Closing stock price of Hims & Hers Health on a publicly available financial platform like Yahoo Finance or Bloomberg

Eli Lilly Cuts Zepbound Price by 50%, Impacting Hims Stock and Earning Biden's Praise

Aug 27, 2024, 03:28 PM

Eli Lilly has announced a significant price reduction for its weight-loss drug Zepbound, now offering single-dose vials at a 50% discount. This move aims to expand access to the drug, particularly for patients without insurance coverage. The discounted vials are available through Lilly's direct-to-consumer platform, LillyDirect, with prices set at $399 for a four-week supply of the 2.5 mg dose and $549 for the 5 mg dose. This initiative is part of Eli Lilly's strategy to address supply shortages and increase the availability of Zepbound amid rising demand. The price cut poses a challenge to telehealth companies that offer compounded versions of the medication. In response to the announcement, shares of Hims & Hers Health fell, reflecting the competitive impact of Lilly's strategy. Additionally, President Biden praised the price reduction as a positive step towards making medications more affordable.