1 00:00:02,800 --> 00:00:10,879 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, ed is personal, and 2 00:00:11,000 --> 00:00:14,840 Speaker 1: now so is treating it, introducing hard Min's Winter green 3 00:00:14,880 --> 00:00:18,319 Speaker 1: flavored prescription Jewlbles, available in a variety of doses using 4 00:00:18,360 --> 00:00:19,680 Speaker 1: doctor trusted ingredients. 5 00:00:19,880 --> 00:00:23,560 Speaker 2: The telehealth company Hymns has been around since twenty seventeen. 6 00:00:24,520 --> 00:00:26,960 Speaker 2: It burst onto the scene as a direct to consumer 7 00:00:27,040 --> 00:00:30,240 Speaker 2: disruptor with the goal of making it easy to get 8 00:00:30,280 --> 00:00:32,640 Speaker 2: medications in the mail if prescribed. 9 00:00:32,920 --> 00:00:36,960 Speaker 1: Hard Mints are uniquely formulated and shipped directly. 10 00:00:37,280 --> 00:00:39,360 Speaker 2: Instead of having to go to a pharmacy to pick 11 00:00:39,479 --> 00:00:43,280 Speaker 2: up name brand drugs like Viagra or Rogain, with Hymns, 12 00:00:43,400 --> 00:00:46,839 Speaker 2: you can get screened for compounded versions online and have 13 00:00:46,920 --> 00:00:48,720 Speaker 2: them delivered to your door discreetly. 14 00:00:49,000 --> 00:00:52,440 Speaker 3: When it first started, it was sort of millennial aged 15 00:00:52,479 --> 00:00:55,960 Speaker 3: guys who were too embarrassed to go to their doctors 16 00:00:56,040 --> 00:00:59,320 Speaker 3: to ask for hair loss treatments or ed treatments. 17 00:00:59,480 --> 00:01:02,560 Speaker 2: That's Muller who covers healthcare for Bloomberg News. 18 00:01:02,520 --> 00:01:06,840 Speaker 3: And they've sort of evolved from there into a suite 19 00:01:06,840 --> 00:01:10,319 Speaker 3: of other medications for kind of like in some ways 20 00:01:10,440 --> 00:01:14,200 Speaker 3: chasing the next big thing or what's big at the moment. 21 00:01:14,200 --> 00:01:17,360 Speaker 2: And one of those next big things was weight loss shots. 22 00:01:17,800 --> 00:01:21,520 Speaker 3: When drugs like ozempeic and wagov and Zebound and Manjaro 23 00:01:21,600 --> 00:01:23,679 Speaker 3: were in shortage over the last couple of years, that 24 00:01:23,800 --> 00:01:29,520 Speaker 3: allowed pharmacies to step in to make copycat versions of them. 25 00:01:29,880 --> 00:01:32,639 Speaker 2: When name brand drugs are in short supply in the US, 26 00:01:32,800 --> 00:01:35,679 Speaker 2: the Food and Drug Administration allows some pharmacies to make 27 00:01:35,720 --> 00:01:38,959 Speaker 2: what are called compounded versions to fill the gap. That's 28 00:01:39,000 --> 00:01:41,480 Speaker 2: what happened in late twenty twenty two when we go 29 00:01:41,600 --> 00:01:44,720 Speaker 2: Vi first went into shortage, and in May of last year, 30 00:01:44,920 --> 00:01:48,200 Speaker 2: Kim's announced its copycat version of the shots. The company 31 00:01:48,280 --> 00:01:52,120 Speaker 2: saw it stocked spike by almost forty percent, But less 32 00:01:52,120 --> 00:01:54,720 Speaker 2: than a year later, in February of twenty twenty five, 33 00:01:55,120 --> 00:01:58,680 Speaker 2: the FDA announced that shortage was over, which raises the 34 00:01:58,760 --> 00:02:02,040 Speaker 2: question what will happened if Hitts' big bet on weight 35 00:02:02,120 --> 00:02:04,080 Speaker 2: loss shots doesn't pan out. 36 00:02:04,240 --> 00:02:07,040 Speaker 3: They were really going all in on weight loss drugs, 37 00:02:07,080 --> 00:02:09,160 Speaker 3: and it seemed like it sort of caught them by 38 00:02:09,240 --> 00:02:11,160 Speaker 3: surprise the end of the shortage. I mean, they'd just 39 00:02:11,240 --> 00:02:14,200 Speaker 3: run this massive Super Bowl campaign earlier that month. 40 00:02:14,639 --> 00:02:16,040 Speaker 4: They were just. 41 00:02:16,040 --> 00:02:18,840 Speaker 3: Really becoming more and more confident, and then the shortage 42 00:02:18,919 --> 00:02:22,160 Speaker 3: ended and everyone was like What's next. 43 00:02:26,000 --> 00:02:27,880 Speaker 2: I'm David Gera, and this is the big take from 44 00:02:27,880 --> 00:02:31,359 Speaker 2: Bloomberg News Today on the show, how Hymns became the 45 00:02:31,480 --> 00:02:34,800 Speaker 2: king of knockoff weight loss drugs and what's next for 46 00:02:34,840 --> 00:02:37,160 Speaker 2: the company if it can't hold on to the crown. 47 00:02:42,480 --> 00:02:46,760 Speaker 2: Bloomberg's Madison Muller started paying closer attention to him's last spring, 48 00:02:47,200 --> 00:02:50,200 Speaker 2: when the company started selling its own copycat versions of 49 00:02:50,320 --> 00:02:53,640 Speaker 2: sought after weight loss shots. She interviewed the CEO of 50 00:02:53,639 --> 00:02:56,440 Speaker 2: the company, Andrew Doodam, shortly after it entered the market 51 00:02:56,440 --> 00:02:58,320 Speaker 2: for GLP one drugs. 52 00:02:58,000 --> 00:02:59,960 Speaker 4: And so that was May twenty twenty four. 53 00:03:00,440 --> 00:03:03,959 Speaker 3: I went and met the CEO at a hotel here 54 00:03:04,000 --> 00:03:07,239 Speaker 3: in New York, and he talked about how the company 55 00:03:07,280 --> 00:03:10,080 Speaker 3: had plans and big ambitions to get into this big 56 00:03:10,160 --> 00:03:11,200 Speaker 3: GLP one market. 57 00:03:11,360 --> 00:03:13,960 Speaker 2: And one thing Madison wanted to ask Andrew was what 58 00:03:14,160 --> 00:03:15,600 Speaker 2: had taken him so long? 59 00:03:16,000 --> 00:03:17,919 Speaker 3: Honestly, when I sat down with the CEO, I was like, 60 00:03:17,960 --> 00:03:19,840 Speaker 3: why didn't you do this sooner? By the time that 61 00:03:19,880 --> 00:03:22,079 Speaker 3: they got into this market in May twenty twenty four, 62 00:03:22,360 --> 00:03:24,600 Speaker 3: there were lots of other telehealth companies that were already 63 00:03:24,639 --> 00:03:27,119 Speaker 3: doing this, and like for them, it made sense it's 64 00:03:27,120 --> 00:03:30,040 Speaker 3: like sell a popular drug at a discount. That's what 65 00:03:30,120 --> 00:03:33,000 Speaker 3: they were known for, and he said that they had 66 00:03:33,040 --> 00:03:35,720 Speaker 3: been sort of watching the evolution of this market evolved, 67 00:03:35,760 --> 00:03:37,720 Speaker 3: and they wanted to make sure that they had enough 68 00:03:38,240 --> 00:03:41,120 Speaker 3: supply secured because they were just expecting these things to 69 00:03:41,160 --> 00:03:43,680 Speaker 3: immediately be extremely popular. 70 00:03:44,000 --> 00:03:47,520 Speaker 2: Companies like Novo Nordisk, which manufactures ozepic and we go Vi, 71 00:03:47,880 --> 00:03:50,720 Speaker 2: and Eli Lilly, which makes Munjaro and zep Bound, have 72 00:03:50,800 --> 00:03:53,640 Speaker 2: been struggling to keep up with the demand for their drugs, 73 00:03:54,080 --> 00:03:56,920 Speaker 2: and patients trying to get them through their doctors faced 74 00:03:56,960 --> 00:04:00,839 Speaker 2: long wait times and high costs, sometimes as or more 75 00:04:00,840 --> 00:04:04,960 Speaker 2: a month for shots. When Hymns announced its compounded version, 76 00:04:05,160 --> 00:04:07,880 Speaker 2: it priced it at one hundred ninety nine dollars a month, 77 00:04:08,400 --> 00:04:10,960 Speaker 2: and the companies pitch to consumers that you could access 78 00:04:11,000 --> 00:04:14,000 Speaker 2: their version simply through filling out their clinical intake form 79 00:04:14,040 --> 00:04:17,400 Speaker 2: online and consulting with a doctor seemed to be paying off. 80 00:04:18,000 --> 00:04:21,080 Speaker 2: The company doesn't disclose its GLP one sales, but Morgan 81 00:04:21,160 --> 00:04:23,839 Speaker 2: Stanley says that in the fourth quarter of twenty twenty four, 82 00:04:24,279 --> 00:04:27,320 Speaker 2: the drugs made up thirty percent of Hymns's four hundred 83 00:04:27,400 --> 00:04:30,960 Speaker 2: eighty one million dollars in revenue. HIMS and other telehealth 84 00:04:30,960 --> 00:04:34,479 Speaker 2: companies have relied on what are known as compounding pharmacies 85 00:04:34,520 --> 00:04:38,360 Speaker 2: to make copies of popular drugs based on a doctor's recommendation. 86 00:04:38,600 --> 00:04:42,760 Speaker 2: These pharmacies can also tailor dosages or ingredients for individual 87 00:04:42,800 --> 00:04:46,080 Speaker 2: patients who aren't able to use a commercially available product. 88 00:04:46,640 --> 00:04:49,240 Speaker 2: But what set Hymns apart from its rivals is that 89 00:04:49,279 --> 00:04:52,080 Speaker 2: when the company announced it would start offering GLP ones, 90 00:04:52,440 --> 00:04:55,000 Speaker 2: it had a leg up. It already owned two of 91 00:04:55,040 --> 00:04:59,800 Speaker 2: its own compounding pharmacies. Madison went to c one in Ohio. 92 00:05:00,000 --> 00:05:02,960 Speaker 3: Ciant warehouse with a bunch of pharmacists and different people 93 00:05:03,279 --> 00:05:06,960 Speaker 3: doing fulfillment making some of the compounded drugs like their 94 00:05:07,000 --> 00:05:09,440 Speaker 3: gummies in like pasmat suits in. 95 00:05:09,400 --> 00:05:10,480 Speaker 4: The back area. 96 00:05:10,600 --> 00:05:14,359 Speaker 2: Madison says owning these compounding pharmacies is key to him's 97 00:05:14,520 --> 00:05:18,080 Speaker 2: ability to sell compounded medications at a deep discount. 98 00:05:18,520 --> 00:05:21,960 Speaker 3: So the drug makers Nova Noordisk and Eli Lilly obviously 99 00:05:22,040 --> 00:05:26,040 Speaker 3: set their list prices for the medications, which they argue 100 00:05:26,360 --> 00:05:28,919 Speaker 3: takes into account all of the R and D, the 101 00:05:29,000 --> 00:05:32,880 Speaker 3: money that's spent going into developing these drugs, which for 102 00:05:32,920 --> 00:05:35,080 Speaker 3: both companies, you know they've been sort of several decades 103 00:05:35,120 --> 00:05:38,240 Speaker 3: in the making. They also have these very sophisticated injector 104 00:05:38,279 --> 00:05:41,800 Speaker 3: pens that are patented that patients use to inject the medications, 105 00:05:42,040 --> 00:05:46,000 Speaker 3: whereas compounding pharmacies mix the drugs up themselves from active 106 00:05:46,160 --> 00:05:50,280 Speaker 3: ingredients and they don't have those sophisticated injector pens. That 107 00:05:50,440 --> 00:05:53,520 Speaker 3: drugs HYMN sells are a vile with a syringe that 108 00:05:53,560 --> 00:05:58,040 Speaker 3: you drop and inject yourself. They aren't approved by the FDA, 109 00:05:58,160 --> 00:06:01,800 Speaker 3: they don't need to be tested for safety and efficacy 110 00:06:01,839 --> 00:06:04,240 Speaker 3: in the same way, and so they're able to price 111 00:06:04,279 --> 00:06:05,040 Speaker 3: them a lot cheaper. 112 00:06:05,720 --> 00:06:08,279 Speaker 2: In February of this year, HYMS aired an ad during 113 00:06:08,320 --> 00:06:11,680 Speaker 2: the Super Bowl and prepared for sales to keep rising. 114 00:06:12,000 --> 00:06:14,640 Speaker 4: This system wasn't built to help us. It was built 115 00:06:14,640 --> 00:06:18,279 Speaker 4: to keep us sick and stuck, but not anymore. 116 00:06:19,279 --> 00:06:23,159 Speaker 2: HIMS and Hers offers life changing weight loss medications. But then, 117 00:06:23,640 --> 00:06:26,280 Speaker 2: just a week after it aired, the FDA announced that 118 00:06:26,360 --> 00:06:31,080 Speaker 2: GLP one shortage was over. So how did that affect 119 00:06:31,120 --> 00:06:33,680 Speaker 2: Hymns's strategy and what could it mean for its future. 120 00:06:34,080 --> 00:06:44,559 Speaker 2: We'll get into that after the break. In February twenty 121 00:06:44,560 --> 00:06:47,960 Speaker 2: twenty five, the FDA announced that the GLP one shortage 122 00:06:48,160 --> 00:06:51,800 Speaker 2: was over. That meant compounding pharmacies were no longer allowed 123 00:06:51,839 --> 00:06:55,159 Speaker 2: to make exact copies of wildly popular weight loss drugs. 124 00:06:55,680 --> 00:06:59,200 Speaker 2: Bloomberg's Madison Muller says that meant Hymns had to refine 125 00:06:59,200 --> 00:06:59,880 Speaker 2: its strategy. 126 00:07:00,200 --> 00:07:04,320 Speaker 3: Investors were questioning whether there was an opportunity for them 127 00:07:04,360 --> 00:07:06,760 Speaker 3: going forward, and Hyms was just sort of maintaining that 128 00:07:06,800 --> 00:07:09,159 Speaker 3: there was, and you know, investors would kind of have 129 00:07:09,200 --> 00:07:10,960 Speaker 3: to trust them and they would be able. 130 00:07:10,800 --> 00:07:11,120 Speaker 1: To do it. 131 00:07:11,480 --> 00:07:14,480 Speaker 2: And Madison says hyms had two cards to play. The 132 00:07:14,520 --> 00:07:17,600 Speaker 2: first was leaning into what's known as personalization. 133 00:07:18,640 --> 00:07:22,560 Speaker 3: So the FDA allows pharmacies to personalize drugs for individual 134 00:07:22,600 --> 00:07:25,840 Speaker 3: patients when their doctor says commercially available medicines won't meet 135 00:07:25,880 --> 00:07:27,840 Speaker 3: their needs. So what that means is selling them at 136 00:07:27,880 --> 00:07:31,840 Speaker 3: lower doses, adding other ingredients like vitamins or whatever, because 137 00:07:31,880 --> 00:07:34,360 Speaker 3: that makes them different enough from the drugs that are 138 00:07:34,360 --> 00:07:38,000 Speaker 3: commercially available that they're technically still allowed to sell them. 139 00:07:38,080 --> 00:07:40,840 Speaker 3: So a lot of telehealth companies, including Hymns, have continued 140 00:07:40,880 --> 00:07:43,680 Speaker 3: to do that after the shortages ended, and that's allowed 141 00:07:43,720 --> 00:07:45,520 Speaker 3: them to continue selling the drugs. 142 00:07:45,720 --> 00:07:48,320 Speaker 2: And Hyms's other play this year was to partner with 143 00:07:48,400 --> 00:07:52,680 Speaker 2: other companies. In April, Hymns announced a partnership with Novo Nordisk, 144 00:07:52,760 --> 00:07:55,160 Speaker 2: the maker of ozempic and we go v. Under the 145 00:07:55,280 --> 00:07:57,560 Speaker 2: terms of the deal, Hymns would be able to sell 146 00:07:57,600 --> 00:08:00,720 Speaker 2: we govy at a discount, and Novo Nordias would get 147 00:08:00,760 --> 00:08:03,320 Speaker 2: to offer its drugs through Hymns this popular platform. 148 00:08:03,360 --> 00:08:06,480 Speaker 3: That was I think a surprise to everyone when Novo 149 00:08:06,520 --> 00:08:11,120 Speaker 3: Nordisk and Hymns announced that they had struck this partnership deal. 150 00:08:11,640 --> 00:08:15,360 Speaker 3: Because Nova Nordisk and Eli Lilly both have been really 151 00:08:16,920 --> 00:08:21,840 Speaker 3: strong in their statements about companies that sell compounded drugs. 152 00:08:21,880 --> 00:08:24,960 Speaker 3: They are not supportive of it. They don't think that 153 00:08:25,000 --> 00:08:28,120 Speaker 3: it should be happening, especially after the shortages are over 154 00:08:28,280 --> 00:08:33,200 Speaker 3: there filing lawsuits, taking legal action against compounding pharmacies, telehealth 155 00:08:33,200 --> 00:08:35,640 Speaker 3: firms that are selling these compounded drugs, and so for 156 00:08:35,679 --> 00:08:37,720 Speaker 3: them to come out and then partner with one of 157 00:08:37,760 --> 00:08:41,800 Speaker 3: the biggest offenders was I think a surprise to everyone, 158 00:08:41,880 --> 00:08:44,640 Speaker 3: and it seemed like a very unlikely partnership from the beginning. 159 00:08:45,760 --> 00:08:49,720 Speaker 2: But that unlikely partnership between Hymns and Novo Nordisk didn't 160 00:08:49,800 --> 00:08:50,360 Speaker 2: last long. 161 00:08:50,800 --> 00:08:54,280 Speaker 3: There were sort of signs that it had gotten off 162 00:08:54,440 --> 00:08:58,880 Speaker 3: to a rocky start almost immediately, just with the different 163 00:08:58,880 --> 00:09:01,520 Speaker 3: press releases the companies were sending out the ways that 164 00:09:01,559 --> 00:09:04,640 Speaker 3: they were talking about this arrangement, calling it a partnership 165 00:09:04,760 --> 00:09:06,760 Speaker 3: versus just sort of calling it like a deal. 166 00:09:07,200 --> 00:09:08,720 Speaker 4: There were signs that things were. 167 00:09:08,640 --> 00:09:12,199 Speaker 3: Not as they were made out to be, and then 168 00:09:12,320 --> 00:09:15,520 Speaker 3: less than two months later, it all sort of spectacularly 169 00:09:15,640 --> 00:09:18,600 Speaker 3: fell apart, very abruptly. Nov An Artists came out with 170 00:09:18,679 --> 00:09:21,960 Speaker 3: an early morning press release saying that they were terminating 171 00:09:21,960 --> 00:09:22,640 Speaker 3: the partnership. 172 00:09:22,920 --> 00:09:25,520 Speaker 4: The Hymns CEO was on vacation with his. 173 00:09:25,520 --> 00:09:28,400 Speaker 3: Family and Maui and it wasn't until hours later that 174 00:09:28,480 --> 00:09:29,120 Speaker 3: they ended up. 175 00:09:29,360 --> 00:09:30,680 Speaker 4: They didn't even issue a press release. 176 00:09:30,720 --> 00:09:32,840 Speaker 3: He just came out on Twitter and said something and 177 00:09:32,880 --> 00:09:35,320 Speaker 3: then was doing media interviews about it. So the whole 178 00:09:35,320 --> 00:09:39,120 Speaker 3: thing was very dramatic and ended very abruptly. 179 00:09:39,840 --> 00:09:43,480 Speaker 2: So where does that leave Hymns without that partnership, Madison says. 180 00:09:43,679 --> 00:09:46,800 Speaker 2: Investors have started to question whether the company can still 181 00:09:46,880 --> 00:09:50,840 Speaker 2: hit sales targets, and him's's latest earnings report it fell 182 00:09:50,880 --> 00:09:52,360 Speaker 2: short of Wall Street estimates. 183 00:09:53,400 --> 00:09:55,760 Speaker 3: They're not able to do what they once were, and 184 00:09:55,840 --> 00:09:58,800 Speaker 3: so that continues to be a question of how is 185 00:09:58,840 --> 00:10:01,640 Speaker 3: the company going to handle and what's next and do 186 00:10:01,679 --> 00:10:06,240 Speaker 3: they have another product that can sort of replace the 187 00:10:06,320 --> 00:10:10,640 Speaker 3: blockbuster sales potential that they had from GLP ones. 188 00:10:11,000 --> 00:10:14,920 Speaker 2: At this moment. What is the company's attitude toward making 189 00:10:14,960 --> 00:10:17,840 Speaker 2: these drugs? Are they confident that this effort to personalize 190 00:10:17,840 --> 00:10:19,160 Speaker 2: them is going to make it so they can keep 191 00:10:19,240 --> 00:10:21,479 Speaker 2: doing it without any legal backlash. 192 00:10:21,520 --> 00:10:24,200 Speaker 3: They're extremely confident in that they're not alone in that 193 00:10:24,240 --> 00:10:26,800 Speaker 3: there are other compounding pharmacies sort of like the trade 194 00:10:26,840 --> 00:10:30,240 Speaker 3: groups for compounding pharmacies also believe that this is a 195 00:10:30,440 --> 00:10:33,439 Speaker 3: valid and legal way to keep making these drugs. 196 00:10:33,720 --> 00:10:38,080 Speaker 2: But Madison says the drug companies that develop these treatments disagree. 197 00:10:38,400 --> 00:10:41,200 Speaker 3: Nova, Nordisks, and Eli Lilly do not think that, and 198 00:10:41,240 --> 00:10:43,720 Speaker 3: that was part of the reason why Novo ended its 199 00:10:43,760 --> 00:10:47,040 Speaker 3: partnership with Hymns was because they said, you know, we 200 00:10:47,280 --> 00:10:51,720 Speaker 3: sort of had this maybe not official agreement, but thought 201 00:10:52,080 --> 00:10:55,200 Speaker 3: or belief that they would sort of wind down their 202 00:10:55,200 --> 00:10:58,920 Speaker 3: compounding operations, and they didn't. They were continuing to market 203 00:10:58,960 --> 00:11:01,640 Speaker 3: them and Nova was not happy with that. And so 204 00:11:02,480 --> 00:11:07,320 Speaker 3: there is this split right now between people who believe 205 00:11:07,360 --> 00:11:09,880 Speaker 3: that this is perfectly legal and moral and that patients 206 00:11:09,880 --> 00:11:13,680 Speaker 3: should have these alternate options to the drugs that cost 207 00:11:13,840 --> 00:11:16,840 Speaker 3: less are widely available. And then you have the drug makers, 208 00:11:16,880 --> 00:11:18,560 Speaker 3: and you have a lot of doctors who are like, 209 00:11:18,760 --> 00:11:23,640 Speaker 3: we can't have this explosion of essentially unregulated medicines, and 210 00:11:23,920 --> 00:11:26,200 Speaker 3: all of these other considerations, like there needs to be 211 00:11:26,200 --> 00:11:27,960 Speaker 3: a nuanced conversation about it. 212 00:11:28,640 --> 00:11:32,880 Speaker 2: Even as existential questions hang over Hymns's future. Madison says, 213 00:11:32,920 --> 00:11:35,520 Speaker 2: the impact of the telehealth company and others like it 214 00:11:35,760 --> 00:11:38,120 Speaker 2: have changed the market for pharmaceuticals. 215 00:11:38,480 --> 00:11:42,480 Speaker 3: These telehealth companies, for all of the complaints about them, 216 00:11:42,559 --> 00:11:45,480 Speaker 3: they have made these drugs more accessible and that is 217 00:11:45,679 --> 00:11:48,680 Speaker 3: something you cannot deny. I mean, the drug makers themselves 218 00:11:48,720 --> 00:11:51,800 Speaker 3: are literally trying to emulate what these telehealth companies have done. 219 00:11:51,880 --> 00:11:54,600 Speaker 3: Lily has set up Lily Direct. Nova Noordisk now has 220 00:11:54,640 --> 00:11:57,480 Speaker 3: its own direct to consumer offering, and they see that 221 00:11:57,559 --> 00:12:01,600 Speaker 3: there are patients who want an easy option to get 222 00:12:01,600 --> 00:12:04,199 Speaker 3: these medications and sort of trying to meet these patients 223 00:12:04,200 --> 00:12:08,079 Speaker 3: where they're at, which is oftentimes online, but. 224 00:12:08,120 --> 00:12:11,200 Speaker 2: They may not be meeting them fast enough. Novo Nordisk's 225 00:12:11,240 --> 00:12:14,440 Speaker 2: second quarter earnings showed the smallest growth in sales since 226 00:12:14,480 --> 00:12:17,920 Speaker 2: twenty twenty one. Madison says that part of that slowdown 227 00:12:18,080 --> 00:12:20,599 Speaker 2: can be attributed to patients in the US turning to 228 00:12:20,679 --> 00:12:25,160 Speaker 2: copycat drugs from compounding pharmacies, and Denmark based Novo Nordisk 229 00:12:25,440 --> 00:12:28,760 Speaker 2: is losing ground to its US rival, Eli Lilly, whose 230 00:12:28,800 --> 00:12:31,360 Speaker 2: GLP one drugs have been shown to be more powerful. 231 00:12:31,960 --> 00:12:36,160 Speaker 2: But Eli Lilly's performance has also disappointed investors. The company 232 00:12:36,160 --> 00:12:38,600 Speaker 2: had developed a new weight loss pill with the hopes 233 00:12:38,600 --> 00:12:41,760 Speaker 2: it could reach even more customers, but study results released 234 00:12:41,760 --> 00:12:45,360 Speaker 2: in early August indicated that that pill wasn't as effective 235 00:12:45,360 --> 00:12:47,920 Speaker 2: as Wall Street had hoped. On the day those results 236 00:12:47,920 --> 00:12:51,160 Speaker 2: were made public, Eli Lilly's share price fell by more 237 00:12:51,200 --> 00:12:54,559 Speaker 2: than fourteen percent in New York, its biggest single day 238 00:12:54,640 --> 00:12:58,600 Speaker 2: drop in twenty five years, and Madison says whether Hymns 239 00:12:58,679 --> 00:13:00,960 Speaker 2: will remain a player in the market is a matter 240 00:13:01,000 --> 00:13:03,280 Speaker 2: of intense and polarizing speculation. 241 00:13:04,960 --> 00:13:08,680 Speaker 3: I've talked to analysts who say they've never seen a 242 00:13:08,760 --> 00:13:12,480 Speaker 3: debate like this over a company that they covered, especially 243 00:13:12,520 --> 00:13:17,240 Speaker 3: in healthcare, that there's just two very different sides. There 244 00:13:17,320 --> 00:13:21,120 Speaker 3: is a split over whether this is a disruptive, genius 245 00:13:21,160 --> 00:13:24,600 Speaker 3: company or whether this company is just doing something that 246 00:13:24,679 --> 00:13:27,640 Speaker 3: pushes the boundaries too far, and then you do have 247 00:13:27,679 --> 00:13:30,120 Speaker 3: some people in the middle who are like the weight 248 00:13:30,160 --> 00:13:33,400 Speaker 3: loss debate is overshadowing everything else that this company is doing, 249 00:13:33,440 --> 00:13:35,680 Speaker 3: and the fact that they have been very successful in 250 00:13:36,480 --> 00:13:38,719 Speaker 3: ed and hair loss and that they are a profitable 251 00:13:38,760 --> 00:13:41,840 Speaker 3: telehealth company and the biggest telehealth company and sort of 252 00:13:41,880 --> 00:13:43,719 Speaker 3: like setting the stage for the rest of them. And 253 00:13:43,760 --> 00:13:48,160 Speaker 3: then they've set this roadmap for the next few years 254 00:13:48,240 --> 00:13:50,960 Speaker 3: what they hope to achieve. They want to expand globally. 255 00:13:51,120 --> 00:13:54,760 Speaker 3: They're hiring like crazy. They're taking people from Uber and 256 00:13:54,800 --> 00:13:56,760 Speaker 3: all of these other Silicon Valley companies and sort of 257 00:13:56,760 --> 00:13:57,559 Speaker 3: bringing them into him. 258 00:13:57,640 --> 00:13:59,560 Speaker 4: So what's going to happen there? 259 00:13:59,640 --> 00:14:02,480 Speaker 3: You know, all the company be able to grow in 260 00:14:02,559 --> 00:14:05,959 Speaker 3: the way that it's wanting to and sort of laying 261 00:14:06,000 --> 00:14:06,840 Speaker 3: out for people. 262 00:14:07,559 --> 00:14:08,760 Speaker 4: It's I mean. 263 00:14:08,640 --> 00:14:10,400 Speaker 3: It's going to be an interesting story to follow, I 264 00:14:10,440 --> 00:14:12,880 Speaker 3: think for the next couple of years because they've so 265 00:14:13,000 --> 00:14:15,679 Speaker 3: publicly made all of these declarations of what they hope 266 00:14:15,679 --> 00:14:19,320 Speaker 3: to achieve, and we can sort of use those as 267 00:14:19,320 --> 00:14:22,480 Speaker 3: benchmarks to see what happens. 268 00:14:26,040 --> 00:14:28,520 Speaker 2: This is the Big Take from Bloomberg News. I'm David Gura. 269 00:14:28,760 --> 00:14:31,600 Speaker 2: The show is hosted by me Sarah holder wanha and 270 00:14:31,640 --> 00:14:36,160 Speaker 2: Seleiah Mosen, Aaron Edwards, David Fox, Eleanor Harrison Dengate, Patty Hirsch, 271 00:14:36,360 --> 00:14:40,960 Speaker 2: Rachel Lewis, Chrisky, Naomi Julia Press, Pracy Samuelson, Naomi Shaven, 272 00:14:41,200 --> 00:14:44,640 Speaker 2: Alex Segura, Julia Weaver, Young Young and Tapia yes Zoa. 273 00:14:44,800 --> 00:14:47,000 Speaker 2: Make the show. To get more from the Big Take 274 00:14:47,080 --> 00:14:50,360 Speaker 2: and unlimited access to all of bloomberg dot com, subscribe 275 00:14:50,400 --> 00:14:54,720 Speaker 2: today at Bloomberg dot com Slash Podcast offer. Thanks for listening. 276 00:14:54,880 --> 00:14:55,840 Speaker 2: We'll be back on Monday.