22 stories
Hims & Hers built much of its weight-loss business on compounded GLP-1s during the FDA's semaglutide and tirzepatide shortages. Revenue scaled hard through 2024 and early 2025, then ran into the post-shortage rules.
What's happened since: the Outsourcing Facilities Association litigation, the April 30, 2026 FDA proposal to exclude branded GLP-1s from the 503B bulks list, the University of Colorado secret-shopper study showing telehealth peptide programs that kept selling compounded GLP-1s after the shortage cleared, and Hims & Hers' own pivot toward additive formulations and broader peptide therapy programs (sermorelin, peptide stacking). The May 11 Q1 2026 print formalized the strategic pivot: revenue $608.1M (+4% YoY) below the $616.9M consensus, 2.6M subscribers (+9%), and a $92.1M net loss as gross margin compressed from 73% to 65% on the wind-down of compounded semaglutide and the start of branded Novo Nordisk Wegovy/Ozempic supply (live since March 26 — Q1 books closed March 31, so meaningful contribution comes in Q2). Full-year 2026 guidance was raised to $2.8-3.0B revenue and $275-350M Adjusted EBITDA. Analyst price targets diverged sharply after the June 29-30 FDA career-staff PCAC briefing documents concluded all seven peptides have insufficient evidence for 503A eligibility: Truist held at $23 on peptide-optionality risk while Canaccord raised to $40 on the branded-drug pivot, with BofA at $36 and Barclays at $39 (Novo Nordisk partnership).
Stories here cover the compounding strategy, regulatory exposure, and the quarterly numbers. See #hims-and-hers for the alternate spelling and #telehealth for the broader channel.
Amazon One Medical launched a nationwide GLP-1 Management Program offering Wegovy, Zepbound, and Lilly's Foundayo starting at $25/month with insurance, plus $149/month cash-pay for oral drugs and $299/month for injectables. Same-day delivery in nearly 3,000 cities, expanding to 4,500 by year-end. Shares of Eli Lilly, Novo Nordisk, and Hims & Hers fell on the news.
CNBC analysis frames Hims & Hers Health as the biggest direct-to-consumer beneficiary of the FDA's July PCAC meeting. Hims acquired a California peptide manufacturing facility in 2025 and can convert its GLP-1 compounding infrastructure to peptide production. The stock closed up 11.07% on April 16 after the FDA announcement; Bank of America raised its price target from $21 to $25, citing the platform's conversion potential.
Hims & Hers Health Inc. jumped as much as 12% after the FDA's advisory panel announcement, with investors betting the telehealth company will benefit from expanded legal access to compounded peptide therapies. RFK Jr. stated on X that this action would 'immediately begin shifting demand away from the black market.'
The FDA is intensifying enforcement against compounding pharmacies selling unapproved GLP-1 products, threatening seizure and injunction. Hims & Hers was specifically named following the February 2026 TrumpRx launch.