Direct-to-consumer health company Hims & Hers will expand to generic GLP-1s next year

The news: Hims & Hers will offer a generic version of Novo Nordisk’s GLP-1 medication liraglutide (marketed by Novo as Victoza and Saxenda) on its platform in 2025. Liraglutide is losing market exclusivity since its patents expire this year.

Zooming out: The news comes as part of Hims’ strong Q3 earnings report.

• The company reported revenues of $401.6 million in Q3 2024, up 77% year-over-year (YoY).
• It also raised its full-year revenue guidance to a range of $1.460 billion to $1.465 billion, exceeding analysts’ $1.4 billion consensus.
• Revenues were largely fueled by subscriber growth—the company eclipsed 2 million subscribers in Q3, up 44% YoY.
• Market reaction to the earnings was positive, with Hims’ shares jumping over 2% as of the time of writing.

Yes, but: Despite its stellar earnings, the company expects to face headwinds in the future.

In a recent interview with Market Domination Overtime, Hims CFO Yemi Okupe acknowledged that shortages of brand-name GLP-1s, like Novo’s Ozempic and Wegovy, will come to an end.