Hims & Hers Health Inc shares rocketed 31% higher on Monday after announcing it will provide access to injectable GLP-1 medications.
These injections serve as a more affordable alternative to branded versions such as Wegovy and Ozempic, said the telehealth company in a press statement.
"We are excited to offer a more affordable option for patients seeking effective weight loss solutions," said Andrew Dudum, chief executive of Hims & Hers. "Our compounded semaglutide injections are a testament to our commitment to providing accessible healthcare.”
Hims & Hers plans to offer these injections through their telehealth platform, addressing the growing demand for weight loss treatments.
“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,” said Patrick Carroll, chief medical officer of Hims & Hers.
Shares were swapping for $19 with a market capitalisation of $4.1 billion on Monday.