Hims stock is up 25% this month after Novo Nordisk said Hims & Hers has become one of its most “voluminous” telehealth partners. The comment lands on top of March’s branded weight-loss drug partnership and keeps attention fixed on whether cash-pay telehealth can keep converting patients as coverage rules shift.
Jamey Millar, a Novo U.S. executive, used the word “voluminous” for Hims & Hers, a sign that the channel is already carrying meaningful prescription volume. For Hims, that matters because its GLP-1 offering is priced at $39 for the first month and $149 in later months for unlimited clinical consultations, excluding medication costs.
Hims & Hers and Novo Nordisk in March
In March, Hims partnered with Novo Nordisk to offer branded weight-loss drugs, giving the telehealth company a direct role in distributing a higher-priced category that patients often access outside traditional insurance coverage. That setup is now drawing more scrutiny because employers are still weighing how much GLP-1 coverage they can afford to keep in place.
About 43% of employers covered GLP-1 drugs for weight loss in 2025, and a similar share is expected to do so in 2026. But 10% of employers that currently cover the drugs apparently plan to drop coverage in 2027, which leaves more patients likely to compare insurance-backed access with cash-pay options such as Hims.
HIMS stock moves 25% this month
HIMS stock rose 25% so far this month even though it fell 8% this week and is still down 21% over the past year. That split tells you the market is rewarding the weight-loss angle while still pricing in a rougher longer-term tape for the shares.
Last week, Barclays raised its price target on Hims & Hers to $39 from $29 and kept an Overweight rating. Leerink also reiterated its Market Perform rating and $25 price target ahead of the July 23-24 Pharmacy Compounding Advisory Committee meeting, where the committee will review whether seven peptides should be added to the FDA’s 503A Bulk List.
July 23-24 and the 503A Bulk List
The July 23-24 review is the next hard date in the setup because it could shape which peptide-based offerings remain in play. If the review opens the door to more products, Hims could have a wider menu beyond its current branded-drug push; if it does not, the company stays more dependent on the GLP-1 channel it is building now.
Morningstar said second-quarter results should give a clearer read on how much the Novo partnership is helping subscriber growth and weight-loss demand. Hims had 2.6 million subscribers in the first quarter, up 9% from a year earlier, so the next update will show whether the March deal is turning into a larger customer base or just more attention on an already fast-growing line.
