Novo Nordisk and Hims & Hers Health announced a partnership to sell obesity drugs together, ending a legal dispute that began in February 2026. The agreement resolves a patent‑infringement lawsuit over compounded semaglutide and allows Novo to use Hims’ telehealth platform to reach patients with its branded weight‑loss medications.
Novo filed a patent‑infringement lawsuit on February 9, 2026, after Hims withdrew its compounded semaglutide pill following regulatory scrutiny. The lawsuit followed the collapse of a prior partnership in June 2025, when Hims continued to sell compounded versions despite FDA warnings, prompting Novo to seek legal action.
Under the new deal, Novo gains access to Hims’ direct‑to‑consumer platform, while Hims regains a high‑margin weight‑loss product line. The agreement includes distribution of Wegovy and Ozempic through Hims’ platform, though specific revenue‑sharing terms are not disclosed.
Hims & Hers reported Q4 2025 revenue of $617.8 million, up 28% year‑over‑year, and GAAP EPS of $0.08, beating estimates of $0.05–$0.04. Adjusted EBITDA reached $66.3 million, surpassing analyst expectations. Gross margin fell to 72% from 77% due to international expansion. The company guided Q1 2026 revenue of $600–$625 million, below consensus, and full‑year 2026 revenue of $2.7–$2.9 billion, with adjusted EBITDA of $300–$375 million.
CEO Andrew Dudum said, "More than 2.5 million subscribers now rely on us for a healthcare experience that is both accessible and deeply personal – and we believe we're well on our way to becoming the global leader in consumer health." CFO Yemi Okupe noted, "Our financial results in 2025 demonstrate the power of scaling a deeply personalized consumer health platform. Revenue grew 59% year‑over‑year to $2.35 billion as we expanded our subscriber base and increased engagement across specialties."
Novo Nordisk’s Q4 2025 revenue was $12.53 billion, with EPS of $1.02 versus an estimate of $0.92. The company guided 2026 sales growth of –5% to –13% at constant exchange rates, reflecting pricing headwinds. The partnership removes a legal distraction and provides a new distribution channel, potentially offsetting some of the forecasted sales decline.
The collaboration signals Novo’s willingness to partner with a direct‑to‑consumer platform to broaden access to its obesity medications, while Hims regains a critical revenue stream that was lost when the earlier collaboration collapsed. The partnership positions both companies to compete more effectively in the rapidly expanding obesity‑drug market, which is highly competitive and regulated.
FDA has intensified scrutiny of compounded GLP‑1 drugs, warning against "illegal copycat drugs." The withdrawal of Hims’ compounded semaglutide and the lawsuit underscore the regulatory risks associated with compounding. The partnership aligns with FDA expectations by ensuring only FDA‑approved branded products are sold through Hims’ platform.
The partnership was welcomed by investors, reflecting confidence in the restored high‑margin product line and the removal of legal uncertainty. The deal is expected to stabilize Hims’ revenue mix and enhance Novo’s distribution reach.
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