Why Is Novo Nordisk Stock Falling In Pre-market?

Novo Nordisk

58.10 EUR -4.60%

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(RTTNews) - Novo Nordisk announced that the company will no longer be working with Hims & Hers Health, Inc., and that direct access to Wegovy will no longer be available to Hims & Hers Health, Inc. via NovoCare Pharmacy. The company said, over one month into the collaboration, Hims & Hers Health 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.

Novo Nordisk said it is deeply concerned and is continuing to take proactive measures to keep US patients safe from knock-off drugs made with foreign illicit active pharmaceutical ingredients. Based on Novo Nordisk's investigation, the semaglutide active pharmaceutical ingredients that are in the knock-off drugs sold by telehealth entities and compounding pharmacies are manufactured by foreign suppliers in China.

Dave Moore, Executive Vice President, US Operations of Novo Nordisk, said: "We will work with telehealth companies to provide direct access to Wegovy that share our commitment to patient safety - and when companies engage in illegal sham compounding that jeopardizes the health of Americans, we will continue to take action."

Shares of Novo Nordisk are down 6% in pre-market trade on Monday.

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