Hims & Hers Health, Inc. (HIMS) Announces Expansion To Canada

Hims & Hers Health, Inc. (NYSE:HIMS) is among the 13 Best Booming Stocks to Buy Now. On July 9, the digital health and wellness platform announced plans to expand in Canada by offering generic semaglutide.

Hims & Hers Health, Inc. (HIMS) Announces Expansion To Canada

A nurse in a telehealth platform talking with a patient on video call for consultation.

This comes at a time when Novo Nordisk is set to lose its patent protection on Ozempic and Wegovy in Canada for not paying a maintenance fee in 2019. Hims & Hers Health, Inc. (NYSE:HIMS) joins a growing list of companies that are capitalizing on Novo Nordisk’s lapsed patent on its GLP-1s.

The introduction of generics is a pivotal moment for Canada’s healthcare industry. With about two-thirds of adults in the country being overweight or obese, access to treatments has remained elusive for many due to the high costs. Hims & Hers Health, Inc. (NYSE:HIMS) intends to offer generic semaglutide at a significant discount to the currently branded versions, with prices expected to further decrease over time.

Hims & Hers Health, Inc. (NYSE:HIMS)’s decision to enter the Canadian market follows the company’s acquisition of European telehealth platform, Zava, in June, which will expand its services to France, Germany, and Ireland, and grow its active customer base by approximately 50%.

While we acknowledge the risk and potential of HIMS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HIMS and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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