LOS ANGELES — Hims & Hers, the high-flying telehealth company that rapidly ascended from a buzzy startup selling Viagra to a multibillion-dollar business with a Super Bowl ad, had a hard week.

The San Francisco company’s shares took a dive June 23 after its partnership with Novo Nordisk crumbled. The Danish drugmaker abruptly ended its agreement to let Hims & Hers directly sell its popular weight-loss drug, prompting the companies to spar publicly. The stock closed Wednesday at $47.46, down 50 cents, or 1.04%. As of Wednesday, it’s down more than 16% for the month.

Less than two months after agreeing to partner with Hims & Hers, Novo Nordisk accused the telehealth company of putting patient safety at risk through “deceptive” marketing and selling a knockoff version of its drug Wegovy. Hims & Hers fired back, alleging that Novo Nordisk was “misleading the public” and wanted to “control clinical standards and steer patients to Wegovy.”

The messy split is the latest hurdle facing Hims & Hers, a platform where people subscribe to get help for hair loss, improve sex, lose weight and address other health problems. The company aims to reach $6.5 billion in revenue by 2030. The tussle also highlights the tensions between telehealth platforms and pharmaceutical companies.

“The termination of this partnership suggests that Novo still views Hims’ marketing and sales tactics as a threat to branded Wegovy and indicates Novo considers Hims more of a competitor than a true partner,” Aaron DeGagne, a senior analyst of healthcare at PitchBook, said in a statement.

Hims & Hers’ stock price has swung wildly this year. The price had at one point soared more than 150% this year before the Novo split knocked off nearly a third of its valuation early last week.

Hims & Hers is disrupting the healthcare industry, testing the limits of regulations to make it easier to buy popular drugs at lower prices. Its showdown with Novo could help define how far it can go.

While Hims & Hers faces more legal risks after the breakup, some analysts said they don’t expect the fallout to heavily harm the company’s growth. The company is expanding beyond just treating weight loss. Still, Hims & Hers is losing a potential source of revenue.

“Even with all these revenue streams, the bigger concern (rightfully so) is the ability for these revenue streams to fill the expected hole that the end of the NovoCare partnership creates,” Michael Cherny, a senior research analyst at Leerink Partners, said in a note.

NovoCare is the pharmacy people were able to access on the Hims & Hers platform to buy the weight-loss drug.

Last year, Hims & Hers said in a letter to shareholders that the company expects its weight loss offerings will contribute at least $725 million of revenue in 2025 but that treatments outside of that category will make up the majority of its sales. Wegovy is just one weight-loss drug it offers.