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Hims & Hers
Digital pharmacy startup Hims & Hers Health is introducing access to compounded GLP-1 weight reduction injections, the corporate announced Monday.
Shares of the corporate closed up greater than 27% Monday.
The corporate, which offers a variety of direct-to-consumer treatments for conditions like erectile dysfunction and hair loss, launched a weight reduction program in December. But GLP-1 medications — resembling Ozempic and Wegovy, which have skyrocketed in popularity — weren’t previously offered as a part of that program.
Customers can access the compounded GLP-1 medications via a prescription from a licensed health-care provider on the Hims & Hers platform. Hims & Hers said it plans to make branded GLP-1 medications available to its customers once supply is consistently available.
The corporate’s oral medication kits start at $79 a month, and its compounded GLP-1 injections will start at $199 a month.
Even before it added compounded GLP-1s to its portfolio, Hims & Hers said in its fourth-quarter earnings report that it expects its weight reduction program to usher in greater than $100 million in revenue by the top of 2025. The corporate plans to supply updated guidance in its next earnings report.
The GLP-1 market, dominated thus far by pharmaceutical giant Novo Nordisk, has faced supply constraints in recent months because the drugs get expanded approval from health regulators and increased health coverage.
GLP-1s mimic a hormone produced within the gut to tamp down an individual’s appetite and regulate their blood sugar. When those medications are in shortage, certain manufacturers can prepare a compounded version in the event that they meet U.S. Food and Drug Administration requirements.
The FDA doesn’t review the security and efficacy of compounded products, that are custom-made alternatives to brand drugs designed to fulfill a particular patient’s needs.
In a January release, the FDA said patients mustn’t use a compounded GLP-1 drug if an approved drug, resembling Wegovy, is on the market.
Hims & Hers CEO Andrew Dudum told CNBC that the corporate is “confident” that customers will give you the option to access a consistent supply of the compounded medications.
Dudum said Hims & Hers has spent the last yr learning in regards to the GLP-1 supply chain and has partnered with considered one of the biggest generic manufacturers within the country that has FDA oversight.
“We’ve got a certain degree of exclusivity with that facility that can guarantee our consumers consistent volume and provide,” he said.
