Bloomberg Intelligence: Novo Falls by Record After Wegovy Maker Slashes Forecast, Names New CEO
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Hims & Hers stock slides 5% after second quarter revenue misses forecasts
Hims & Hers Health (HIMS) stock fell as much as 5% early Tuesday after the company reported revenue late Monday that fell shy of Wall Street forecasts while maintaining its full-year forecast. The telehealth company posted revenue of $544.8 million in the second quarter, which marked a 73% increase year-over-year but missed analyst estimates for $552 million, according to Bloomberg data. Hims maintained its full-year revenue guidance of $2.3 billion-$2.4 billion. Earnings per share topped forecasts, coming in at $0.17 against expectations for $0.15. The stock had dropped as much as 11% in premarket trade. Hims' slide comes after drugmaker Novo Nordisk (NVO) ended a short-lived partnership between the two companies in June that saw Novo Nordisk allows Hims access to its viral weight-loss drug Wegovy. Novo Nordisk alleged in the announcement that Hims "has failed to adhere to the law which prohibits mass sales of compounded drugs under the false guise of "personalization" and are disseminating deceptive marketing that put patient safety at risk." Shares in Novo Nordisk fell more than 21% last month after the drugmaker announced that it was slashing profit forecasts for Wegovy and its diabetes treatment Ozempic. In August 2022, the US Federal Drug Administration (FDA) allowed compounding pharmacies, including those working with telehealth providers like Hims, to copy and distribute semaglutide weight-loss and weight-management drugs due to shortages in brand-name products like Wegovy and Eli Lilly's (LLY) Zepbound after massive consumer demand. The move allowed Hims to market a GLP-1 weight-loss drug itself while the shortage was in place, which it began doing in May 2024, according to the FT. But the FDA ended that order in February, citing that the shortage of brand-name GLP-1s had ended and ordering compounding pharmacies to stop production by April. Coming off the FDA ruling, Hims is trying to diversify its product offerings. Management announced in May in a Q1 shareholder letter that its "vision involves expanding from hundreds of personalized treatments today to potentially thousands." Still, the company's stock has been a big winner relative to GLP-1 leaders like Novo and Eli Lilly this year, rising more than 150% year-to-date against a more than 40% slide for Novo shares. Eli Lilly stock is roughly flat this year. "The momentum we saw through the first half of 2025 is proof that our platform is delivering exactly what millions of people have been waiting for, access to personalized, high-quality care that meets people where they are," CEO Andrew Dudum said during Hims' Q2 earnings call. "From the beginning, we have believed that medicine should be centered on the individual, not the system. We are now seeing the market demanding just that. What we have built is working and it's working at scale." Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at Sign in to access your portfolio
