Launches generic semaglutide in Canada
HIMS's Canadian platform has started offering injectable generic semaglutide made by Apotex (Apo-Semaglutide), with personalised plans starting at C$149 a month. Canada is the first G7 country to approve generic semaglutide, and HIMS has seized the first-mover window.
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The indication is currently type 2 diabetes, and doctors can prescribe it off-label for weight loss. The price compares well with Ozempic (C$200-400 a month). COO Mike Chi said the US model will be replicated globally, including in the Australian, UK and German markets once the Eucalyptus acquisition is done.
Investment angle
A sign that international revenue is starting to accelerate on the ground. The Canadian generic launch is the key moment when the story turns into execution, and together with the Eucalyptus acquisition it sets out a path to replicating at scale.
Key points
- HIMS's first generic GLP-1 product in an international market. International expansion moves from buying licences to selling products.
- Canada is the first G7 country to approve generic semaglutide (Health Canada approved Dr. Reddy's in April and Apotex in May)
- Indication: type 2 diabetes, with an entry point left open for off-label weight-loss prescriptions
- Priced at C$149 a month against C$200-400 a month for Ozempic, which is strongly competitive
- The COO said explicitly that the playbook will be replicated in the Eucalyptus markets (Australia, the UK and Germany)
- Three threads converge: Canadian GLP-1s, Eucalyptus (the $350 million of convertible proceeds have arrived) and the three-year international target of $1 billion
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- International revenue soared 400% in 2025 to $134 million
- Shares at $23.04 (21 May close)
A brief is a lead for our research, not a verified conclusion or advice.