HIMS Plunge as FDA Announces Crackdown on Compounded GLP-1s; NVO Files Suit

HIMS shares fell as much as 27% on February 09, 2026, following the FDA's Friday announcement of "decisive steps" to restrict GLP-1 active pharmaceutical ingredients (APIs) for non-FDA-approved compounded drugs mass-marketed by companies including HIMS. The FDA also issued new advertising restrictions, forbidding claims that compounded products are generic, equivalent, or clinically equivalent to FDA-approved drugs. The company is being sued by Novo Nordisk (NVO) seeking to bar HIMS from selling compounded versions of Ozempic and similar weight-loss drugs. HIMS, which sells cheaper compounded GLP-1s, is down about 50% this year, trading below $17 per share as of Monday morning, compared to $68 at its February 2025 high.