Axios Closer

June 23, 2025
Monday ✅.
Today's newsletter is 607 words, a 2½-minute read.
🔔 The dashboard: The S&P 500 closed up 1.0%.
- 🛢️ While stocks rose, oil prices and U.S. Treasury yields fell following Iran's retaliatory strike on a U.S. military base in Qatar, which is being viewed as a signal for a desire to de-escalate.
🔥 Today's stock spotlight: Tesla (+8.2%). The company launched its long-hyped robotaxi service in Austin, Texas, over the weekend, though it drew mixed reviews.
1 big thing: BNPL to factor in FICO scores
FICO is creating new credit scores that incorporate buy-now-pay-later data — a first for the industry.
- Fair Isaac Corp., which runs FICO, said today that it will launch the two new credit scores this fall.
- They'll be offered side by side with existing versions of the FICO score, allowing lenders to evaluate the new BNPL-enhanced scores along with FICO's existing models.
🛒 The big picture: Over 90 million Americans are expected to use BNPL for purchases this year, according to data from Capital One. And critics say existing credit scores paint an incomplete picture of an individual's ability to pay back loans.
- 🔍 "These [BNPL-enhanced] scores provide lenders with greater visibility into consumers' repayment behaviors, enabling a more comprehensive view of their credit readiness which ultimately improves the lending experience," FICO said today.
The big question: Will the credit profile of borrowers improve or deteriorate after BNPL loans are integrated?
- ☀️ FICO and BNPL provider Affirm released a study in February simulating the credit score impact of BNPL loans. It showed that the majority of consumers with five or more BNPL loans from Affirm would experience "higher scores or no score changes."
- 🌩️ Critics, however, say BNPL leads to potentially harmful "phantom debt." The Fed reported in May that "nearly one-fourth" of BNPL users paid late in 2024, up from 18% in 2023.
2. Novo and Hims break up over Wegovy
Novo Nordisk is pulling the plug on a Wegovy sales partnership with Hims & Hers Health, citing the telehealth platform's promotion of "illegitimate, knockoff versions" that "put patient safety at risk."
- 😡 The partnership termination is just the latest flashpoint between Big Pharma and GLP-1 compounding companies, which make custom-made versions of the drugs for patients, Axios Pro's Katherine Davis writes.
Zoom in: Novo said it is "deeply concerned" about Hims & Hers continuing to sell "knock-off drugs" made with "foreign illicit" ingredients from China.
- 🥊 Hims CEO Andrew Dudum fired back today, accusing Novo of "misleading the public," and claiming that its commercial team "increasingly pressured us to control clinical standards and steer patients to Wegovy regardless of whether it was clinically best for patients."
📉 Market impact: Hims shares plummeted 35% today.
- Novo stock fell 5.5%, though the company had also failed to wow investors with new results for its experimental weight-loss drug, CagriSema.
If you need smart, quick intel on health tech dealmaking for your job, get Axios Pro.
3. Other happenings
🏡 Real estate brokerage Compass sued Zillow, accusing the site of violating antitrust laws by maintaining a monopoly over online listings. Zillow has argued its site makes real estate more transparent. (NYT)
☢️ New York plans to build the first new nuclear power plant in the U.S. in more than 15 years. The New York Power Authority is expected to locate the facility in upstate New York. (WSJ)
🩺 Dozens of health care insurance plans agreed to expedite prior authorizations, which patients need to obtain care. Insurers have been under scrutiny for slow approvals. (Axios)
4. "Elio" disappoints for Disney's Pixar

Disney's Pixar suffered its worst-ever debut at the box office with the $21 million estimated domestic opening weekend for "Elio."
- 🎬 The original film performed "much worse" than Pixar had expected, according to the New York Times, even after expectations had plummeted in recent months.
- The movie — which tells the sci-fi story of a boy who dreams of meeting aliens — "had a bumpy road to the screen," AP reported.
Yes, but: Though it fell short of the next-worst Pixar opening — "Elemental" got $30 million in 2023 — "Elio" fetched good reviews from moviegoers and reviewers.
💭 Nathan's thought bubble: I like meaningful animated films, but the trailer for this one made it look odd.
⌨️ Fun fact: On this day in 1868, American inventor Christopher Latham Sholes patented the typewriter. A few years later, he developed the QWERTY key layout, placing the letters as we know them today to prevent the inked typebars from jamming as they struck the loaded paper.
Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller.
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