Hims jumps after announcing plans to offer generic Wegovy in Canada in 2026

Hims & Hers rose after the company announced that it will expand to Canada next year, offering generic versions of Novo Nordisk’s blockbuster weight-loss shot, Wegovy.

Novo’s patent on semaglutide, the active ingredient in its weight-loss shot, is set to expire in Canada in January. It would be the first time generics for the blockbuster GLP-1 drugs are available anywhere.

Hims, which has had a tumultuous relationship with the drugmakers, is not the first company to seize the opportunity when it comes to Novo’s lapsed patents. Generic drugmaker Sandoz International has already announced plans to make copies of the drug.

Novo’s patent on semaglutide in the US does not expire until 2031. It expires earlier in Canada because the drugmaker allowed the patent to lapse by not paying a small annual fee.