Merlintrader Hims & Hers Deep Dive: "After the GLP-1 Reset, the Novo Pivot, and the New Peptide Optionality"
An investor-facing April 2026 deep dive analyzes Hims & Hers' transformation from compounded GLP-1 distributor to dual-supplier branded telehealth platform after the Novo Nordisk settlement (March 9, 2026), the Eli Lilly partnership expansion (April 23), and the FDA Category 2 peptide reclassification. The piece argues the California peptide manufacturing facility acquired in 2025 — originally for compounded GLP-1s — could pivot to producing reclassified peptides like BPC-157, TB-500, and KPV if July's PCAC clears the path.