Hims & Hers Health (HIMS) reported third-quarter results that topped analysts' expectations Monday, lifting its shares, as the company said t plans to release a generic version of a Novo Nordisk (NVO) diabetes and weight-loss drug as early as next year.
The producer of copycat weight-loss drugs and other health products posted a 77% revenue jump year-over-year to $401.6 million.
Shares of Hims climbed nearly 5% intraday Tuesday before closing little changed.
Bank of America Securities estimates the company generated $63 million to $70 million of revenue in the latest period from weight-loss drugs, higher than the prior quarter. The bank's research noted that Hims plans to up its marketing spending in the fourth quarter, which the analysts see as “an opportunity to continue to drive user growth.”
The bank reiterated its "buy" rating and raised its price target from $25 to $27, roughly a 29% premium to the stock's close today.
Hims also said Monday that it plans to introduce a generic version of liraglutide, the Novo Nordisk drug sold under the names Victoza and Saxenda for diabetes and weight loss, respectively.
"We have already confirmed a core supplier for this addition, and over the next few months expect to finish completing test and batch validation,” Hims Chief Executive Officer (CEO) Andrew Dudum said in Hims' third-quarter shareholder letter.
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