Telemedicine platform Hims & Hers Health (HIMS, Financial) is set to introduce a generic version of Novo Nordisk's (NVO) older GLP-1 weight loss therapy, liraglutide, by 2025. Liraglutide, known under the brands Victoza and Saxenda, treats diabetes and obesity.
In the first half of 2024, liraglutide generated 8.3 billion Danish kroner ($1.2 billion) for the Danish pharmaceutical company, marking a year-over-year decrease of about 22%. The drug has lost its market exclusivity as part of Novo Nordisk's earlier GLP-1 product lineup.
Andrew Dudum, CEO and co-founder of Hims & Hers Health, announced during an earnings call that the company has identified core suppliers for this new product. The upcoming months will focus on completing testing, bulk validation, and authentication certification.
The California-based health tech company recently reported third-quarter 2024 financial results that surpassed Wall Street expectations, leading to a pre-market rise in its stock price. Earlier in May, Hims & Hers launched a compounded version of Novo Nordisk's popular weight loss drug semaglutide, branded as Wegovy, at a significant discount.
