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PLAINSBORO, N.J. - Novo Nordisk has terminated its collaboration with telehealth provider Hims & Hers Health, Inc., cutting off the company’s direct access to Wegovy through NovoCare Pharmacy, according to a statement released by the pharmaceutical company Monday.
The partnership, which began just over a month ago, ended due to what Novo Nordisk described as "deceptive promotion and selling of illegitimate, knockoff versions" of semaglutide that allegedly put patient safety at risk. With an EBITDA of $22.5 billion and a "GREAT" financial health score according to InvestingPro, Novo Nordisk maintains a strong position to enforce such decisive actions in protecting its intellectual property.
"Novo Nordisk is firm on our position and protecting patients living with obesity," said Dave Moore, Executive Vice President of US Operations at Novo Nordisk Inc. "When patients are prescribed semaglutide treatments, they are entitled to receive authentic, FDA-approved and regulated Wegovy."
The pharmaceutical company cited concerns about foreign-sourced active pharmaceutical ingredients, specifically from China, used in compounded versions of semaglutide. According to Novo Nordisk, these ingredients have not been authorized or approved by the FDA.
The termination comes after the FDA resolved the Wegovy shortage in late April, determining that Novo Nordisk is fully meeting current and projected nationwide demand for the medication.
Novo Nordisk stated it will continue working with other telehealth companies that "share our commitment to patient safety" to provide direct access to FDA-approved Wegovy.
Wegovy is an injectable prescription medicine used for weight management in adults and children aged 12 years and older with obesity, and for reducing cardiovascular risk in adults with known heart disease who have obesity or are overweight. Want deeper insights into Novo Nordisk’s financial health and growth prospects? InvestingPro subscribers have access to over 30 additional financial metrics and exclusive analysis.
The information in this article is based on a press release statement from Novo Nordisk.
In other recent news, Novo Nordisk has taken significant steps to address the issue of counterfeit semaglutide drugs, initiating legal actions against unauthorized producers and distributors. The company has filed nearly 120 lawsuits across 34 states to combat the illegal sale of non-approved semaglutide, coinciding with the end of the FDA’s grace period for mass compounding of the substance. In a bid to transition patients to authentic products, Novo Nordisk is offering a promotional price for its FDA-approved Wegovy®, with the first month priced at $199 for new self-paying patients. This offer is part of a broader campaign called "Choose the Real Thing," aiming to educate the public about the risks of counterfeit drugs.
Additionally, Novo Nordisk has expanded its savings program for Wegovy®, making it more accessible to eligible cash-paying patients by reducing the cost to $499 per month. This offer, previously limited to the NovoCare® Pharmacy, is now available at retail pharmacies, enhancing accessibility for individuals managing obesity. Patients with commercial insurance that does not cover obesity medicines can also benefit from this program. The company continues to emphasize the importance of using semaglutide-containing medicines responsibly and according to approved indications. These initiatives reflect Novo Nordisk’s commitment to ensuring patient safety and improving access to their medications.
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