Direct-to-consumer pharmaceutical startup Hims & Hers Health said it is selling injectable GLP-1 weight loss drugs for a fraction of the cost of brand-name competitors such as Wegovy and Ozempic. Following the announcement, shares of the telehealth company soared more than 30% Monday. Hims & Hers will provide patients with compounded GLP-1 drugs that start at $199 a month, or about 85% less than brand-name versions like Ozempic and Wegovy.
The injectables use the same active ingredients as the branded versions, which currently are in short supply in some doses. Shares of Hims & Hers soared $4.21, or 29%, to $18.
79 in Monday afternoon trading. GLP-1 drugs, which stands for glucagon-like peptide 1 agonists, help people feel fuller and less hungry, aiding their efforts to lose weight. But the brand-name versions made by a handful of pharmaceutical companies can be pricey, with Novo Nordisk's Wegovy costing about $1,350 a month, or more than $16,00 a year, without insurance, according to GoodRx .
Hims & Hers Health's may also beat out competitors on another key metric: availability. The startup said its GLP-1 injectable drug, which is made in partnership with a manufacturer of compounded injectable medications, will have "consistent" availability. The company added that it will also sell brand-name versions of GLP-1 drugs, once supply rebounds.
"We've leveraged our size and scale to secure access to one of the highest-quality supplies of compounded GLP-1 injections available toda.
