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Hims & Hers is getting theirs. The San Francisco health and wellness company’s stock shot up 37% on Monday after it announced the release of its own GLP-1 weight loss medication.
Made from the same active ingredients used in Ozempic and Wegovy, the company created treatments for prices as low as $199 per month compared to about $1,000 for the name-brand injections.
The Hims & Hers release comes amid a shortage of GLP-1s, as the demand for medications to treat obesity and diabetes outpaces the supply. When name brands face shortages, the FDA allows pharmacies to compound drugs, a process that uses the same ingredients and does not require FDA approval—thus allowing Hims & Hers to enter the market.
“We’ve leveraged our size and scale to secure access to one of the highest-quality supplies of compounded GLP-1 injections available today,” Andrew Dudum, CEO and co-founder of Hims & Hers, said in a press release.
Hims & Hers already ships medications to its customers, and will send GLP-1 injections in the same manner. The company projects that its weight loss-offerings, which also include oral medications, will bring in $100 million in revenue by the end of 2025.
“We know weight loss medications alone do not treat obesity effectively, so we’ve built a holistic weight management solution that supports customers as they combine powerful medications with healthy lifestyle habits, such as exercise, improved sleep, and eating nutritious foods,” Patrick Carroll, chief medical officer of Hims & Hers, said in the release.