Shares of telehealth platform Hims & Hers Health Inc. (HIMS) surged over 5% in pre-market trading on November 6, 2024, fueled by the company's impressive third-quarter earnings and promising growth plans in the weight loss drug market.
The company reported a remarkable 77% year-over-year increase in revenue to $401.6 million for the third quarter of 2024, surpassing analyst expectations. This robust performance was driven by strong demand for Hims & Hers' personalized weight loss solutions, particularly its compounded versions of GLP-1 drugs like semaglutide.
Adding to the positive sentiment, Hims & Hers announced plans to launch a generic version of Novo Nordisk's liraglutide, a popular diabetes and weight loss drug, on its platform by 2025. This move is expected to further boost the company's revenue and growth prospects in the lucrative weight management market, which excited investors and contributed to the pre-market rally.
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