Shares of Hims & Hers Health Inc. (HIMS) surged nearly 7% on November 5, 2024, fueled by the company's stellar third-quarter earnings and plans to launch a generic version of a popular weight loss drug.

The telehealth platform reported a remarkable 77% year-over-year increase in revenue to $401.6 million for the third quarter of 2024, surpassing analyst expectations. The impressive performance was driven by robust demand for the company's personalized weight loss solutions, particularly its compounded versions of GLP-1 drugs like semaglutide.

Hims & Hers' CEO Andrew Dudum announced plans to bring a generic version of Novo Nordisk's liraglutide, a first-generation GLP-1 drug for diabetes and weight loss, to the platform by 2025. "We have already confirmed a core supplier for this addition, and over the next few months expect to finish completing test and batch validation," Dudum stated.

Buoyed by the strong results and growth prospects, Hims & Hers raised its full-year 2024 revenue guidance to a range of $1.46 billion to $1.465 billion, up from the previous estimate of $1.37 billion to $1.4 billion. The company also increased its adjusted EBITDA guidance to $173 million to $178 million, reflecting an expected 12% adjusted EBITDA margin.