Hims & Hers and Novo Nordisk are breaking up.
The news: The Danish drugmaker ended its partnership with the telehealth startup, accusing it of selling knockoff Wegovy, highlighting tensions between DTC platforms and Big Pharma.
Big swing. In April, Novo partnered with Hims to distribute FDA-approved Wegovy, helping the platform meet GLP-1 demand. But less than two months later, Novo ended the preferred access agreement.
Red flag. Novo alleges Hims continued selling compounded semaglutide—cheaper, unapproved versions—even after the shortage designation was lifted. The pharma giant called it “illegal mass compounding” and “deceptive marketing.”
Fallout. Hims CEO Andrew Dudum accused Novo of pressuring the company to push Wegovy regardless of medical need — a move he framed as anticompetitive and misaligned with patient care.
Hims shares plunged 35%, its worst drop on record. Novo slipped 5% amid growing concern over GLP-1 competition and regulations.
Moat or misconduct? Vertically integrated, Hims operates compounding pharmacies, boosting margins while drawing scrutiny. Tightening its supply chain, Novo contends that “knockoff” semaglutide often uses unregulated APIs from China.
Looking ahead: Telehealth upstarts are racing to own patient access while Big Pharma tightens its grip on exclusivity and supply. As weight loss drugs go mainstream, the real fight is over who controls the customer relationship.
