Hims & Hers Expands Weight Loss Portfolio with Novo Nordisk Partnership

The telehealth company Hims & Hers has taken a decisive step into the competitive GLP-1 market. It has now opened a pre-registration list for patients interested in obtaining Novo Nordisk’s Ozempic and Wegovy, signaling a concrete move toward offering these branded medications directly through its platform. A formal commercial launch is still targeted for March.

Financial Performance and New Margin Pressures

This strategic shift comes as the company reports robust financial health. For the 2025 fiscal year, revenue surged 59% to $2.35 billion. Hims & Hers achieved a GAAP net profit for the second consecutive year, reporting $128.4 million. Its global subscriber base has grown to over 2.5 million.

However, analysts caution that this new direction introduces financial uncertainties. Citigroup has warned that wider availability of Wegovy pills could pressure Hims & Hers’ own GLP-1 revenue, especially from established pharmacy competitors. Furthermore, the transition to selling higher-cost branded pharmaceuticals is expected to pressure the company’s historically stable gross margins, which have consistently exceeded 75%.

A Rocky Path to Collaboration

The partnership with Novo Nordisk follows a period of significant conflict. The relationship between the two companies has been turbulent. A prior cooperative effort failed after Hims & Hers continued to sell lower-cost compounded alternatives to Novo’s drugs. Tensions escalated in February 2026 when the Danish pharmaceutical giant filed a lawsuit following Hims & Hers’ announcement of a budget version of the Wegovy pill.

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A resolution only emerged after regulatory pressure from the FDA on compounding providers created a shift in strategy. Hims & Hers ceased its in-house production of these alternatives, paving the way for the current agreement.

Under the new terms, Hims & Hers will offer Ozempic injections and Wegovy pills starting at $149 per month. While personalized semaglutide compounds will remain available for specific, medically justified cases, they will no longer be actively promoted.

International Expansion Continues Apace

Alongside its GLP-1 initiative, the company is aggressively pursuing growth outside the United States. December 2025 saw the launch of its weight management program in the United Kingdom. The acquisition of the Canadian platform Livewell provided access to another key market. The most significant move was the $1.15 billion purchase of Australian telehealth provider Eucalyptus, which brought with it established brands such as “Juniper” and “Pilot.”

Market Reaction and Future Outlook

Investor sentiment has shown recent improvement, with the equity gaining more than 50% since early March. Despite this rally, the stock remains down approximately 26% for the year to date. The critical test will be whether the pre-registration list translates into substantial GLP-1 sales, a key metric that will become clearer with the release of quarterly results in May 2026.