Just three weeks after signing a landmark distribution agreement, Novo Nordisk pulled the plug on Hims & Hers. Again. The Danish pharma giant terminated the collaboration citing what it called illegal mass compounding and deceptive marketing of knockoff Wegovy products. Hims had surged over 40% on March 9 when the deal was announced, promising branded Ozempic and Wegovy access through its telehealth platform.
Now that's gone. The stock got crushed and is trading around $20.88 after bouncing today. This is the second time Novo has walked away from Hims, the first was back in mid-2025 over basically the same accusations. Feels like Hims keeps running into the same wall.
At some point, the market stops giving them the benefit of the doubt.