Novo Nordisk (NVO) slashed the price of its weight-loss blockbuster, Wegovy, by more than half on Wednesday amid a bitter rivalry with pharmaceutical compounder Hims & Hers Health (HIMS).
Novo Nordisk launched an online pharmacy called NovoCare Pharmacy. Cash-paying patients can order all doses of the weight-loss drug for $499 per month. That's at a steep discount to the list price, which doesn't take into account insurance or discounts, of $1,349 for a 28-day supply.
↑ X NOW PLAYING The Weight-Loss Drug Market Is Hot. Which Medical Stock Will Win The Battle For Supremacy?The news was a blow to Hims stock, which tumbled 5.7% to 38.19. The Food and Drug Administration recently determined the active ingredient behind Wegovy, semaglutide, is no longer in shortage. This means Hims & Hers will soon have to stop selling lower-cost versions of the same dosages Novo sells.
Hims has said it plans to focus on personalized semaglutide doses. But the price-cut Wegovy could sway some patients to buy from the original manufacturer. Novo reiterated safety concerns with "fake or illegitimate" compounded semaglutide in its news release.
"NovoCare Pharmacy offers reliable access to authentic, FDA-approved Wegovy in our once-weekly, single-dose pen," the company said.
In early trades, Novo Nordisk stock popped 3.9% to 90.93.
More to follow.
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