Novo’s Launch of Weight-Loss Pill Spoiled by Hims’ Copycat

Not even two days after Novo Nordisk A/S pinned its comeback hopes on a new weight-loss pill that’s off to a strong start, a knock-off version is already on the market that the Danish drugmaker says is illegal.

Novo’s shares plunged on Thursday after telehealth firm Hims & Hers Health Inc. launched a cheaper copycat version of its Wegovy pill. The move comes during a brutal week for the Danish drugmaker, which has lost $60 billion in market value after warning investors that sales could decline as much as 13% this year.