01:17 PM EDT, 06/23/2025 (MT Newswires) -- (Updates with statement from Hims & Hers Health ( HIMS ) CEO in the fourth paragraph.)

Hims & Hers Health ( HIMS ) shares were down more than 32% in recent Monday trading, while Novo Nordisk ( NVO ) stock was 6.3% lower after Novo Nordisk ( NVO ) said it has halted its collaboration with Hims & Hers on the sale of weight loss drugs, including Wegovy.

The two companies launched a collaboration in April to bundle Wegovy through Hims & Hers' telehealth platform.

Novo Nordisk ( NVO ) said direct access to the drug would no longer be available through Hims & Hers Health ( HIMS ) because the company "has failed to adhere to the law which prohibits mass sales of compounded drugs under the false guise of 'personalization' and are disseminating deceptive marketing that put patient safety at risk."

"In recent weeks, Novo Nordisk's ( NVO ) commercial team increasingly pressured us to control clinical standards and steer patients to Wegovy regardless of whether it was clinically best for patients," Hims & Hers CEO Andrew Dudum said in a post on social media platform X. "We refuse to be strong-armed by any pharmaceutical company's anticompetitive demands that infringe on the independent decision making of providers and limit patient choice. "

Price: 69.14, Change: -4.63, Percent Change: -6.28