The logo of pharmaceutical company Novo Nordisk is displayed in front of its offices in Bagsvaerd, Copenhagen, Denmark, Feb. 4, 2026.
Tom Little | Reuters
Novo Nordisk said Thursday it will take legal action against Hims & Hers after the telehealth provider announced it would launch a cheaper copycat version of Novo’s Wegovy weight loss pill.
“The action by Hims & Hers is illegal mass compounding that poses a significant risk to patient safety,” Novo said in a statement. “Novo Nordisk will take legal and regulatory action to protect patients, our intellectual property and the integrity of the US gold-standard drug approval framework.
“This is another example of Hims & Hers’ historic behaviour of duping the American public with knock-off GLP-1 products, and the FDA has previously warned them about their deceptive advertising of GLP-1 knock-offs,” the statement said.
Shares of Novo Nordisk as well as rival Eli Lilly each fell roughly 7% after Hims announced the cheaper Wegovy copy for $49, far less than the $149 Novo sells the branded pill for. Hims stock initially spiked on the announcement, but pared gains after Novo said it would fight the rollout.
Novo launched its Wegovy pill in the U.S. in early January, and CEO Mike Doustdar told CNBC on Wednesday that 170,000 people were already taking the medication.
Hims & Hers had previously been offering compounded semaglutide, the active ingredient in Novo’s blockbuster drugs Ozempic and Wegovy, in an injectable format, and is now extending the offering to include the oral version.
Hims said the Wegovy pill copy would cost $49 for the first month and $99 thereafter with a 5-month plan.
Semaglutide’s patent is protected in the U.S. until 2032, but Hims says its copies are “personalized,” and therefore legal.
“This compounded product uses a different formulation and delivery system than FDA-approved oral semaglutide,” Hims said.
“This once-a-day pill has the same active ingredient as Wegovy and empowers providers to tailor treatment plans specifically for those who prefer to avoid needles or need smaller doses to help to balance side-effects,” it said.
Novo highlighted that it manufactures its Wegovy pill using so-called SNAC technology, which facilitates absorption when administered orally. It’s not clear exactly how Hims’ copy formula could match the level of absorption.
As recently as last year, Novo and Hims partnered to offer discounted weight loss jabs to the telehealth company’s customers. Novo, however, ended the collaboration just two months later and said Hims used “deceptive” marketing that put patient safety at risk.
Lilly doesn’t yet have an oral GLP-1 option on the market but is expected to launch a rival pill, orforglipron, in the first half of this year, pending Food and Drug Administration approval.
“With the … current legal backdrop, there is no reason why HIMS shouldn’t evaluate these launches for every subsequent weight loss product as the market continues to evolve,” Leerink analyst Michael Cherny said in a note to clients.
Eli Lilly didn’t immediately respond to a request for comment.
Mounting challenges
Thursday’s news from Hims adds to the pressure Novo has been facing over the past year.
In 2025, the stock fell nearly 50% in its worst year ever as investors lost confidence in the Danish drugmaker’s ability to keep sales growing amid ever-increasing competition. Shares are down another 15% year to date.
Novo Nordisk shares have trailed Eli Lilly stock over the past year.
Hims’ announcement comes days after Novo forecast sales and profits declining between 5% and 13% in 2026, mainly due to pricing pressures in the U.S. and loss of exclusivity for semaglutide in certain markets outside of the U.S., like Canada and China, this year.
In contrast, Lilly sees sales growing by about 25% this year.
Doustdar explained Novo’s worse-than-expected outlook as an indication that things will get worse before they get better.
“We are creating affordability for the patients, millions of patients that are right now in need of GLP-1 products but simply could not afford it. To do that short term, you have to take a head wind. But of course, there’s a very long tail wind for years to come,” he told CNBC.
