Mon Nov 11 14:50:00 UTC 2024: ## Hims & Hers Surpasses Expectations, Announces Generic Weight-Loss Drug

**New York, NY** – Hims & Hers Health (HIMS), the online healthcare company known for its copycat weight-loss drugs, announced strong third-quarter results that exceeded analyst predictions, sending its shares soaring. The company reported a 77% revenue jump year-over-year to $401.6 million, fueled in part by the growing popularity of its weight-loss products.

Analysts at Bank of America Securities estimate that Hims generated between $63 million and $70 million in revenue from weight-loss drugs during the quarter, a significant increase compared to the previous period. The bank predicts that Hims’ increased marketing spending in the fourth quarter will further propel user growth and maintains its “buy” rating on the stock, raising its price target to $27.

Hims’ CEO, Andrew Dudum, announced a significant development: the company plans to introduce a generic version of liraglutide, the drug sold by Novo Nordisk under the names Victoza and Saxenda for diabetes and weight loss. Dudum stated that Hims has secured a core supplier for the generic liraglutide and expects to complete testing and validation within the next few months. This move signals Hims’ ambition to expand its presence in the increasingly competitive market for weight-loss medications, offering affordable alternatives to popular branded drugs.

The company’s impressive third-quarter performance and strategic plans for generic drug development have solidified its position as a key player in the online healthcare space.

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