Hims & Hers Health Inc, a telehealth company, saw its stock tumble 5.12% in pre-market trading on Friday. This plunge is likely due to news that Eli Lilly's weight loss drug Zepbound is no longer in shortage, according to the Food and Drug Administration (FDA).
The news poses a major threat to compounding pharmaceutical companies like Hims & Hers that have been selling knockoff versions of Eli Lilly's popular weight loss drug. Hims & Hers specifically makes a compounded version of semaglutide, the active ingredient in Novo Nordisk's Ozempic and Wegovy drugs.
The FDA has given compounders until February or March 2025 to wind down their operations involving tirzepatide, the active ingredient in Zepbound. This wind-down period aims to avoid disrupting patient treatment, but it still signals a potential decline in revenue for companies like Hims & Hers that have been benefiting from the shortage.
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