How a $300 Mistake Opened a $1 Billion Market

Novo Nordisk, the pharmaceutical giant behind weight-loss blockbusters Ozempic and Wegovy, just let a key patent on semaglutide lapse in Canada because it forgot to pay a routine maintenance fee, the pharmaceutical equivalent of forgetting to renew your car registration.

As a result, generic versions of semaglutide, the active ingredient in both drugs, can hit the Canadian market as early as 2026. And that’s where Hims & Hers swoops in.

Key Points

• Hims will launch generic semaglutide in Canada after Novo Nordisk lost patent rights by missing a small maintenance fee.

• The move opens a $1B market, offering Hims a clean, legal path to sell GLP-1s and potentially boost revenue by perhaps 9-figures.

• Valuation is rich with a trailing P/E near 70, the stock leaves little room for error.

The Timing Couldn’t Be Better

Until now, Hims & Hers has had to walk a tightrope when it comes to weight-loss medications.

In the U.S., it has tiptoed into the arena with compounded versions of GLP-1 drugs like semaglutide, basically pharmacist-made copies that are only legal to sell during shortages.

That’s risky territory. The FDA has taken a skeptical stance on compounded weight-loss drugs, and the regulatory scrutiny isn’t going away.

But Canada presents a much cleaner opportunity. Once the semaglutide patent officially expires, Hims won’t need to rely on compounding workarounds or hope for shortages. It can sell true generics with predictable margins, and mass-market appeal. The company is gearing up to launch there as soon as the market opens.

What’s wild is how cheap this door was to keep closed. Novo Nordisk could have held onto its exclusive rights by paying a few hundred dollars in maintenance fees.

Instead, it may have ceded part of a $1 billion market — that’s what semaglutide pulled in last year in Canada alone.

How Big Is This Opportunity for Hims, Really?

Hims & Hers generated just under $1.7 billion in revenue over the past twelve months.

The entire Canadian market for semaglutide is roughly $1 billion but Hims won’t capture anywhere near all of that.

The market will fragment quickly, with multiple generics likely hitting shelves at the same time.

Still, even a 5% to 10% share could add as much as 9-figures to Hims’ top line. That’s far from trivial, especially if it leads to recurring revenue and subscriber growth.

And remember, Hims isn’t playing the usual pharmacy game. Its strength lies in consumer trust, seamless user experience, and a subscription-first mindset. If it can onboard semaglutide patients in Canada and convert them into long-term customers across its broader health portfolio. Think hair loss, mental health, skin care, and then the value of this move extends well beyond just weight-loss injections.

What Investors Might Be Overlooking

Hims could use this Canadian entry as a regulatory proof-of-concept. If it successfully rolls out a compliant, generic semaglutide product in Canada, it could help soften the FDA’s stance on telehealth-led GLP-1 distribution in the U.S., especially as supply constraints ease and the compounding loophole closes.

In short, this isn’t just about Canada. It’s a key wedge that could pave the way for a broader playbook.

There’s also the brand halo to consider. Weight-loss medications are the hottest topic in healthcare right now. Getting into the conversation, even on a smaller scale, keeps Hims top-of-mind for investors, consumers, and regulators alike.

And with GLP-1 interest expected to grow into a $100 billion global market this decade, getting a seat at the table matters.

Is Hims Stock Still a Buy After the Run-Up?

That’s where things get tricky because Hims & Hers stock has more than doubled this year, pushing its market cap past $11.2 billion and inflating its trailing P/E ratio to 70.

That’s nosebleed territory for any stock, let alone one in a fiercely competitive space with thin margins and aggressive customer acquisition costs.

Put differently, the market already expects Hims to keep growing fast. This Canadian GLP-1 opportunity may strengthen the bull case, but it’s not a silver bullet.

Investors buying in today are betting that Hims can execute near-flawlessly in a market where copycats are multiplying and the regulatory ground is still shifting.

For those watching from the sidelines, it might make more sense to wait for a pullback or for clarity on just how big the Canadian expansion could get. But one thing’s clear, Hims is no longer just a men’s wellness brand with cheeky ads. It’s becoming a serious player in consumer-led healthcare and now, potentially, in generic weight-loss drugs too.