Hims & Hers targets 2026 launch as Novo Nordisk's semaglutide patent nears January expiry
Canada is on track to become the first major market to allow generic versions of Ozempic and Wegovy, as Novo Nordisk’s patent on semaglutide expires in January 2026.
According to The Globe and Mail, the expiration opens the door for other companies to sell lower-cost alternatives, setting the stage for significant changes in pricing and access.
Hims & Hers Health Inc., a US-based telehealth platform, announced plans to launch in Canada, targeting the generic semaglutide market.
In a press release, chief executive Andrew Dudum stated, “Canada is a major opportunity to show what affordable, high-quality weight loss care can look like.”
The move comes as semaglutide becomes one of the most commercially significant pharmaceuticals in Canada.
IQVIA data reported by The Globe and Mail showed that more than $2.5bn worth of Ozempic was sold at Canadian retail pharmacies in 2024—more than double any other drug.
The expected arrival of generics follows the apparent lapse in Novo Nordisk’s Canadian patent, which the company last maintained in 2018, according to a Science report.
The Canadian Patent Database shows the patent, first issued in 2013, is now “expired and beyond the period of reversal.”
Meanwhile, Novo Nordisk retains US patent protection until at least 2032.
While Health Canada has not yet approved a generic version of semaglutide, multiple companies have submitted applications, including Apotex Inc. and Sandoz Canada Inc., as reported by The Globe and Mail.
Hims & Hers did not name its supplier but confirmed it is working with “an approved partner” and intends to comply with all local regulations.
The potential impact on pricing is significant.
Under Canada’s pricing framework negotiated by the pan-Canadian Pharmaceutical Alliance, generic versions of a drug can sell for 35 percent of the branded price once four manufacturers are in the market.
Ozempic’s current list price is $223 for a four-week supply, suggesting generics could launch at around $78, before markups and dispensing fees.
In its announcement, Hims & Hers said nearly two-thirds of Canadian adults are overweight or living with obesity. It added that the current monthly cost of branded semaglutide without clinical support exceeds $200.
The company expects its generic offering to be available at a “significant discount,” with prices likely to decrease further over time.
According to market research from Grand View Research, the Canadian semaglutide market was valued at $1.18bn in 2024 and is projected to grow to $4.03bn by 2035.
The company’s stock rose by as much as 4.1 percent following the announcement, though some gains reversed by midday, according to Financial Post.
The entry into Canada follows Hims & Hers’ acquisition of European digital health platform ZAVA.
However, the company faces friction with Novo Nordisk.
In a June 23 release, Novo Nordisk stated that Hims & Hers had been offering “knock-off compounded versions” of its semaglutide drugs rather than the branded products.
This announcement came after the US Food and Drug Administration declared an end to the semaglutide shortage in April.
Hims & Hers did not respond to questions about the dispute, as reported by The Globe and Mail.
Adding to the competitive landscape, Eli Lilly and Co. stated in April that its new weight-loss drug, orforglipron, matched Ozempic in reducing weight and blood sugar levels in trials. The company said it expects regulatory approval by the end of the year.
