Shares of Hims & Hers Health Inc. (HIMS) surged to a record high on Friday, soaring 26.35% as investors cheered the company's raised revenue forecast and plans to capitalize on the booming weight loss drug market.
The telehealth firm, which provides access to prescription medications and other health products, raised its full-year revenue guidance to $1.46-$1.47 billion from $1.37-$1.40 billion last week. This upward revision came as HIMS announced it will add a generic version of Novo Nordisk's popular diabetes and weight loss drug liraglutide to its platform in 2025.
With demand for weight loss drugs skyrocketing and leading to shortages, HIMS is well-positioned to benefit from its ability to produce generic alternatives under U.S. regulations. The company's move to enter this lucrative market has investors bullish on its growth prospects, driving shares up 213% year-to-date, significantly outperforming the broader market.
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