Hims & Hers stock price is surging today. A surprising deal with Novo Nordisk is the reason why

Shares in Hims & Hers Health (NYSE: HIMS) are soaring this morning after a report that the telehealth company is entering into a deal with Novo Nordisk A/S (NYSE: NVO) to sell its popular GLP-1 weight-loss drugs, including Wegovy.

The deal is as surprising as Hims & Hers’s surging stock price this morning, especially considering that just last month, Novo was threatening to sue the telehealth provider. Here’s what you need to know.

What’s happened?

Late on Friday, Bloomberg first reported that Hims & Hers has reached an agreement with the Danish drugmaker Novo Nordisk to sell Novo’s weight-loss drugs, including the popular GLP-1 pill Wegovy.

According to the publication, which cited an anonymous source, the news was expected to be publicly announced as soon as today.

Both Hims and Novo confirmed the news when contacted by Fast Company for comment, with both companies officially announcing the news early Monday morning.

“We see tremendous growth opportunities in the US with the expanding assortment of branded GLP-1 medications,” Andrew Dudum, cofounder and CEO of Hims & Hers, said in a statement

The partnership between the two firms is stunning reversal in their relationship, which, as recently as last month, was highly acrimonious.

Their feud had stemmed from an announcement in early February that Hims & Hers would sell a compounded version of Novo’s Wegovy weight-loss pill at a third of the price Novo sells it for.

Hims & Hers said its compounded version would sell for $49 per month, before rising to $99. Novo sells its Wegovy for $149 per month.

While Novo Nordisk owns the patent to Wegovy, Hims & Hers sought to get around this by offering not a generic version of the drug but a compounded one.

Compounded drugs are ones that are nearly identical copies of a drug. The U.S. Food and Drug Administration (FDA) sometimes allows pharmacists to create compounded versions of drugs when the name-brand version is a short supply, as was the case with many GLP-1 drugs in 2024 and 2025.

However, by the middle of 2025, the GLP-1 shortage was largely resolved, and compounding pharmacies were ordered to stop making their compounded versions of the drugs. 

Regardless, in February, Hims & Hers announced it would sell its own GLP-1 drug made from semaglutide, the same active ingredient in Wegovy.

This led to fierce backlash from Novo Nordisk, which threatened to sue Hims & Hers. The FDA similarly threatened to take action against the telehealth company.

As a result, shortly after announcing its Wegovy knockoff, Hims & Hers said it would no longer release its own version.

Given the contentious nature of this ordeal, few thought Hims & Hers and Novo Nordisk would ever play nice together in the future.

Why is Novo playing nice with Hims now?

While Novo and Hims & Hers did briefly have an agreement to sell the Danish company’s branded Wegovy on its platform in 2025, that deal fell through in less than two months.

Few expected the two companies to work together again, and yet now they are—but why?

The most likely reason is that Novo Nordisk wants to expand the market for Wegovy, and the fastest way to do that is to have the medication available for purchase in as many places and on as many platforms as possible.

Wegovy isn’t the only weight-loss drug available, and it risks being overshadowed by the accelerating adoption of other drugs. 

As Hims & Hers becomes increasingly popular among consumers as a source for their medications, Novo has likely concluded that the platform’s rising popularity is worth setting aside old hostilities to help Wegovy capture as much market share as possible.

How are HIMS and NVO share prices reacting?

The share price of Hims & Hers is skyrocketing on the report that the telehealth firm has reached a new deal with Novo Nordisk. As of the time of this writing, in premarket trading, HIMS stock is up nearly 45% to $22.77.

On Friday, HIMS stock closed at $15.74.

Unfortunately for Novo Nordisk investors, the rumored partnership has had a relatively negligible impact on NVO stock. As of the time of this writing, NVO shares are up about half a percent to $38.79 in premarket.

Before this morning’s premarket boost, HIMS stock was down over 51% year to date. This means that if the HIMS gains hold, the stock could earn back most of its 2026 losses in just one trading session.

As for Novo Nordisk, the company’s stock price is also down significantly year to date. As of Friday’s close at $38.58, NVO shares had lost nearly 25% of their value since 2026 began.

This story has been updated with Hims and Novo’s response to our inquiry.