Quick Read
- Hims & Hers announced a $49 compounded oral version of Wegovy.
- Novo Nordisk’s branded Wegovy pill costs $149.
- Novo Nordisk stock fell 7%, Eli Lilly stock fell 6.1%, and Hims & Hers stock soared 10%.
- Hims & Hers claims its “personalized” compounded product is legal despite semaglutide’s patent until 2032.
- Eli Lilly expects to launch a rival oral weight-loss pill in the first half of 2026.
WASHINGTON (Azat TV) – Telehealth provider Hims & Hers sent ripples through the pharmaceutical industry on Thursday, February 5, 2026, announcing it would offer a compounded, oral version of the popular weight-loss drug Wegovy for a significantly reduced price of $49. This move immediately impacted major drugmakers Eli Lilly and Novo Nordisk, whose shares saw notable declines, while Hims & Hers stock surged.
The announcement underscores a growing trend of telehealth platforms directly challenging established pharmaceutical pricing models, particularly in high-demand markets like weight-loss treatments. The branded Wegovy pill, manufactured by Novo Nordisk, currently retails for $149, making Hims & Hers’ offering a fraction of the cost.
Market Reactions to Hims & Hers’ Offering
The financial markets responded swiftly to Hims & Hers’ entry into the oral semaglutide market. Copenhagen-listed shares of Novo Nordisk, the Danish pharmaceutical giant, dropped by 7% following the news. Concurrently, Eli Lilly stock, another significant player in the weight-loss drug sector, fell by 6.1% shortly after the opening bell. In stark contrast, Hims & Hers saw its stock soar by 10%, reflecting investor confidence in its disruptive strategy.
This market volatility highlights the financial pressures faced by traditional pharmaceutical companies when confronted with lower-cost, albeit alternative, versions of their patented medications. Novo Nordisk had only just launched its oral Wegovy pill in the U.S. in early January 2026, with CEO Mike Doustdar telling CNBC on Wednesday that approximately 170,000 people were already taking the medication.
The Compounded Wegovy Alternative
Hims & Hers’ new offering is a compounded product containing semaglutide, the same active ingredient found in Novo Nordisk’s blockbuster drugs Ozempic and Wegovy. While Hims & Hers previously provided compounded semaglutide in an injectable format, this marks its expansion into an oral version, directly competing with Novo Nordisk’s newly released pill.
The company maintains that its copies are “personalized” and therefore legal, despite semaglutide’s U.S. patent protection extending until 2032. In its announcement, Hims & Hers stated, “This compounded product uses a different formulation and delivery system than FDA-approved oral semaglutide.” It further emphasized that the “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.”
Compounded medications are custom-made by pharmacists for individual patients, often when a commercially available drug is not suitable. This practice operates under specific regulations that allow for variations in formulation or delivery when deemed medically necessary, providing a loophole around patent protections for specific drug formulations, though not for the active ingredient itself.
Patent Protection and Broader Market Dynamics
The legal landscape surrounding compounded versions of patented drugs remains a complex area. While the active ingredient semaglutide is protected, Hims & Hers’ claim of a “different formulation and delivery system” positions its product within a gray area that has historically been contested. This strategy poses a significant challenge to the traditional pharmaceutical business model, which relies heavily on patent exclusivity to recoup research and development costs.
The move by Hims & Hers also puts pressure on other pharmaceutical companies developing similar treatments. Eli Lilly, for instance, does not yet have an oral weight-loss option on the market but is expected to launch a rival pill in the first half of this year, pending Food and Drug Administration (FDA) approval. The introduction of a low-cost, compounded alternative could significantly alter the competitive landscape even before new branded drugs hit the market.
This development highlights the increasing tension between pharmaceutical companies’ intellectual property rights and the growing demand for more affordable and accessible healthcare solutions, particularly in the rapidly expanding market for weight-loss medications. The ability of telehealth platforms to leverage compounding laws could redefine market entry strategies and accelerate price competition for essential drugs.