Key Takeaways
- Hims & Hers (HIMS) shares climbed nearly 49% across five consecutive trading days, with Monday delivering an 11% single-day increase.
- The FDA revealed plans for a July meeting to potentially lift restrictions on 12 peptide compounds, creating new business opportunities for Hims.
- Health Secretary RFK Jr. publicly endorsed peptide accessibility, while Hims already secured a peptide production facility in California earlier this year.
- A legal settlement between Hims and Novo Nordisk includes an agreement for Hims to offer branded Wegovy products via its telehealth platform.
- First-quarter results arrive May 11, with earnings per share projected to decline 70% from last year amid aggressive infrastructure investments.
The telehealth provider Hims & Hers Health has experienced a remarkable trading week that caught many market watchers off guard. Shares advanced as much as 11% during Monday’s session, marking the peak of a five-day stretch that delivered approximately 49% gains. From its February bottom, the stock has now rocketed more than 125% higher.
Hims & Hers Health, Inc., HIMS
The dramatic price movement stems from two major catalysts: evolving peptide regulations and a commercial partnership with Novo Nordisk.
Health and Human Services Secretary Robert F. Kennedy Jr. disclosed on April 15 that the FDA will convene in July to assess whether 12 specific peptides should be removed from a restricted inventory established in 2023. That regulatory framework had prevented compounding pharmacies from manufacturing particular peptide treatments. Kennedy has been an outspoken advocate for peptide therapies, even revealing on Joe Rogan’s podcast that he personally incorporates them into his health regimen.
Today, we took long-overdue action to restore science, accountability, and the rule of law.
In September 2023, the Biden FDA pushed a number of peptides into Category 2 — “Bulk Drug Substances that Raise Significant Safety Risks” — driving a dangerous black market that puts…
— Secretary Kennedy (@SecKennedy) April 15, 2026
This development carries significant implications for Hims because the company strategically acquired a peptide production facility in California during February 2025. Should the FDA proceed with regulatory relaxation, Hims would possess immediate manufacturing capability to deliver peptide therapies commercially. The organization has already previewed a “longevity specialty” product portfolio scheduled for 2026 launch that incorporates peptides, coenzymes, and GLP-1 treatments.
Resolution with Novo Nordisk
The second catalyst involves the legal settlement between Hims and pharmaceutical giant Novo Nordisk. Their relationship deteriorated significantly in 2025 after an initial collaboration fell apart. Novo filed suit against Hims, alleging the company engaged in deceptive marketing of unauthorized versions of Wegovy, which triggered litigation, FDA enforcement letters, and prolonged public conflict.
The parties reached a resolution in March. Under the agreement, Hims commits to featuring Novo’s official GLP-1 medications — both injectable Wegovy and the oral formulation — prominently on its telehealth platform. Novo withdrew its lawsuit as part of the arrangement.
This partnership provides Hims with a legitimate pathway in the lucrative GLP-1 sector, albeit with narrower profit margins compared to its compounded alternatives. Hims had developed more than 1 million square feet of domestic facility capacity, including sterile injectable production capabilities for weight management products. Combining this infrastructure with authorized Wegovy distribution represents a more sustainable business model than the regulatory uncertainty surrounding its previous operations.
Novo Nordisk also benefits from this arrangement. NVO shares have declined 21% year-to-date, facing pressure from increased competition and pricing challenges. Partnering with a telehealth distributor enables Novo to access patients through more direct channels.
May 11 Earnings Report Will Provide Clarity
The stock’s impressive rally precedes a May 11 earnings announcement, where the financial results will present a mixed picture. Hims projected first-quarter revenue between $600 million and $625 million. However, Wall Street analysts anticipate earnings per share of merely $0.06, representing a steep 70% year-over-year decline.
Capital expenditures surged 138% during the fourth quarter of 2025, while free cash flow reversed to negative $2.57 million compared to positive $59.5 million in the prior-year period. The company continues investing heavily in manufacturing expansion and the pending Eucalyptus acquisition, which generates annual recurring revenue exceeding $450 million.
Full-year 2025 revenue reached $2.35 billion, reflecting 59% growth primarily driven by compounded GLP-1 product sales. Management now forecasts approximately 19% revenue growth for the current year, a more moderate trajectory as higher-margin compounded offerings transition toward the branded Wegovy distribution model.
Hims reported more than 2.5 million active subscribers in its most recent disclosure, generating $83 in monthly revenue per subscriber with subscriber counts expanding 13% year-over-year.
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