Hims jolts weight‑loss drug market with $49 Wegovy pill

Hims and Hers Health has moved aggressively into the fast-growing obesity drug market, announcing it will offer compounded versions of Novo Nordisk’s new Wegovy weight-loss pill at an introductory price of $49 per month. The product uses semaglutide, the same active ingredient as Novo Nordisk’s branded Wegovy, and is positioned for patients seeking a pill instead of an injectable treatment.

The $49 launch promotion sharply undercuts Novo Nordisk’s cash-pay price of $199 per month for its own pill. After the introductory period, Hims plans to charge $99 per month for customers who prepay for a five‑month plan, still roughly half of Novo’s price point. A three‑month subscription will be priced higher than the five‑month option, while Novo does not use a subscription model.

News of Hims’ entry and its pricing strategy triggered an immediate market reaction. Novo Nordisk shares fell as much as 8.6% on Thursday, extending losses after a weak forecast the prior day. Shares of rival Eli Lilly, which is also developing an oral obesity drug, dropped between 3.6% and 4% as investors reassessed competitive dynamics in the weight-loss category.

Hims’ announcement came just one day after Novo Nordisk warned that pricing pressure on its weight-loss medicines was “unprecedented.” The Danish drugmaker cited customers shifting into cash-pay markets and health insurers demanding deeper discounts following earlier U.S. government efforts to push down list prices. Novo subsequently reduced its long‑term outlook, and its shares fell to their lowest level since July 2021.

Novo Nordisk is already facing increasingly crowded competition. In addition to Eli Lilly’s injectable products, Lilly has said it hopes to launch its own pill in the coming months, adding another oral option to the market. Hims’ compounded pill offer introduces a different type of competitor, using pharmacy compounding to create lower‑priced alternatives outside the traditional branded channel.

Hims CEO Andrew Dudum framed the move as part of a broader effort to give customers more choice on its telehealth platform. “More choice on the platform is the best thing for customers everywhere,” he said, adding that the treatment can be customized for patients to help manage side effects or suit those who prefer pills over injections.

The expansion of compounded semaglutide products has drawn criticism from Novo Nordisk, which has raised concerns about products it says are not approved by the U.S. Food and Drug Administration. CFO Karsten Munk Knudsen told Reuters that Novo remained “frustrated” that “mass marketing of a product unapproved by the FDA” was continuing and said it was up to regulators and policymakers to address the compounding market.

Novo and Hims previously had a partnership allowing Hims to offer injectable Wegovy through its platform. That relationship ended in 2025, with Novo alleging that Hims had wrongfully marketed copycat versions of Wegovy. Hims’ Dudum has countered that Novo attempted to influence how clinicians on the Hims platform made treatment decisions, highlighting a broader dispute over control of prescribing and marketing in the rapidly expanding obesity segment.

Under federal law, compounded drugs can be prepared by certain pharmacies for individual patients, typically when there is a clinical need that cannot be met by an approved product. Novo has argued that broad, direct‑to‑consumer promotion goes beyond that traditional role. Hims, meanwhile, is using compounded semaglutide to support a national, subscription‑based offering aimed at price‑sensitive consumers.