WeightWatchers announced on Tuesday that it will offer a compounded version of Novo Nordisk‘s popular weight-loss drug Wegovy as part of its weight-management programs, a move that sent its shares soaring nearly 47%.

The stock marked its highest close in over two months, as Reuters reported. In fact, shares of WW International were up another 55% in premarket trading on Wednesday.

The company’s decision comes amid skyrocketing demand for weight-loss medications like Wegovy and Eli Lilly’s Zepbound, both of which have shown the potential to help patients lose up to 20% of their body weight. Shortages of these drugs have opened the door for drug compounders to step in under U.S. regulations, offering alternatives.

WeightWatchers announced it will partner with a compounding company that adheres to strict Food and Drug Administration (FDA) manufacturing standards. Members will now have access to “clinical weight management interventions” that are paired with the behavioral and lifestyle guidance long associated with the WeightWatchers brand.

“Given the ongoing shortages of branded medications such as Ozempic and Wegovy, WeightWatchers is committed to ensuring our members have access to effective alternatives,” CEO Tara Comonte said in a statement. “With the addition of compounded semaglutide, we are expanding our offering to include a clinical weight management solution that is both accessible and affordable.”

The new offering will start at $129 per month.

Challenges in a Changing Industry

Once a dominant force in the weight-loss industry, WeightWatchers has faced significant challenges in recent years. The success of Wegovy and similar drugs from competitors like Eli Lilly has eroded demand for its traditional dieting services.

The company’s stock, which traded above $100 in 2018, fell below $1 by August 2024, losing more than 85% of its value this year alone. Even after Tuesday’s rally, WeightWatchers shares are still down 85% year to date.

Adding to the company’s troubles was the high-profile exit of Oprah Winfrey, a longtime spokesperson and board member.

Winfrey, who became a symbol of WeightWatchers’ approach to self-control and healthy living, revealed last year that she had been using weight-loss medications. She stepped down from the board in May 2024 and divested her stake in the company. Her departure triggered a 25% drop in WeightWatchers stock in March, underscoring the company’s struggle to adapt to shifting trends in weight management.

Last month, then-CEO Sima Sistani also announced she was leaving the company.