Together with E. C. Kendall and P. S. Hench , he was awarded the Nobel Prize in Physiology or Medicine in 1950 for their discovery of cortisone . Together with E. C. Kendall and P. S. Hench , he was awarded the Nobel Prize in Physiology or Medicine in 1950 for their work on hormones of the adrenal cortex which culminated in the isolation of cortisone .