Hims & Hers Health stock tanks after FDA says competitor Eli Lilly’s weight-loss drug shortage is over

The San Francisco telehealth company had capitalized on the shortage by making copycat versions of popular brand-name GLP-1 medications.

Shares of Hims & Hers Health fell almost 10% today following an announcement from the U.S. Food and Drug Administration (FDA) that competitor Eli Lilly’s obesity and diabetes drugs are no longer facing supply constraints, and have been removed from the shortage list.