Shares of telehealth platform Hims & Hers Health Inc. (HIMS) skyrocketed by 5.62% on November 6, 2024, riding high on the company's robust third-quarter earnings and promising growth plans in the lucrative weight loss drug market.
The company reported a remarkable 77% year-over-year surge in revenue to $401.6 million for the third quarter of 2024, surpassing analyst expectations. This stellar performance was fueled by strong demand for Hims & Hers' personalized weight loss solutions, particularly its compounded versions of GLP-1 drugs like the popular semaglutide.
Adding to the positive momentum, Hims & Hers announced plans to launch a generic version of Novo Nordisk's liraglutide, a widely used diabetes and weight loss medication, on its platform by 2025. This strategic move is expected to further bolster the company's revenue and growth prospects in the burgeoning weight management market, which has excited investors and contributed to the stock's upward surge.
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