Mangoceuticals stock tumbles after Novo Nordisk, Lilly deny partnership claims

Investing.com -- Mangoceuticals Inc (NASDAQ:MGRX) stock plunged 17% Thursday after pharmaceutical giants Novo Nordisk (NYSE:NVO) and Eli Lilly (NYSE:LLY) denied having partnerships with the telehealth company regarding weight-loss drugs.

The sharp decline came after both drugmakers rejected claims made by Mangoceuticals in a press release issued Thursday that suggested the company had special arrangements with the two leading manufacturers of popular obesity medications.

Spokespeople from both Novo Nordisk and Eli Lilly confirmed in emails that no such partnerships exist with Mangoceuticals. The telehealth company had apparently issued statements describing arrangements with the pharmaceutical companies, which both firms have now explicitly denied.

The denial from two of the world’s largest pharmaceutical companies, which produce the highly sought-after GLP-1 weight loss medications, dealt a significant blow to Mangoceuticals’ market value. Novo Nordisk manufactures Ozempic and Wegovy, while Eli Lilly produces Mounjaro and Zepbound, medications that have seen surging demand in the weight management market.

Mangoceuticals operates primarily as a telehealth platform focused on men’s health products.

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