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HIMS Stock Eyes Big Monthly Win: Novo Nordisk Calls Hims & Hers One Of Its Most ‘Voluminous’ Telehealth Partners
Hims partnered with Novo Nordisk in March to offer branded weight-loss drugs.
Employer GLP-1 coverage cuts could push more patients toward cash-pay telehealth platforms such as Hims.
Hims' GLP-1 subscription costs $39 for the first month and $149 afterward, excluding medication costs.
Shares of Hims & Hers Health, Inc. (HIMS) are eyeing a monthly gain as investors reassess the telehealth company's weight-loss opportunity after Novo Nordisk called Hims one of its most "voluminous" telehealth partners.
HIMS stock is up 25% so far this month, but shares are on track to snap a four-week winning streak after falling 8% this week.
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Insurance increasingly dropping weight loss drugs like Wegovy, Zepbound
Telehealth providers like Hims and Hers could soon see more business, now that more and more employees are losing insurance coverage for weight loss drugs like Wegovy and Zepbound.
Reuters reports rising costs are forcing some of those insurance companies to end their coverage for certain weight loss drugs next year. That may force people to buy drugs directly from the manufacturer or from telehealth providers.
Hims is one of the largest such providers in the country. It joined forces recently with Wegovy to offer the drug directly through its platform.
RELATED STORY | CVS to cover Eli Lilly’s anti-obesity pill, reinstate Zepbound later this year
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