Novo Nordisk and Eli Lilly fall after Hims & Hers announce $49 copy of Wegovy pill

Novo Nordisk and Eli Lilly's stocks dropped significantly after Hims & Hers announced it would offer a copy of the Wegovy weight-loss pill for $49, much less than Novo Nordisk's $149 branded version. Novo's shares fell 7% and Eli Lilly's dropped 6.1% on the news, while Hims & Hers' stock surged 10%. Novo launched Wegovy in the U.S. in early January, with 170,000 people already using the medication. Hims & Hers claims its copy is legal as it uses a different formulation and delivery system than the FDA-approved version.