Hims & Hers Health Inc. (HIMS) stock surged 5.18% in pre-market trading on Friday, following news that the company plans to explore alternative weight loss drug options after being forced to halt sales of its off-brand version of Ozempic.
The millennial-focused telehealth company had profited heavily in 2024 from selling a compounded version of semaglutide, the active ingredient in Novo Nordisk's popular Ozempic and Wegovy weight loss treatments. However, with the FDA removing semaglutide from its drug shortage list, Hims & Hers will soon be required to stop selling its cheaper alternative.
Despite this setback, Hims & Hers still has plans to offer other generic weight loss drugs, including liraglutide. According to reports, the company intends to start selling a generic version of liraglutide later this year, providing an alternative option for customers seeking affordable weight management solutions.
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