & Hers Health $HIMS ( ▲ 13.55% ) announced a strategic partnership with Danish pharmaceutical giant Novo Nordisk $NVO ( ▲ 5.73% ) today.

The collaboration will bring the popular weight-loss medication Wegovy directly to consumers through the Hims & Hers telehealth platform at a bundled price of $599 per month^8,^13.

This partnership marks a notable shift in how prescription weight loss medications reach consumers and signals growing competition in the expanding GLP-1 market.

The announcement sent Hims & Hers stock soaring by over 25% in early trading, while Novo Nordisk shares also climbed approximately 3%^11.

Partnership Details and Offering

Starting this week, Hims & Hers users will gain access to all dosage strengths of Wegovy through Novo Nordisk's NovoCare Pharmacy, which will be directly integrated into the Hims & Hers platform^8,^15.

The $599 monthly bundled offering includes:

WEGOVY BUNDLE HIGHLIGHTS
• All FDA-approved Wegovy dosage strengths
• Hims & Hers membership with 24/7 clinical support
• Ongoing nutritional guidance and care coordination
• Direct fulfillment through NovoCare Pharmacy
• Single, unified price starting at $599/month

This development is particularly significant as it comes just before the FDA's May 22 deadline for pharmacies to stop producing compounded versions of semaglutide (the active ingredient in Wegovy and Ozempic)^4,^14.

Hims & Hers had previously benefited from selling compounded versions of weight-loss drugs during supply shortages, but will now transition to offering the FDA-approved branded medication^3.

Market Context and Business Impact

The weight loss drug market has experienced explosive growth, largely driven by GLP-1 medications like Wegovy. With obesity affecting approximately 42% of U.S. adults according to CDC data, demand for effective weight management solutions continues to surge.

Wegovy has demonstrated impressive clinical results, with patients losing up to 15% of their body weight after a year of treatment^9.

The medication received additional FDA approval in March 2024 for reducing cardiovascular risks, making it the first obesity medication approved for lowering the risk of cardiovascular death, heart attack, and stroke in adults with cardiovascular disease who are overweight or obese^6.

For perspective on Wegovy's market performance:

Source: Novo Nordisk financial reports

The partnership is expected to significantly benefit both companies.

For Hims & Hers, it provides a legitimate pathway to continue its weight management business, which the company projects will generate $725 million in revenue in 2025^7.

This aligns with the company's broader growth strategy, which forecasts total revenue between $2.3 billion and $2.4 billion for 2025, representing roughly 59% growth at the low end^7,^10.

Competitive Landscape

This partnership intensifies the competitive dynamics in the GLP-1 weight loss medication space.

Novo Nordisk has been facing increasing competition from Eli Lilly, whose Zepbound (tirzepatide) has been gaining market share^4,^11.

TELEHEALTH GLP-1 PARTNERSHIPS LANDSCAPE
• Novo Nordisk: Partnered with Hims & Hers, Ro, and LifeMD for Wegovy
• Eli Lilly: Previously partnered with Ro, LifeMD, and Teladoc for Zepbound
• Pricing: Novo offering Wegovy at $499-$599 vs. Lilly's Zepbound at $399-$549
• Delivery: Novo focusing on injectable pens (preferred by patients)
• Integration: Both using direct-to-consumer pharmacy programs

Eli Lilly had previously established similar telehealth partnerships for its weight loss drug Zepbound, offering monthly supplies at prices ranging from $399 to $549 depending on dosage, compared to the regular list price of about $1,086 without insurance^2.

Novo Nordisk's direct-to-consumer NovoCare service, launched in March, initially offered Wegovy for $499 for self-pay customers before expanding that price point to include all eligible cash-paying patients at retail pharmacies^2.

Business Model and Technology Infrastructure

Hims & Hers has built its success on a subscription-based model that delivers recurring revenue.

The company reported that 82% of its customers stay longer than three months, and it has grown to 1.9 million subscribers generating $872 million in revenue^10.

The Hims & Hers platform leverages several technological advantages:

Source: Hims & Hers company information

These capabilities have helped Hims & Hers achieve impressive financial results, with customer annual revenue jumping from $495 to $668 and total revenue hitting $1.48 billion in 2024, a 69% increase from 2023^10.

Future Implications and Strategy

Both companies have emphasized that this partnership is just the first step in a broader collaboration.

They are developing a roadmap that combines Novo Nordisk's innovative medications with Hims & Hers' ability to scale access to quality care, with the stated goal of improving long-term outcomes for more people living with chronic disease at more affordable prices^8,^13,^15.

For Novo Nordisk, this partnership expands their strategy to provide Wegovy to customers who pay out of pocket.

As Dave Moore, Executive Vice President of U.S. Operations at Novo Nordisk, noted, they are witnessing an increasing number of patients gaining access to obesity treatment through telehealth and wanted to ensure authentic Wegovy was available at the same location where patients receive care^1.

For Hims & Hers, the collaboration aligns with CEO Andrew Dudum's vision of building "the next generation healthcare platform" that leverages personalization and technology unlike traditional healthcare systems^7.

The company aims to deliver access to affordable, on-demand, high-quality care to millions of people, focusing on a consumer-centered model of health and wellness.

Market Outlook

The weight loss drugs market is projected to continue its rapid growth, potentially reaching $12 billion by 2034 in the US alone according to industry analyses.

Semaglutide has already captured approximately 60% of the $2.8 billion weight loss treatment market in 2023^6.

WEIGHT LOSS MARKET GROWTH DRIVERS
• Rising global obesity rates (2+ billion people classified as overweight/obese)
• Increasing prevalence of related health conditions (diabetes, cardiovascular disease)
• Advances in medical research leading to more effective medications
• Expanded approval for additional health benefits (cardiovascular protection)
• Greater consumer awareness and acceptance of pharmaceutical weight management
• Improved insurance coverage and more affordable self-pay options

With this partnership, Hims & Hers and Novo Nordisk are positioning themselves to capitalize on these trends while potentially reshaping how consumers access weight management medications.

The collaboration may also serve as a model for future partnerships between pharmaceutical companies and telehealth platforms seeking to expand access to innovative treatments.

This development comes at a pivotal time for both companies, with Hims & Hers scheduled to release its first-quarter financial results next Monday, and Novo Nordisk preparing to report its first-quarter earnings on May 7.