Hims & Hers Health’s stock booked record losses Monday after Novo Nordisk, maker of the weight-loss drug Wegovy, said it was ending a collaboration with the telehealth company less than two months after it started.

Novo Nordisk ends Wegovy deal with Hims over legal issues, sending the stock tumbling. What happens next? Here's a look.

Key Takeaways Hims & Hers shares plunged 33% in intraday trading Monday after Novo Nordisk said it is pulling Wegovy from the platform, citing "illegal" and "deceptive" practices.The Danish drugmaker said Hims & Hers has continued to sell illicit compounded versions of its drug that it says may not be as safe.