Novo Nordisk has terminated its partnership with Hims & Hers Health, citing alarming issues regarding the sale of counterfeit Wegovy drugs, threatening patient safety. The move significantly impacted Hims & Hers' stock, which dropped by over 32% following the announcement. This partnership had previously boosted Hims & Hers shares when it allowed the sale of Wegovy through its platform. The situation worsened after the FDA addressed a prior shortage of GLP-1 medications, leading to Hims & Hers' troubled stance on providing compounded drugs.
"Hims & Hers engaged in deceptive promotion and selling of illegitimate, knockoff versions of Wegovy that put patient safety at risk."
"The FDA declared a shortage of GLP-1 medications including Ozempic and Wegovy, allowing for compounded versions which Hims & Hers took part in."
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