Hims & Hers Stock Plummets 34.64% Amid Novo Nordisk Dispute Over Counterfeit Wegovy Sales Ranking Ninth in Trading Volume

On June 23, 2025, Hims & Hers Health (HIMS) experienced a significant drop in its stock price, falling by 34.64%. The trading volume reached 74.93 billion, making it the ninth highest in the market that day.

Novo Nordisk has decided to halt the sale of its weight-loss drug Wegovy through Hims & Hers, citing the telehealth company's alleged sale of counterfeit versions of the medication. This decision comes after a brief collaboration that allowed patients to purchase Wegovy directly through Hims' telehealth platform. Novo Nordisk accused Hims & Hers of deceptive marketing practices and the sale of illegitimate, knockoff versions of Wegovy. Hims & Hers, in response, accused Novo Nordisk of misleading the public and attempting to control clinical standards.

The partnership between Novo Nordisk and Hims & Hers was terminated due to Hims' alleged deceptive marketing and the sale of counterfeit versions of Wegovy. Novo Nordisk claimed that Hims & Hers had failed to adhere to laws prohibiting the mass sale of compounded drugs. Hims & Hers, however, defended its actions, stating that it was protecting the ability of providers and patients to control individual treatment decisions. The telehealth company also accused Novo Nordisk of pressuring it to steer patients towards Wegovy, regardless of clinical necessity.