Hims & Hers Expands into Canada as Generic Semaglutide Market Opens Up

Hims & Hers, the online health and wellness company, is set to make a significant move into the Canadian market, capitalizing on the upcoming availability of generic semaglutide drugs. This expansion comes as Novo Nordisk's patent protection for its branded semaglutide drugs, Ozempic and Wegovy, is set to expire in Canada in January 2026, paving the way for generic alternatives as early as next year.

Canadian Expansion and Generic Semaglutide Market

Hims & Hers has announced plans to expand its digital weight loss program to Canada, offering a generic version of semaglutide. This move follows the company's recent acquisition of Zava, a European digital health platform, which has extended Hims & Hers' reach to over a million customers in Europe and launched its presence in Germany, France, and Ireland.

The Canadian market presents a significant opportunity, with nearly two-thirds of adults in Canada being overweight or living with obesity, according to public data. Hims & Hers aims to offer access to lower-cost treatment options through its digital platform, coupled with 24/7 access to licensed providers and personalized care plans.

The introduction of generic semaglutide in Canada is expected to dramatically reduce costs for patients. Currently, branded semaglutide without clinical support costs over 200 Canadian dollars per month. Hims & Hers anticipates offering generic semaglutide at a "significant discount" compared to branded versions, with prices expected to decrease over time.

Industry Dynamics and Competition

The opening of the generic semaglutide market in Canada has attracted attention from various pharmaceutical companies. Sandoz and Apotex are among those expected to launch generic versions of semaglutide in Canada next year.

This development comes amid a complex relationship between Hims & Hers and Novo Nordisk. Last month, Novo Nordisk abruptly ended a collaboration that made its weight loss drug Wegovy available on Hims & Hers' platform. The drugmaker cited concerns about Hims & Hers selling and promoting compounded GLP-1 drugs, which are more affordable versions of popular weight loss medications.

Hims & Hers CEO Andrew Dudum responded to these allegations, asserting that Novo Nordisk was "misleading the public" and emphasizing the company's commitment to offering patients a range of options for weight loss medications. Dudum stated, "We refuse to be strong-armed by any pharmaceutical company's anticompetitive demands that infringe on the independent decision making of providers and limit patient choice."

Strategic Implications and Future Outlook

The expansion into Canada reinforces Hims & Hers' strategy to leverage generically-available products in new markets, diversify its revenue base, and extend its care model globally. Michael Cherny, Senior Research Analyst at Leerink Partners, views this move as a potential incremental revenue driver into 2026, though he notes that execution and uptake will be key factors to watch.

As Hims & Hers continues to scale its care across markets, the company's growth roadmap includes both organic growth and strategic investments to expand category leadership and global reach. However, uncertainties surrounding the U.S. weight management franchise continue to create non-fundamental earnings volatility, an issue that will likely be addressed in the company's upcoming Q2 earnings call.