The telehealth provider Hims & Hers said this week it would start selling a compounded version of Novo Nordisk’s Wegovy pill, immediately setting off a back-and-forth between the companies. Novo had just launched the Wegovy pill last month, and Hims’ move to sell a cheaper and compounded version could undercut Novo’s hopes to revive its blockbuster obesity franchise. 

Novo slapped back and threatened legal action, calling Hims’ plan “illegal mass compounding that poses a significant risk to patient safety” in a company statement. Novo CEO Mike Doustdar, speaking on an analyst call, also cast doubt on whether the body could absorb compounded versions, suggesting they were less effective than Novo’s brand-name pill. Formulation technologies are critical for oral drugs to protect the sometimes chemically fragile active molecules. This is particularly true for peptides like semaglutide, which the digestive system breaks down easily. It’s not clear at this time whether a legal challenge brought by Novo would succeed.

After winning a bidding war with Novo for Metsera, Pfizer reported the first data from its new acquisition this week. The monthly injection that was one of the cornerstones of Pfizer’s $10 billion buyout allowed obesity patients to lose up to 10.5% of their weight, on a placebo-adjusted basis, after just over six months. 

Shareholders were unimpressed with the data, appearing to doubt whether the results were good enough to justify the price tag. Pfizer’s data are slightly behind the figure seen with Eli Lilly’s Zepbound, where placebo-adjusted weight loss at 28 weeks in its pivotal obesity trial was approximately 13%. However, Zepbound is given weekly. The data are also a slight drop from the 14.1% placebo-adjusted figure Metsera reported last September. 

• While Pfizer reported a positive readout from its Metsera acquisition, it also took a write-down related to its $43 billion acquisition of Seagen.
• Novo Nordisk is looking into acquiring or developing a long-acting GLP-1 drug that could compete with Pfizer’s monthly obesity shot. It also cut a handful of drugs from its pipeline.
• Eli Lilly surpassed analysts’ expectations for 2025 and fourth-quarter revenues, and anticipates a large increase in revenue this year.
• Amgen said it doesn’t plan to pull its rare disease drug Tavneos from the market, despite the FDA’s request.
• Novartis said further generic erosion of three blockbuster medicines, including its top-selling heart failure drug Entresto, will leave a $4 billion hole in its sales this year.
• GSK’s new CEO Luke Miels laid out the drugmaker’s vision for how it will meet its 2031 sales forecast and address the upcoming patent cliff for its blockbuster HIV drug dolutegravir. It was his first earnings report since Emma Walmsley left her post at the end of last year.
• Bristol Myers Squibb flagged at least 10 potential data readouts coming this year that could lead to new approvals or label expansions for existing drugs.
• AbbVie said its newer immunology products Skyrizi and Rinvoq have together exceeded peak Humira sales by more than $4.5 billion.

📈Biotech IPOs are making a comeback. A handful of companies went public this week, including the fibrosis-focused company Agomab Therapeutics, the eye disease company SpyGlass Pharma, Roger Perlmutter-led Eikon Therapeutics and oral Rogaine drug developer Veradermics. The four biotechs expect to reel in $987 million from their private-to-public transitions this week.