Hims & Hers Health, Inc. (HIMS) Announces Expansion To Canada

Hims & Hers Health, Inc. (NYSE:HIMS) is among the 13 Best Booming Stocks to Buy Now. On July 9, the digital health and wellness platform announced plans to expand in Canada by offering generic semaglutide.

This comes at a time when Novo Nordisk is set to lose its patent protection on Ozempic and Wegovy in Canada for not paying a maintenance fee in 2019. Hims & Hers Health, Inc. (NYSE:HIMS) joins a growing list of companies that are capitalizing on Novo Nordisk’s lapsed patent on its GLP-1s.

The introduction of generics is a pivotal moment for Canada’s healthcare industry. With about two-thirds of adults in the country being overweight or obese, access to treatments has remained elusive for many due to the high costs. Hims & Hers Health, Inc. (NYSE:HIMS) intends to offer generic semaglutide at a significant discount to the currently branded versions, with prices expected to further decrease over time.

Hims & Hers Health, Inc. (NYSE:HIMS)’s decision to enter the Canadian market follows the company’s acquisition of European telehealth platform, Zava, in June, which will expand its services to France, Germany, and Ireland, and grow its active customer base by approximately 50%.

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