Novo Nordisk Stock Plummets 13.97% in Six Days as Hims & Hers Partnership Ends Amid Controversy, Trading Volume Ranks 58th

On June 23, 2025, Novo Nordisk (NVO) experienced a significant drop in its stock price, falling by 5.48% and marking its sixth consecutive day of decline, with a total decrease of 13.97% over the past six days. The trading volume for the day was 10.23 billion, ranking 58th in the market.

Novo Nordisk has terminated its collaboration with Hims & Hers, citing concerns over the telehealth company's sales and promotion of cheaper knock-off versions of its weight-loss drug, Wegovy. The decision to end the partnership came after a heated exchange between the two companies, with Novo Nordisk accusing Hims & Hers of engaging in "illegal" and "deceptive" practices. Hims & Hers, on the other hand, has defended its actions, stating that it continues to sell compounded semaglutide, the active ingredient in Wegovy, due to patient demand for personalized doses.

Novo Nordisk's decision to end the collaboration was influenced by the U.S. Food and Drug Administration's (FDA) removal of semaglutide from its list of drugs in shortage. The FDA had previously allowed the sale of compounded versions of the drug during shortages, but with increased production, the agency set a May 22 sunset date for these sales. Novo Nordisk argued that Hims & Hers' continued sale of compounded semaglutide was no longer in accordance with the law, as the drug is no longer in shortage.

The end of the partnership could have long-term implications for Hims & Hers, potentially eroding its credibility and affecting its revenue goals. The company had previously stated that collaborations with Novo Nordisk and other firms were part of a plan to reach $6.5 billion in revenue by 2030. The termination of the deal has led to a significant drop in Hims & Hers' stock price, with shares plunging nearly 35% on the day the news was announced.