Shares of Hims & Hers Health Inc. (HIMS) soared 10.37% during pre-market trading on Thursday, following a major business announcement from the telehealth company.

The significant price movement was driven by the company's announcement that it will begin offering compounded copies of Novo Nordisk's new Wegovy weight-loss pill at an introductory price of $49 per month. This represents a substantial discount of approximately $100 compared to the brand-name version, which Novo Nordisk plans to charge $199 for.

Hims stated that its compounded product uses the same active ingredient, semaglutide, and can be tailored for patients. The company also highlighted that a recent facility expansion allows it to provide treatments at more accessible price points, positioning it competitively in the lucrative weight-loss drug market.