Editor's Pick

Hims & Hers Health says it will offer compounded GLP-1 injections

Digital pharmacy startup Hims & Hers Health is introducing access to compounded GLP-1 weight loss injections, the company announced Monday.

Shares of the company surged.

The company, which offers a range of direct-to-consumer treatments for conditions like erectile dysfunction and hair loss, launched a weight loss program in December. But GLP-1 medications — such as Ozempic and Wegovy, which have skyrocketed in popularity — were not previously offered as part of that program.

Customers can access the compounded GLP-1 medications via a prescription from a licensed health-care provider on the Hims & Hers platform. Hims & Hers said it plans to make branded GLP-1 medications available to its customers once supply is consistently available.

The company’s oral medication kits start at $79 a month, and its compounded GLP-1 injections will start at $199 a month.

Even before it added compounded GLP-1s to its portfolio, Hims & Hers said in its fourth-quarter earnings report that it expects its weight loss program to bring in more than $100 million in revenue by the end of 2025. The company plans to offer updated guidance in its next earnings report.

The GLP-1 market, dominated so far by pharmaceutical giant Novo Nordisk, has faced supply constraints in recent months as the drugs get expanded approval from health regulators and increased health coverage.

GLP-1s mimic a hormone produced in the gut to tamp down a person’s appetite and regulate their blood sugar. When those medications are in shortage, certain manufacturers can prepare a compounded version if they meet U.S. Food and Drug Administration requirements.

The FDA does not review the safety and efficacy of compounded products, which are custom-made alternatives to brand drugs designed to meet a specific patient’s needs.

In a January release, the FDA said patients should not use a compounded GLP-1 drug if an approved drug, such as Wegovy, is available.

Hims & Hers CEO Andrew Dudum told CNBC that the company is “confident” that customers will be able to access a consistent supply of the compounded medications.

Dudum said Hims & Hers has spent the last year learning about the GLP-1 supply chain and has partnered with one of the largest generic manufacturers in the country that has FDA oversight.

“We have a certain degree of exclusivity with that facility that will guarantee our consumers consistent volume and supply,” he said.

This post appeared first on NBC NEWS

You May Also Like

Investing

Overview Steppe Gold (TSX:STGO) is a precious metals development company and gold and silver producer in Mongolia. The company owns the Altan Tsaagan Ovoo...

Latest News

Rescuers are searching through rubble and trying to reach isolated communities after a devastating earthquake struck Morocco, killing thousands and leaving more injured or...

Stock

LIVE OAK, Fla. — President Biden traveled to Florida on Saturday to survey the damage caused by Hurricane Idalia, part of a storm response...

Investing

Investor Insight EMU NL is an Australia-focused base and precious metals exploration company offering a compelling opportunity in the highly lucrative copper space. A...

Disclaimer: Smartmerchantknow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 smartmerchantknow.com

Exit mobile version