HCIT/CROs: HIMS Partnership and AI Opportunities in Clinical Trials Related Takeaways From the NVO Call

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HCIT/CROs: HIMS Partnership and AI Opportunities in Clinical Trials Related Takeaways From the NVO Call

Truist Securities

Equity Research Report June 4, 2026

HEALTHCARE: HCIT

HEALTHCARE: Contract Research HCIT/CROs: HIMS Partnership and AI

Organizations Opportunities in Clinical Trials Related

Takeaways From the NVO Call

Jailendra Singh Truist Securities Pharma/Biotech team hosted a virtual call with Frederik Taylor

212-401-4406 Pitter, MD, PhD, Director of Investor Relations at Novo Nordisk (see the team’s Jailendra.Singh@truist.com

detailed note here). Below are our key takeaways from the discussion, with a focus

on Novo Nordisk’s (NVO, NR) collaboration with Hims & Hers (HIMS, Hold) as well as

Payton Engdahl NVO's recent AI investments.

212-319-5476

Payton.Engdahl@truist.com

Pleased with the HIMS Partnership Thus Far. NVO applauded HIMS' willingness

Eduardo Ron to change its strategy for weight loss, noting that the change is clearly reflected on

212-326-3152 HIMS' platform. Novo highlighted that its partnership with HIMS is developing as both

Eduardo.Ron@truist.com parties had agreed upon when they entered into the contract. While it's still early for

the partnership, NVO is encouraged by the uptake it has seen on the HIMS platform,

8 Page Document especially as it had contributed to the growth of oral Wegovy.

NVO's Comments on Medication Pricing. While Novo did not comment on specific

Reasons for this report contracts terms with HIMS, the company noted that the self-pay prices available through NovoCare is generally what NVO offers to its partners. Partners may then add their own

✓ Truist Securities Hosted Event Takeaways subscription model or other structure which is incremental to the medication cost.

Reconciling NVO's Comments with HIMS' 10-Q Disclosures.