Hims & Hers stock rockets as says it will sell Ozempic-like weight loss drugs

Shares in Him & Hers Health (NYSE:HIMS) rocketed close to 30% higher in Monday afternoon’s dealing after it announced it will sell lower priced GLP-1 weight loss injectables and oral weight loss medication.

The online consumer healthcare brand made its name selling anti-hair loss and erectile dysfunction products and later branched out to selling birth control and ‘anti-aging’ product verticals, and evidently, it has found its new niche.

Its weight loss injections will contain the same active ingredients as Ozempic and Wegovy, which are made and sold by Novo Nordisk.

“We’ve leveraged our size and scale to secure access to one of the highest-quality supplies of compounded GLP-1 injections available today,” chief executive Andrew Dudum said in a statement.

“We’re passing that access and value along to our customers, who deserve the highest standard of clinical safety and efficacy to meet their goals, and we're doing it in a safe, affordable way that others can’t deliver."

The company added that it current weight loss product range is ‘tracking to eclipse’ $100 million in revenue by the end of 2025, before these GLP-1 products are rolled out.

Hims & Hers said it will initially make the injectables available via it affiliates, and once a more consistent supply is available it intends to launch branded versions of the product more widely available. The products won’t be available in all US states, it added.

The company said it will price the weight loss medication from $79 per month, for the oral kits, whilst the GLP-1 injections will price at $199 per month.

In New York, Hims & Hers Health stock jumped $4.40 or 30.2% changing hands at $18.89.