Hims Daily (Jun 23, 2025)

NOVO NORDISK TERMINATES DEAL WITH HIMS 🤯

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Stock Price: $41.97

• Today: -$22.25 (-34.64%)

• YTD: +$17.79 (+73.59%)

• Q2: +$12.42 (+42.05%)

🚨 Despite the Novo news, Hims Q2 earnings setup continues to improve, as we showed on last week’s HIMS DATA TRACKER… Upgrade to paid for access!

What’s Happening

• HIMS PLUNGES -35% AFTER NOVO NORDISK TERMINATES LONG-TERM COLLABORATION. Novo issued a surprise pre-market press release accusing Hims of “illegal mass compounding” and “deceptive marketing,” ending the branded Wegovy supply deal just eight weeks after launch and sparking fears of litigation and regulatory action.

  • Shares promptly collapsed from $64 to the low $40s on record volume. 165M+ shares were traded on the day.

  • Short sellers doubled down literally all day. Data from Interactive Brokers shows that shares available to short went from 4M to start the day down to below 2M by late afternoon.

  • To make matters worse from a technical perspective, shares closed essentially at essentially the low of the day.

• Legal overhang now central risk. Analysts shifted focus to a potential lawsuit from Novo Nordisk. Needham downgraded the stock to Hold, pulled its price target, and removed HIMS from its Conviction List; while Citi reiterated its Sell rating and $30 PT, warning of "substantially higher legal risk."

• CEO Andrew Dudum fired back on Twitter, calling Novo’s claims “misleading” and “anticompetitive,” alleging Novo pressured Hims to push branded Wegovy over compounded alternatives. No financial filings or press release followed, leaving markets and investors trading on uncertainty.

• API sourcing controversy intensifies. As we noted on Twitter, a former HIMS pharmacy VP claimed on an expert call that their semaglutide API comes from “the same place Novo uses.”

  • Meanwhile, on its annual letter to shareholders, Novo says its API sites are exclusively in Denmark and the U.S., not China — directly contradicting former Hims VP’s claim and muddying the narrative further.

• Our episode with Adam May will drop later this afternoon 👀

Catalysts

• Any legal filings from Novo Nordisk or Hims

• Short interest data tomorrow

• Lingo CGMs or other wearable partnerships?

• More acquisitions still to come?

• Move from the Russell 2000 to the Russell 1000 could drive institutional buying. Index reconstitution set for late June.

• Pharma tariffs?

• Partnership with Eli Lilly

• Any incremental details on the Novo Nordisk roadmap

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