Hims House

Thanks to our partner:Superpower - https://superpower.comSubscribe to Hims House:https://himshouse.comBrian's excellent essay on Hims:https://thepsychoanalyst.substack.com/p/protect-this-hims-houseFollow us:https://x.com/himshousehttps://x.com/jonathanrsternhttps://x.com/therealbirnbaumIn episode 66 of Hims House, Jonathan Stern hosts Brian Birnbaum, “The Psycho Analyst,” for a post-earnings breakdown of Hims & Hers’ Q1. They unpack the transition to branded GLP-1s, the $608M in revenue (and y/y U.S. revenue decline), lower gross margins, subscriber net new adds, and why guidance matters more than the headline numbers. Brian argues Hims is still a venture-style bet, as they discuss all of the factors that will shape the next phase. They also discuss Ro’s momentum, peptides, Hims as an AI doctor / healthcare "operating system", wearables, insider selling, and valuation. The episode closes with Brian’s broader market outlook and why he remains bullish despite volatility, short pressure, and execution risk. 00:56 - Meet Brian Birnbaum01:51 - Why “The Psycho Analyst”03:03 - Market psychology and Hims04:38 - Q1 numbers that actually matter07:07 - Bullish revenue guidance07:56 - Gross margins10:17 - Testosterone and Wegovy scale13:26 - Branded GLPs14:30 - Subscribers, churn, and Q2 guidance19:02 - Novo lawsuit aftermath21:41 - Volatility and conviction23:53 - Why Brian trusts Andrew25:25 - International risk and Ro pressure28:22 - Ro’s domestic momentum31:08 - Is Ro preparing to IPO?32:14 - Peptides34:39 - Why best beats first36:34 - Speed40:40 - The AI doctor thesis41:19 - Wearables 46:59 - Insider selling50:30 - Valuing a venture-stage public company52:35 - Broader market outlook58:33 - Final takeawaysDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.$HIMS #hims #peptides #glp1 #retatrutide #tirzepatide #semaglutide

In episode 65 of Hims House, Jonathan Stern talks with Mansi Hukmani, founder of Chief Longevity Officer, about how peptide culture moved from biohacker circles into the next big frontier for telehealth. Mansi explains how New York, San Francisco, London, and Dubai each approach longevity culture differently, and why distrust in traditional healthcare has helped peptides feel more like a movement than a product category. They discuss her own experience with retatrutide, the coming FDA regulatory milestones, and why reclassification could unleash a wave of clinics, compounders, and telehealth players. The conversation then turns to the real bottleneck: supply chain control, especially China’s dominance in protected amino acids and peptide synthesis. Mansi argues the winners may not be first to market, but first to secure manufacturing, data, and trust at scale. 02:09 - The #1 peptide substacker03:45 - Inside peptide culture06:30 - NAD+ shots and different form factors08:20 - Peptide culture across cities10:54 - Dubai’s longevity gold rush12:21 - Why peptides feel a little like crypto16:41 - Mansi’s peptide experiments19:50 - FDA timeline for peptide reclassification24:46 - Why supply chain wins26:11 - The synthesis bottleneck28:15 - China’s scale advantage30:29 - Why Hims bought CS Bio31:39 - State laws33:57 - Who wins the peptide rush36:51 - Pricing power, tariffs, and trust41:53 - Why gray markets persist45:01 - Peptides with real LTV47:51 - The Flatiron Health for peptides Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

In Hims House episode 64, Jonathan Stern hosts Max Martin & Christian Angermayer, co-founders of Enhanced, ahead of their inaugural May 24 Las Vegas games featuring track, swimming, weightlifting, and a deadlift showdown between Thor Björnsson and Mitchell Hooper. They argue that banning PEDs drives unsafe, hidden use and that openly allowing FDA-approved substances under medical supervision, paired with an IRB-approved clinical study of about 40 athletes at a top Abu Dhabi longevity hospital, is both safer and more honest. Enhanced is also building a consumer health and longevity brand selling supplements (Longer+ and Stronger+), hormone therapy, compounded GLP-1s, and approved peptides, with plans to launch more peptides immediately once the FDA reclassifies them in July. Angermayer also discusses his family office Apeiron, his psychedelics company atai Life Sciences, and the recent White House endorsement of psychedelic therapeutics. The company is going public via SPAC in early-to-mid May at a $1.2B valuation under the ticker ENHA, with founders arguing now is the right time to bring fans along as shareholders.02:40 - The case for allowing PEDs in sports06:19 - Prize money and equal pay10:40 - Humans vs robots? 🤯15:32 - Inside the Abu Dhabi clinical trial20:07 - Why Abu Dhabi24:04 - Launching the consumer health line29:40 - Peptides ready to go32:32 - Sizing the peptide market35:42 - The shift to preventative medicine39:56 - Double digit peptide adoption forecast43:21 - Apeiron and the next human agenda47:53 - Psychedelics x White House boost51:50 - Going public to include fans55:24 - Telehealth megacycle just starting58:15 - Sports as customer acquisition engine01:08:17 - Enhanced’s Longer+ formulation01:10:57 - Biohacking roots and wrap up Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

In this episode of Hims House, Jonathan Stern welcomes back six-time #1 ranked healthcare analyst David Maris to unpack everything that's happened at Hims since last July. They walk through the wild GLP-1 timeline -- the compounded semaglutide pill launch, Novo's lawsuit, FDA/DOJ referral, and surprise Novo partnership -- debating margins, the missing Lilly deal, and what the MEDVi scandal means for the broader compounding market. Maris shares mixed feelings on peptides ahead of the July FDA meeting, and makes the case that TRT and especially sleep are billion-dollar opportunities analysts are ignoring. He also critiques Hims' voting structure and insider selling, weighs in on the stubborn 34% short interest, and closes by revealing he's long Hims as of April 17, 2026, despite worries about what Q1 data is signaling.02:56 - Compounded semaglutide pill saga05:49 - The "steelman" for why Hims launched the pill07:29 - Novo deal economics14:29 - MEDVi scandal and wild west of GLP-1s18:19 - Peptides going mainstream25:57 - July FDA meeting 31:27 - TRT = billion-dollar opportunity35:31 - Sleep Sleep Sleep Sleep37:26 - Friction in getting diagnosed38:04 - The CPAP supply chain problem39:17 - How Hims could revolutionize sleep43:04 - Eucalyptus and going global46:16 - Cruise engineers (wtf are they building?!)50:25 - Short interest still out of control55:05 - Voting control and insider selling59:46 - Valuation and Q1 warning signs01:03:48 - Should Hims buy a teletherapy?01:07:12 - Why Maris is long Hims 🔥Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

In this episode of Hims House, Jonathan Stern sits down with Jonah Lupton, founder and CIO of FirstWave Capital and one of the largest Hims shareholders to appear on the show, to break down his bull case around peptides. Lupton argues peptides, GLPs, and testosterone make up roughly 80% of his Hims thesis, with AI as the remaining upside. They dig into the FDA's July 23-24 advisory meeting, what reclassification could mean for the gray market, and why a Lilly partnership could be bigger than Novo. Lupton also shares his personal stack, BPC-157, TB-500, NAD+, TRT, and microdosed GLPs, plus the roughly $1,500 - $2,000 a month he spends on all of it. He closes with a long-term model projecting Hims at $15B in revenue by 2035, and flags Bachem as one of the few other public ways to play peptides.02:34 - How Jonah got into peptides03:39 - Current Hims position05:04 - Original Hims thesis in the teens09:12 - FDA peptide timeline & July meeting15:03 - Peptides are "80% of the thesis"18:37 - Jonah's personal peptide stack26:00 - Spending $30K a year on peptides28:47 - Black market and WhatsApp China30:25 - Gray market and the COA problem31:05 - Why Hims wins on legitimacy32:36 - Best, not first32:54 - Frustration with Hims transparency35:28 - Speed vs the Apple approach37:45 - Surviving the Novo scare42:46 - Branded vs compounded future44:41 - Why Lilly matters more than Novo50:18 - Valuation and the 2035 model57:04 - Wrap up and other peptide playsDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Noom CEO Geoff Cook returns to Hims House to discuss the company's acquisition of Tailor Made Compounding, a 503A pharmacy in 46 states, and what it signals about Noom's expansion beyond weight loss into healthy aging. Cook explains why vertical integration matters now, from supply chain control to faster R&D on peptides, as 14 peptides may soon return to being legal to compound. He shares his outlook on compounded GLP-1 regulation, branded oral offerings like the Wegovy pill, and why DTC-pharma partnerships are set to accelerate. The conversation digs into peptide market sizing, competition dynamics, and Noom's plan to expand at-home biomarker testing past 30 markers. Cook also makes the case for Noom's moat in engagement and behavior change and shares his personal BPC-157 recovery story. 00:00 - Why pharma needs DTC platforms01:12 - Sponsor: Mochi Health03:03 - Noom's 90% revenue growth05:01 - Why Noom bought Tailor Made Pharmacy (503A)07:29 - The case for vertical integration08:56 - Compounded GLP-1s aren't going anywhere16:48 - The Hims-Novo deal19:08 - Noom's pitch to next-gen pharma24:24 - Peptide market sizing25:33 - Why GLP-1 users will buy peptides first27:22 - Ten million potential peptide patients 👀30:09 - When will legalization happen? 31:09 - Tracking the FDA green list34:26 - Who wins when peptides go legal?37:58 - Why Noom won't rush peptide launch39:33 - Geoff's BPC-157 ski injury recovery46:42 - Expanding at-home labs past 30 biomarkers52:47 - Noom IPO coming?!Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

In Hims House episode 60, Sam Koppelman (co-founder of Hunterbrook Media) joins Jonathan Stern to break down the renewed Hims x Novo Nordisk partnership that sent Hims' stock soaring. Koppelman argues CEO Andrew Dudum "wiped the floor" with Novo, essentially conceding nothing beyond dropping compounded GLP-1 ads. They dig into why Novo folded, how FDA enforcement under Marty Makary has been softer than expected, and whether compounded GLP-1s will survive 2026. The conversation also turns to peptides as Hims' next major growth lever, powered by its own manufacturing facility and coming regulatory changes under RFK. Koppelman also discusses Hims vs Ro, and discloses that Hunterbrook Capital is currently long $HIMS.00:00 - Sponsor: Mochi Health02:39 - Hims x Novo are back!07:40 - Why Dudum "wiped the floor" with Novo11:38 - The semaglutide pill controversy13:48 - Branded vs compounded GLP-1s 16:32 - Eli Lilly next?17:36 - FDA enforcement since Makary21:31 - Why peptides could be HUGE30:57 - Hims subscriber growth and outlook33:18 - Ro vs Hims35:45 - Hunterbrook’s current Hims position 👀Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partner, Mochi Health! https://JoinMochi.comSubscribe to Hims House:https://himshouse.com/subscribeFollow us:https://x.com/himshousehttps://x.com/jonathanrsternhttps://x.com/Raul_DSFJoin the Discord:https://discord.gg/tJqGgVhkEtIn this emergency episode of Hims House, Jonathan Stern is joined by Raul Shah, founder and CEO of DocShah Financial and a longtime HIMS shareholder, to unpack the new HIMS–Novo Nordisk partnership. They break down the deal terms, why Raul thinks it removes the biggest legal and regulatory overhangs and restores the platform thesis, and what both sides get out of it. From there they stress-test every major bear case, discuss margin impacts, future pharma partnerships, buybacks vs. dilution, the peptides opportunity, and long-term valuation math.00:00 - Sponsor: Mochi Health01:14 - Background on DocShah Financial04:12 - The Friday night Bloomberg rumor05:49 - Breaking down the actual deal terms07:48 - Why does this deal make sense for both sides?10:00 - Who won the deal?14:15 - Will the deal actually hold this time?16:50 - Margin impact and platform upside18:41 - Could Lilly or other pharma deals follow?21:47 - The remaining bear theses 23:45 - "Hims is too dependent on GLP-1s"25:30 - "The core business is dead"27:31 - "International expansion won't work"30:46 - "Subscriber growth slowing, CAC rising" 31:33 - Lifetime value vs. customer acquisition cost34:04 - Why did Raul hold through the 2025 drawdown37:22 - Buybacks and capital allocation40:18 - Peptides 42:57 - 2026 priorities44:04 - Does Hims actually have a moat?49:12 - Revenue targets and valuation55:57 - Peptides as a re-rating catalystDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

In this episode of Hims House, Jonathan Stern sits down with Mark Mulhern (Manu Invests) to break down HIMS’ Q4 and full-year results: $2.35B in 2025 revenue, 59% Q4 growth, and $318M EBITDA—alongside subscriber growth that has slowed to ~flat sequentially. They unpack 2026 guidance of $2.7-$2.8B (excluding the pending Eucalyptus deal) and why total 2026 revenue could still land around ~$3B once Eucalyptus is included. The core debate is around what management didn’t address: the Novo Nordisk patent lawsuit, FDA/DOJ probes, an SEC investigation disclosed in the 10-K, plus the compounded semaglutide pill launch-and-pullback that triggered chaos. They also dig into competitive pressure (Ro and pharma price cuts), the pivot to international + labs as growth levers, the unanswered AI/ML product roadmap, and whether peptides are the next “GLP-1 moment” or just hype.00:00 Sponsor: Mochi Health 01:57 Q4 2025 earnings recap 05:22 2026 guidance & Eucalyptus impact09:34 Unanswered issues: Novo, FDA/DOJ, SEC14:06 Semaglutide pill chaos 19:49 International expansion23:38 U.S. core slowdown24:50 Why Mark still holds HIMS 27:44 Labs: acquisition and flywheel 31:14 Execution on new launches 34:55 Peptides 38:58 What is Hims’ new AI team building?! 41:30 Ranking risks: Novo vs. FDA vs. DOJ vs. SEC44:00 Hims x Lilly? 47:44 Sentiment drag54:48 Valuation and stock price 57:36 2026 predictions Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

In Hims House episode 57, former quant Annanay Kapila (ex–Tower Research, Cambridge math) breaks down how high-frequency trading actually works and why retail investors shouldn't try to beat HFT firms at their own game. He breaks down QFEX, his new 24/7 exchange built with crypto-style efficiency for traditional markets, and the core case for nonstop trading. The conversation then turns to Hims' extraordinary short interest — roughly 76 million shares, around 44% of float — with Annanay pointing out that theoretically much of it *could* stem from long/short hedge fund mandates, risk-model offsets, and institutional groupthink rather than fundamental bets against the business. They also unpack what large disclosed stakes from firms like Jane Street and JP Morgan actually signal. The episode closes on Annanay’s essay “Prediction Market Paradox” - a dimmer view on prediction markets. 00:00 Sponsor: Mochi Health02:10 High-frequency trading 03:59 Background of a quant 12:47 Why Annanay left Tower to build QFEX 15:28 The case for 24/7 trading18:56 Does HFT “rig” the market?25:45 Why Is Hims so heavily shorted?34:25 How to read short disclosures correctly 37:14 What might trigger shorts to cover?40:15 Hims down 17 out of 18 weeks 🤯41:41 Convertible notes and the anti-squeeze 45:52 What a Jane Street stake really means52:11 Prediction markets Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

In Episode 56 of Hims House, Jonathan Stern sits down with Myra Ahmad, founder and CEO of Mochi Health, to unpack where GLP-1s are headed - and how Mochi is building a broader telehealth marketplace around metabolic care. Myra explains Mochi’s pharmacy “marketplace” model and how she thinks about staying compliant with compounded GLP-1 pills amid increasing FDA scrutiny. They discuss oral vs. injectable GLP-1s, why pills may be an on-ramp but not a long-term winner for most patients, and what the Hims GLP-1 pill episode signals about enforcement and risk. Myra also outlines Mochi’s expansion beyond weight loss, including longevity and labs, and where AI can (and can’t) meaningfully replace humans in healthcare. The conversation closes with predictions on the next wave of GLP-1s.00:00 - Sponsor: Mochi Health 01:56 - Mochi's compounded semaglutide pill 04:27 - Oral vs. injectable GLP-1s11:25 - $HIMS GLP-1 pill blowback17:19 - FDA enforcement risk and what could change22:27 - Patents, “personalization,” and where compounders may get exposed24:05 - Mochi's growth story24:47 - Retatrutide31:32 - Why the U.S. could resemble Canada's system34:09 - AI in healthcare37:40 - Labs, GRAIL, and prevention41:01 - The next era of GLP-1sDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partner, Mochi Health! https://JoinMochi.comIn this episode of Hims House, Jonathan Stern is joined by patent attorney Gaston Kroub to break down Novo Nordisk’s Delaware lawsuit accusing Hims of infringing the semaglutide “343” patent (U.S. Patent No. 8,129,343). They discuss what Novo is actually asking the court for (a reasonable royalty, damages, and a permanent injunction), what Novo has to prove, and what levers Hims has to fight back. Gaston explains why Novo didn’t seek a preliminary injunction at filing, why that may be intentional, and how venue, jury dynamics, and Delaware court congestion may shape the case timeline. They also get into the downside scenarios for Hims, possible defenses and mitigation strategies (invalidity, damages limitations, indemnification), and how parallel FDA and DOJ pressure could influence the broader future of compounded GLP-1s.02:25 The lawsuit and what Novo is seeking: royalties, damages, injunction07:41 Why no preliminary injunction filed12:31 Why did Novo file now vs. 8-9 months ago? 24:04 Why did Novo file in Delaware? 29:21 Likely timelines, chances of settlement or dismissal 33:20 Worst-case scenarios 36:48 Indemnification and supplier liability? 45:01 FDA & DOJ pressure on compounded GLP-1s49:46 How Hims miscalculated the oral launch55:00 What to watch next Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Thanks to our partner, Mochi Health! https://JoinMochi.comSubscribe to Hims House:https://himshouse.com/subscribeFollow us:https://x.com/himshousehttps://x.com/jonathanrsternhttps://x.com/maxmarchioneJoin the Discord:https://discord.gg/tJqGgVhkEtIn this episode of Hims House, Jonathan Stern sits down with Max Marchione (Founder/CEO of Superpower) to break down what Hims' “rich people live longer” Super Bowl ad signals about the company’s ambitions beyond GLP-1s. They debate the path from DTC e-commerce to a true health platform -- membership, verticalized manufacturing, and “Pharma 2.0” wellness therapeutics -- then widen to the peptide boom, gray-market demand, and the “health super app” race. They close on labs pricing dynamics, AI hiring, and what could re-rate Hims’ valuation.00:00 – Sponsor: Mochi Health01:58 – Why Hims' Super Bowl ad works03:52 – Membership + manufacturing + pharma 2.006:33 – Superpower's approach10:19 – The peptide market explosion + retatrutide16:13 – Health "super-app" race: Hims, Whoop, Oura, Superpower19:50 – Deep dive into peptides and regulatory outlook27:50 – Superpower's product roadmap28:39 – Pharma 2.0 and consumer-driven wellness30:25 – Labs pricing strategies and market dynamics36:51 – AI and engineering: what is Hims building?! 42:25 – Hims valuation: 10x (or even 100x) potential 🤯47:27 – Future of GLP-1s  Not financial, legal, or medical advice

EMERGENCY EPISODE!!! Hims has launched a compounded oral semaglutide (GLP-1) pill, immediately triggering legal threats from Novo Nordisk. Jonathan Stern is joined by Cremieux, a bioinformatician and leading GLP-1 researcher, to break down what Hims actually released and why the drug-delivery mechanism matters. The conversation examines liposomal delivery vs. Novo’s proprietary SNAC technology, whether Hims’ product will work at all, and whether Novo will sue / how things might shake out if they do. The episode closes with a look at unit economics, next-gen GLP-1s, and what this gambit means for Hims, Novo, and the broader obesity drug market.00:00 Sponsor: Mochi Health02:24 Initial reaction to the news03:56 Science deep dive: liposomal delivery vs. SNAC06:02 Legal implications and possible lawsuit18:38 Future of the GLP-1 market (retatrutide, Viking, orforglipron)25:03 Final risk assessment and conclusionsNot financial, legal, or medical advice

Thanks to our partner, Mochi Health! https://JoinMochi.comIn this episode of Hims House, Jonathan Stern sits down with Sabina Hemmi (founder of GLP Winner), for the most comprehensive episode on GLP-1s that Hims House has done. They cover the compounding wars -- federal legislation, state-level crackdowns, and the lawsuits -- before diving into why tirzepatide dominates patient demand and what might be holding Hims back from offering it. The discussion spans oral GLP-1s, microdosing trends, and concludes with Sabina's skeptical take on peptides. 00:00 - Sponsor: Mochi Health02:59 - Video games → GLP-1s04:56 - GLP Winner Overview10:28 - Who does Hims actually compete with? 16:43 - Hims x Novo Relationship23:17 - Why tirzepatide is superior29:30 - The SAFE Drugs Act32:23 - State Bills: Indiana, Florida, Virginia40:43 - Adverse events43:09 - GLP-1 pill vs. injectables50:57 - Over-the-Counter GLP-1 coming soon? 52:55 - Peptides Not financial, legal, or medical adviceSubscribe to Hims House:https://himshouse.com/subscribeFollow Sabina:Tiktok: https://www.tiktok.com/@lawliepop Instagram: https://www.instagram.com/lawliepops Youtube: https://www.youtube.com/@lawliepop X/Twitter: https://x.com/lawliepop Substack: https://substack.com/@lawliepopLinkedin: https://www.linkedin.com/in/sabina-hemmiFollow us:https://x.com/himshousehttps://x.com/jonathanrsternJoin the Discord:https://discord.gg/tJqGgVhkEt

In episode 51 of Hims House, Bayside returns to the podcast to for year-end recap + 2026 predictions. The conversation covers Hims & Hers’ eventful 2025—international expansion, acquisitions, new product categories, partnerships and breakups—before pivoting to what investors should watch for in 2026. Bayside, who shifted to a more cautious stance mid-2025, explains his current thinking on valuation, growth rates, and the catalysts that could change the narrative. The episode closes with bold predictions about tirzepatide, a potential Super Bowl ad, and where the stock might trade heading into earnings.00:00 - Welcome back to Bayside01:10 - 2025 Recap: Labs, testosterone, menopause, international, acquisitions (Livewell, YourBio), $250M buyback, Deb Autor as Chief Policy Officer03:21 - Revenue concerns08:45 - Valuation framework11:30 - Is compounding still at risk?16:51 - The competitive landscape20:22 - Super Bowl Ad Speculation24:15 - Tirzepatide?!29:32 - Peptides Opportunity32:13 - Novo partnership “active talks”38:13 - 2026 predictions45:30 - Wearables?50:10 - Celebrity partnership gap Get full access to Hims House at himshouse.substack.com/subscribe

Shalin Shah is the founder & CEO of Marius Pharmaceuticals, the company that partnered with $HIMS to launch oral testosterone (KYZATREX). We discuss how the partnership came about, the benefits of teaming up with $HIMS, and the future of TRT.(00:41) Origin of the partnership(02:55) Benefits of partnering with $HIMS(04:14) Deal shape and exclusivity(06:51) How KYZATREX will sit alongside compounded meds on the $HIMS platform(09:22) Will KYZATREX be personalized? (16:07) TRT as a schedule 3 substance(21:39) Gearing up for 2026 launch of KYZATREX(22:40) Future of TRT market(27:29) Peptides(29:44) Testosterone for females Get full access to Hims House at himshouse.substack.com/subscribe

In episode 49 of Hims House, Jonathan Stern and Patrick Lester (Bayside) host Mark Mikhael and Joshua Fritzler from Olympia Pharmacy. Mark (CEO of Olympia), and Josh (CFO) discuss the evolution of their Orlando-based compounding pharmacy -- around GLP-1s and beyond. They dive into regulatory uncertainties, the impact of ongoing MFN negotiations involving Big Pharma, the role of compounded GLP-1s, and the burgeoning field of peptides. The conversation also touches on the concept of longevity through peptides and diagnostic testing, the broader implications of their work, and the role of Hims & Hers in the compounding industry.(00:48) Olympia Pharmacy(04:03) GLP-1s(10:10) MFN negotiations(20:45) Self-injection(24:20) MAHA PAC appointment and goals(31:43) Peptides peptides peptides(42:32) Longevity & diagnostic testing(45:56) Hims industry impact Get full access to Hims House at himshouse.substack.com/subscribe

In episode 48 of Hims House, Jonathan Stern and Patrick Lester (Bayside) are joined by Saad Alam, founder & CEO of Hone Health. The discussion dives into Saad’s personal health journey and the founding of Hone Health during the pandemic. Saad discusses the company’s focus on hormonal health, weight loss, thyroid medications, and new longevity medications. Saad shares insights into diagnostics, the future of primary care, implications of the Meta ad privacy policy changes and FDA advertising crackdown, and the future of the telehealth industry.00:43 Saad’s personal health journey02:34 Hone’s products, revenue, competitors04:29 Enclomiphene vs. clomiphene09:07 Testosterone market and demographics14:10 What longevity means19:25 Lab testing and biomarkers22:09 Why Hone hasn’t offered GLP-1s 25:14 “Everyone has a Chinese peptide dealer now”33:53 Which peptides should Hims start with35:38 Meta ads and the FDA crackdown on ads40:43 Is primary care in trouble?47:52 Why Saad is bullish on Hims Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 47 of Hims House, Jonathan Stern and Patrick “Bayside” Lester talk to Lee Rosebush, chair of the Outsourcing Facilities Association (OFA), about what’s really going on with GLP-1 medications and peptide compounding. We the FDA warning letters over drug ads, what the new FDA “Green List” means for the future of compounding, and whether the DDC list (which could restrict what’s “too hard” to compound) or MFN drug-pricing might change the rules. We also touch on the MAHA PAC, recent patent challenges to sema and tirz, and what all this could mean for patient access in the near future.Note: Conversation includes legal/policy and financial analysis; none of it is legal or financial advice.(00:46) Lee’s Twitter comeback(02:09) FDA’s warning letters to drug advertisers(12:41) Lee on the Lilly vs. Willow/Mochi lawsuits(20:45) GLP-1 patents(25:12) FDA “Green List”(28:51) Is a compounded GLP-1 crackdown on the way?(32:11) The DDC List(36:48) MFN price negotiations(44:15) MAHA PAC(46:09) RFK on peptides and “patient access”(50:35) Thoughts on Hims Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 46 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with Rob Leclerc, founder of AgFunder and one of TIME Magazine’s Top 100 VCs. Rob explains why he believes Hims is a category-defining company -- comparing it to Nvidia in 2016 -- and weighs in on the company’s high-profile engineering/AI hires from Cruise. The discussion covers Rob’s own experience as a Hims customer, Hims’ push into AI and tech leadership, the ZAVA acquisition and global expansion, and emerging frontiers like testosterone, diagnostics, and wearables. They also dig into public-market pressures, regulatory challenges, and how Hims might stack new S-curves to fuel growth over the next decade.00:00 Intro01:15 Rob’s background + AgFunder02:21 Why Hims?03:37 Rob as a Hims customer06:55 Ex-Cruise tech leadership11:04 AI, robotics & safety mindset16:46 Is AI a bubble?21:41 Core growth slowdown27:45 Acquisition of ZAVA: how to evaluate28:56 The $1B raise31:17 Diagnostics, wearables, & home testing35:12 Emerging healthcare trends39:10 Regulation and patents44:37 Public markets50:27 Valuation Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 45 of Hims House, hosts Jonathan Stern and Patrick Lester (aka Bayside) welcome Scott Brunner, CEO of the Alliance for Pharmacy Compounding, for a conversation on the future of compounding. They cover the surge in GLP-1 demand, lawsuits involving Eli Lilly and Novo Nordisk, FDA policies, and the regulatory pressures shaping 503A and 503B pharmacies. Brunner also unpacks the challenges around the demonstrably difficult to compound list, compounded hormone therapy, and peptides, while sharing insights into congressional actions and the MAHA movement’s role in protecting patient access to compounded medications.00:00 - Introduction01:02 - The Role of the Alliance for Pharmacy Compounding01:51 - 503Bs Ramping Production? Rumors vs Realities07:55 - Lawsuits Involving Eli Lilly and Novo Nordisk11:58 - Patents15:51 - Policy Negotiations and the MFN Debate25:06 - Lawmaker Letter to FDA28:04 - What’s in the APC Blueprint28:51 - The 5% Rule and MOU Requirements33:42 - The Demonstrably Difficult to Compound List41:00 - Compounded Hormone Therapy43:21 - Peptides Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 44 of Hims House, hosts Jonathan Stern and Patrick Lester (Bayside) sit down with Geoff Cook, CEO of Noom. Noom is one of Hims' competitors and is best known for its behavioral health platform and recent expansion into GLP-1 microdosing and hormone replacement therapy. Geoff discusses Noom’s evolution, the shift in revenue from behavioral programs to medicated plans, and the company’s vision for democratizing longevity medicine. The conversation covers the business of GLP-1s, regulatory and legal challenges, the impact of tariffs and partnerships, and the future of personalized healthcare. The episode closes with predictions for the next decade in health tech and reflections on human flourishing.Link to the article about the "high-priced drug list": https://www.mmm-online.com/news/noom-wsj-ad-policy-changes-compounded-glp-100:00 - Introduction01:11 - Noom’s background and evolution05:17 - Noom's revenue breakdown: behavioral vs. medicated programs07:22 - Launch of GLP-1 microdosing17:44 - Geoff’s personal experience with microdosing21:12 - Policy and regulatory landscape for GLP-1s24:19 - Compounding, MFN pricing, and drug shortages28:38 - Noom's WSJ ad for high-priced drug list31:36 - Supply chain and tariffs on APIs34:10 - Partnerships with pharma (Lilly, Novo)37:11 - Legal risks and the future of healthcare “front doors”40:36 - Hims' core business slowdown: competition and ad policy45:21 - Noom’s strategy for growth... free tier?46:06 - Looking ahead: AI, peptides, and the future of health tech53:52 - Reflections on human flourishing Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 43 of Hims House, hosts Jonathan Stern and Patrick Lester (Bayside) sit down with Dr. William Seeds, a board-certified orthopedic surgeon and pioneer in peptide therapy. Dr. Seeds shares how a personal tragedy led him to explore the power of peptides and why he believes they will redefine the future of medicine. The conversation covers the fundamentals of peptides, why they are often called "magical" drugs, and the skepticism they sometimes face. The trio also explores why the U.S. lags behind Europe and Asia in adoption, and the historical influence of Big Pharma. The episode closes with Dr. Seeds sharing predictions on how Hims could legally enter the peptide market, what products they may launch first, and how the field will evolve over the next decade.00:00 - Introduction01:31 - Dr. Seeds’ personal journey into peptides05:28 - Peptides 10113:44 - Legal & Regulatory Barriers17:00 - Response to Eric Topol's recent article25:29 - The U.S. legal landscape35:56 - Potential FDA crackdown bad actors36:29 - Risks facing physicians and vendors37:19 - What’s next in peptide policy38:43 - Patents40:51 - How Big Pharma shapes regulation44:37 - Peptide adoption worldwide47:06 - How will Hims enter the market?56:45 - The two, five and ten-year outlook01:02:55 - Final takeaways Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 42 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with Shaun Noorian, founder & CEO of Empower Pharmacy, the world’s largest compounding pharmacy. We dig into why rumors about 503Bs “ramping up GLP-1s” may be misleading, how Empower is challenging Eli Lilly on tirzepatide patents, and the broader fight over compounding. We also how Trump’s new administration - RFK Jr. at HHS, and Marty Makary at FDA - could reshape the industry. We close with the MFN pricing backdrop under the new administration. All along the way, Noorian makes the case that compounding is not a loophole but a critical, highly regulated part of healthcare, and looks ahead to its future in hormone therapy, peptides, longevity medicine, and sleep health.00:00 – Intro00:52 – Empower’s mission: personalized medicine at scale03:07 – GLP-1 rumors: are 503Bs ramping? What’s actually legal09:21 – 503A vs. 503B compliance19:14 – The Eli Lilly v. Empower lawsuit27:04 – MFN pricing, EO chatter & compounding33:11 – Hims’ impact on the industry: awareness, lobbying & demand37:15 – HRT, peptides, longevity39:59 – Sermorelin explained41:32 – Bad actors vs. legitimate compounders43:08 – Odds: percent chance of FDA action against compounders Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern and Patrick Lester (“Bayside”) sit down with Peter Pitts, president of the Center for Medicine in the Public Interest (CMPI) and former FDA Associate Commissioner. Pitts recently authored a paper arguing that the FDA has failed to enforce existing limits on GLP-1 compounding, creating major public-health risks. They explore how CMPI operates and who funds it (big pharma), whether compounders are breaking the law or simply skirting its intent, and why the FDA’s resource constraints may explain its lack of action. The discussion digs into the dangers of unregulated foreign API supply chains, Pitts’ critique of “phony personalization” schemes, and how aggressive advertising complicates oversight. They also look at the enforcement tools available—from the 5% rule to “too difficult to compound” lists—and debate whether we’ll see targeted crackdowns or blanket bans.00:00 – Intro01:14 – Background on Pitts & CMPI03:08 – Initial Views on Hims05:43 – Are Compounders Breaking the Law or Just the Spirit of the Law?10:58 – FDA Enforcement Gaps & Compounding Loopholes18:33 – Unregulated Foreign API and Supply Chain Risks23:53 – “Phony Personalization Schemes”25:05 – Should Dosing Be Individualized?25:30 – FDA’s Role in Dosing Oversight26:11 – Why Pitts Thinks "Personalization" Claims Fall Short32:11 – Where GLP-1 Regulation May Be Headed35:11 – Odds that the FDA and/or Congress Will Crack Down Get full access to Hims House at himshouse.substack.com/subscribe

In episode 40 of Hims House, Jonathan and Patrick Lester (Bayside) dive into HIMS' Q2 2025 earnings — the company’s first-ever miss vs. Wall Street expectations. They discuss slowing subscriber growth, flat core business performance, the GLP-1 revenue pullback, and the broader implications for future growth. They also debate whether this was simply a “transition quarter” or a warning sign, and explore what the next 12-18 months might look like with international expansion and new product categories. They also analyze commentary around the ZAVA acquisition, AI ambitions, and the role of lab testing in building a “membership model” for healthcare.00:22 – Revenue miss: $545M vs. $552M estimate01:56 – Net new subscribers fall below 100K for first time since Q2'2303:54 – GLP-1 breakdown reveals flat core business05:14 – Long-term thesis still intact?08:35 – International expansion10:31 – ZAVA acquisition: $265M for $50M in revenue by 202514:34 – Marketing spend decline: sign of diminishing returns?18:02 – AI + at-home testing ambitions19:52 – Transition quarter or something worse?24:05 – HIMS AI aspirations24:56 – No analyst questions on collapsed Novo deal26:09 – “Investment period” signals higher near-term expenses26:56 – New Novo CEO + legal/regulatory risk28:54 – FDA levers that could shake compounding market31:44 – Audience Q&A Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 39 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with David Maris—one of the most decorated healthcare analysts of the past two decades. Maris shares why he flagged HIMS as a buy around $15, what excites him about the company’s growth, and how he views its expansion into Europe and Canada. The discussion covers the implosion of Hims’ partnership with Novo Nordisk, litigation risk, and how this all plays into the broader GLP-1 landscape. David also weighs in on Hims as a healthcare platform, its acquisition potential, and new verticals like TRT and menopause. The episode concludes with insights into the valuation, high short interest, and a discussion on governance issues related to Hims’ dual-class stock structure.00:00 - Introduction01:48 - Why David Got Bullish at $1504:50 - HIMS’ Acquisition of ZAVA and European Expansion09:20 - Expansion into Canada13:21 - Novo Partnership Implosion & Legal Risk22:04 - Long-Term Outlook for GLP-1s28:16 - Can HIMS Become a Full-Fledged Healthcare Platform?35:13 - Acquisition Potential39:22 - Kare Schultz40:50 - Clinical Adherence and Personalized Medicine46:28 - Core Business Concerns, CAC, and Ad Trends48:38 - Why This is a Massive Earnings Report55:36 - TRT, Menopause, and the Next $1B Category01:11:27 - Valuation Frameworks, Short Interest, and Governance Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 38 of Hims House, Jonathan Stern and Patrick Lester (Bayside) break down all the recent news surrounding Hims. They cover the new Bloomberg Businessweek article and Washington Post coverage, discuss Hims’ expansion into Canada with generic semaglutide, and highlight the company’s recent job listing for a new blood diagnostics vertical. The episode closes with an analysis of Hims’ positioning ahead of earnings. They unpack alt data trends, app rankings, web traffic discrepancies, and Google Trends.00:52 Bloomberg Businessweek Story Analysis03:45 Hims Expansion into Canada09:00 Washington Post Story and the Novo Deal Collapse24:40 New Blood Diagnostics Vertical29:17 Andrew Responds to Nighthawk: "🤣" 31:00 Hims Alt Data Recap31:39 Morgan Stanley's Note on App Deceleration32:08 Web Traffic 34:02 GLP-1 Contribution and Revenue Impact46:17 Advertising01:00:14 Short Interest Hits 38% Get full access to Hims House at himshouse.substack.com/subscribe

Thanks to our partner, Godel Terminal — a full trading terminal at less than 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In episode 37 of Hims House, patent attorney Gaston Kroub joins Jonathan Stern and Patrick Lester (Bayside) to unpack the legal fallout from Novo Nordisk’s split with Hims. With speculation swirling around a potential lawsuit, Gaston explains why a patent case is unlikely — and why, if Novo sues, they may instead lean on trademark or false advertising claims. The discussion dives into Novo’s patent portfolio, including the critical ‘343 patent, and how ongoing lawsuits against Empower and Strive could shape Novo’s next move. Gaston breaks down what a lawsuit would look like, the most likely outcomes, and why compounders like Hims remain legally protected despite accusations of skirting the law’s intent. The conversation closes with a look at the Supreme Court ruling that is responsible for the compounding exemption, and why any legislative fix may be years away.00:00 – Godel Terminal00:54 – Intro02:43 – Gaston’s Legal Background and Expertise04:46 – Will Novo Nordisk Sue Hims?17:02 – How Novo Has Targeted Other Compounders21:54 – FDA Law and Whether Novo Can Sue Directly26:57 – Breaking Down Novo’s Patent Portfolio39:10 – Lawsuit Scenarios41:19 – How Preliminary Injunctions Work42:53 – Why Novo Might NOT File A Lawsuit45:43 – Legal Precedents and Comparisons46:36 – What Makes Compounders Vulnerable in Court52:46 – Possible Outcomes If Novo Files a Lawsuit01:00:29 – Future of Compounding & Possible Congressional Actions01:16:15 – Final Takeaways Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 36 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) sit down with biotech investor and dermatologist Adam May, easily the most bearish guest ever to appear on the show. Adam shares the timeline of his trades — shorting HIMS, briefly flipping long on the Novo partnership news, and now short again — all while the stock doubled in 2025. Together, they discuss the sudden collapse of the Hims-Novo deal, GLP-1 legality and risk, and whether HIMS' compounding model can withstand scrutiny.00:00 - Welcome & What’s on Deck03:25 - Adam May’s Background and Biotech Origin Story08:19 - Adam's History Trading HIMS17:28 - Hims' Approach to GLP-1s and Personalized Dosing39:08 - Live Reaction: Andrew Dudum Responds on Twitter to Novo Nordisk Deal Imploding43:58 - European Expansion45:04 - Future of Pharma Ads45:30 - RFK Jr. & MAHA50:03 - AI in Biotech: Drug Discovery52:05 - Could HIMS Ever Be a Drug Developer?54:43 - Future of “Personalization” in Medicine01:00:00 - Peptides Beyond GLP-101:09:37 - Valuation & Price Targets01:17:47 - Adam's Gift to Hims House Get full access to Hims House at himshouse.substack.com/subscribe

Thanks to our partner, Godel Terminal — a full trading terminal at less than 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In this episode of Hims House, Jonathan Stern and Patrick Lester break down Hims & Hers’ recent acquisition of ZAVA, a major telehealth provider in Europe, alongside two European healthcare experts: Sekander Amini, a UK-based private pharmacy owner and longtime Hims investor; and Mads Christiansen, founder of New Deal Invest and a practicing GP in Denmark. Together, they explore how Hims’ U.S. playbook will need to adapt for European markets, the realities of competing with publicly funded healthcare systems, and the regulatory and operational hurdles ahead. They also discuss the likely strategic rationale behind the deal—licenses, market entry speed—and discuss the potential long-term opportunity around personalized medicine, AI, and peptides.00:00 – Godel Terminal02:23 – Europe vs. US — What “competing with free healthcare” really means05:06 – Google Trends data: rising interest in ZAVA over time05:35 – Why “free” care often leaves room for paid services16:34 – Advertising laws in Europe vs. US25:41 – Cross-border shipping: Will Hims need pharmacies in every EU country?29:55 – Compounding and Personalization33:29 – Strategic rationale: Why Hims bought ZAVA35:07 – The hidden importance of pharmacy licenses in the UK36:03 – Hims’ evolving product strategy in Europe37:59 – How AI + real-world data will unlock personalized treatment39:20 – Platform vision: Hims as the “front door” to next-gen healthcare01:00:24 – How to judge the success of the ZAVA acquisition01:04:11 – The future of medicine Get full access to Hims House at himshouse.substack.com/subscribe

Thanks to our partner, Godel Terminal — a full trading terminal at 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In episode 33 of Hims House, hosts Jonathan Stern and Patrick Lester sit down with Max Marchione, founder of Superpower — a health tech startup reimagining preventive care through AI, advanced diagnostics, and personalized protocols. The conversation explores how healthcare might look if rebuilt from first principles today, why AI could become the true "front door" to care, and how Superpower is betting on a tech-first model. Max also shares candid thoughts on Hims' billion-dollar raise, its AI and international strategy, the potential of peptides, and what it takes to build a healthcare brand with cultural pull.00:00 – The Godel Terminal01:01 – Intro - Max Marchione & Superpower’s Mission02:40 – Reimagining Healthcare from First Principles04:16 – AI as the New Front Door to Care07:18 – Lessons Learned: Superpower’s Evolving Strategy17:24 – Branding in Healthcare: Sci-Fi vs. Friendly23:29 – Long-Term Vision: Membership, Outcomes, and Impact28:01 – Vertical Integration & Personalized Therapeutics30:14 – Hims, AI, and the Commoditization of Care32:52 – Global Expansion: Who Hims Might Acquire38:48 – What Peptides Are and Why They Matter42:45 – Legal Gray Zones46:43 – Innovation in the UAE & Saudi Arabia50:11 – Taking More Risks52:43 – Final Reflections Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 34 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) break down HIMS' acquisition of European telehealth company ZAVA. They dig into ZAVA’s 2023 financials — £20M revenue, 74% gross margins, and a reduction in net loss from £8M to £320K. The hosts debate how much HIMS likely paid, speculate on the strategic rationale, and analyze early market reactions. Bayside lays out his bullish case, and they discuss how much this is about instant regulatory access to top EU markets (UK, Germany, France, Ireland). They discuss the likely role of board member Anja Manuel in helping navigate expansion and if Hims can bring its marketing engine to Europe despite advertising restrictions. The conversation also touches on insurance, manufacturing, and implications for future M&A and a potential Lilly partnership.00:00 Introduction00:56 Financial overview of ZAVA02:34 Stock price reaction03:11 Bayside "extremely bullish"04:34 The logic of the deal07:54 Board member insights08:59 Discussion on financials and trust13:12 Speculation on deal size14:41 Other acquisitions still to come?16:25 Insurance19:15 Pharma advertising in Europe20:44 Google Trends and Market Growth25:53 Questions around operations & manufacturing28:26 Short interest dynamics post-deal Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 32 of Hims House, hosts Jonathan Stern and Patrick Lester (aka Bayside) are joined by Antonio Linares — early Tesla and AMD investor, and one of the biggest Hims bulls on earth. Antonio lays out his long-term thesis: Hims isn’t just a telehealth brand, it’s a platform applying the Costco algorithm to healthcare, with world-class execution, a proprietary data loop, and the potential to birth an AI-driven digital twin of the human body.The discussion covers the explosive potential of peptides, the role of network effects and personalized manufacturing, and why traditional pharma and Wall Street still underestimate Hims’ moat. Antonio also unpacks his concentrated investment strategy and the dynamics of retail vs. institutional conviction.00:00 Introduction01:00 Antonio's Investment Philosophy02:15 The Costco Algorithm Applied to Healthcare07:22 Comparing Hims to Other Tech Giants10:51 Antonio's Approach to Portfolio Construction18:50 Hims as a Platform & Tech Company28:07 The Role of Data and AI in Healthcare38:06 Peptides42:35 Hims and Traditional Pharma51:40 Andrew Dudum and Management56:40 "Hims is a 100x. From Here."01:08:48 Retail vs. Wall Street Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern, Patrick Lester (Bayside), and Nate Endicott sit down with Amit, one of the most notable names on fintwit and long-time skeptic of Hims. While Amit was early to Palantir and Robinhood, he’s unconvinced by Hims — and this episode is all about changing that. The crew makes the bull case: Hims’ 10-year vision, vertical integration, brand moat, and recent moves in weight loss, lab testing, peptides, and more. Amit pushes back, questioning the company’s tech DNA, long-term edge, and differentiation from giants like Amazon. They debate everything from customer retention and GLP-1 demand to regulatory chaos, and how the Hims retail investor community is rivaling institutional coverage.00:00 Intro00:38 Why Is Amit Even Here?!01:22 Amit’s First Impressions of Hims03:12 Laying Out the 10-Year Vision08:36 "No Moat"14:33 Vertical Integration20:19 Hims as a Tech Company25:32 Customer Retention, CAC, and LTV34:31 Regulatory Chaos35:22 Eli Lilly + Novo Nordisk Partnerships36:42 Hims Earnings and Speculations38:32 GLP-1 Market Dynamics46:27 Building a Retail Community51:04 Retail vs. Institutions58:36 Volatility and Trading Strategies01:06:10 Final Thoughts Get full access to Hims House at himshouse.substack.com/subscribe

In Hims House episode 30, Jonathan Stern and Patrick Lester are joined by legendary entrepreneur Mark Cuban. The discussion kicks off with Mark unpacking why the healthcare system is so dysfunctional -- explaining how pharmacy benefit managers (PBMs) and the lack of transparency drive high drug prices. He shares his journey from a healthcare novice to launching Cost Plus Drugs, which aims to offer cheaper, more transparent pharmaceutical options. The episode also touches on the comparison between Hims & Hers and Cost Plus Drugs, potential legislative reforms, the importance of brand in healthcare, whether "personalized" medicine is merely marketing speak, and what Mark thinks about the future of healthcare and wearables.00:00 Introduction02:10 The Broken Healthcare System02:47 Mark Cuban's Journey into Healthcare06:12 The Role of Pharmacy Benefit Managers (PBMs)19:31 Cost Plus Drugs: Transparency and Trust26:57 Comparing Cost Plus Drugs and Hims & Hers31:31 The Future of Insurance-Covered Drugs33:09 Personalization in Healthcare34:57 The Importance of Brand43:42 International Expansion Strategies50:22 Policy & Tariffs Impact55:43 The Role of Tech, AI, and Wearables in Healthcare Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern and Patrick Lester break down the Q1 2025 earnings results for Hims & Hers. They highlight strong topline and bottom-line performance -- including $586M in revenue, 345% YoY net income growth, and 321% free cash flow growth. The discussion also covers softer metrics, such as a modest 137k net new subscriber additions and a conservative Q2 revenue guide. They explore the company’s reaffirmed full-year outlook and new long-term revenue goal of $6.5 billion by 2030, analyzing whether it may be a sandbagged target. Other topics include international expansion, strategic partnerships (including Novo Nordisk and conversations with Eli Lilly), and the appointment of former Amazon executive Nader Kabbani as COO.00:00 Introduction and Q1 2025 Highlights02:20 Patrick's Take on Earnings05:17 The Long-Term Revenue Target08:20 – Hims House Valuation Model Breakdown11:14 Q2 Revenue Guidance13:41 International Expansion17:10 – The Five Growth Levers27:52 Sexual Health Vertical and Core Specialties32:00 New COO Nader Kabbani Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern sits down with Alvan Chow — the original WallStreetBets poster who made a legendary 100,000% return during the GameStop short squeeze. They break down what happened in January 2021, the mechanics behind a short squeeze, and how institutional and retail forces collided to trigger one of the wildest moments in market history. The conversation then pivots to Hims, which increasingly has a similar setup: a strong fundamental story, massive short interest, and increasing retail momentum. They explore the potential for a “second squeeze,” compare Hims to Tesla & Palantir, and debate how much of the recent volatility is driven by technical flows vs. fundamental news. They also dig into how retail investors in South Korea could play a surprise role, why the borrow fee and other short metrics matter, and how investors should think about risk management during parabolic moves.Note: During HIMS' first short squeeze in February, Alvan turned $500K into $5M. Now, he's eyeing HIMS short squeeze 2.0 🔥01:26 Alvan Chow's Origin Story and the GameStop Saga03:52 Mechanics of Short Selling and Short Squeezes07:17 Comparing GameStop and Hims14:24 Why Shorting Hims Makes No Sense15:43 What a Hims “Squeeze Part 2” Could Look Like20:45 Is This Like GameStop, Tesla, or Palantir?26:04 The Korean Retail Investor Factor32:33 Final Thoughts Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 27 of Hims House, Jonathan Stern, Patrick Lester, and Louis Stevens discuss the blockbuster news of Hims partnering with Novo Nordisk to sell branded GLP-1 medication Wegovy for $599 a month. They delve into the deal terms, initial market reaction, and the potential long-term impacts on Hims as the direct-to-consumer telehealth leader. The conversation also touches on the possibility of future partnerships, notably with Eli Lilly, and how Hims' business model and profit margins might evolve.00:00 Introduction01:46 Patrick's Perspective on the Deal08:09 Louis' Return and Reflections09:58 Comparing Hims to Netflix and Long-term Prospects15:46 Impact on Bear Thesis and Revenue Projections21:12 Understanding Hims as an AI-Orchestrated General Physician27:01 Wall Street's Obsession with GLP-1s31:30 Margin Impact of the Novo Deal40:01 Future Partnerships and 2025 OutlookDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern and Patrick Lester sit down with Martin Shkreli — one of the sharpest and most controversial voices in healthcare. They break down what’s driving Hims’ explosive revenue growth and why the company remains so widely misunderstood. The conversation covers the “Netflix of Healthcare” analogy, GLP-1 compounding and IP risk, and questions around long-term sustainability. Shkreli also breaks down the stock dynamics behind Hims’ unusually high short interest, how hedge funds and quants are positioned, and what the holder list — including Citadel, Farallon, and Renaissance — reveals about how the smartest players on Wall Street are positioned. The episode closes on valuation, scale, and why management execution is likely to be the single most important factor in how the Hims story plays out.00:00 Introduction04:00 The Netflix of Healthcare05:52 Positive Second Derivative Revenue Growth07:33 Founder-Led Companies09:13 Comparing Hims to Google15:30: The Importance of Management20:15 Hims As Big As UnitedHealthcare?24:50 GLP-1s and Hims25:45 Why Big Stock Price Swings are Bullish27:30 The Rise of Eli Lilly and GLP-1s34:55 Ozempic Growth and Patent Challenges36:01 The Complexities of Pharma Patents44:50 Would Novo Sue Hims?45:40 Hims, AI, and the Future of Healthcare Platforms50:30 It's Time for a Healthcare Social Platform55:19 The Debate on OTC Drugs and Healthcare Access58:00 Stock Dynamics: Short Interest, Institutional Ownership, Retail Interest01:06:06 Addressing the Top Bear Arguments01:08:29 Insider Sales01:13:24 Top Institutional Holders: Citadel, Farallon, Renaissance, and More01:25:03 Hims ValuationDisclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions. Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern and Patrick Lester are joined by Raul Shah, the owner of DocShah Financial. They discuss Raul’s article on Hims, referencing Christopher Mayer's book 100-Baggers. They delve into the factors that may allow Hims to become an extremely valuable company over the next 10 years, tackling bear theses about the stock, such as "no moat", customer acquisition costs, and potential legal risks. The discussion also covers the critical importance of hiring a chief technology officer to advance Hims' AI ambitions. Finally, Raul shares his long-term valuation outlook for Hims, emphasizing the distinction between stock price and valuation.00:00 Introduction01:05 Raul Shah's Background and Investment Journey03:25 What Makes a 100-Bagger?07:16 Addressing Bear Theses and Market Perspectives21:21 The Importance of a Chief Technology Officer25:59 Hims x Apple27:26 News Round-Up39:26 Price Targets vs. Valuation Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern and Patrick Lester are joined by Alex Beinfield, founder & CIO of Blue Duck Capital, for a wide-ranging conversation on markets, healthcare, and the future of HIMS. They kick off by unpacking the market implications of Trump’s tariffs, with ripple effects for global trade and the pharmaceutical sector. The conversation then turns to HIMS. Alex shares what first got him excited about the company back in 2020, and why he’s still bullish today. He breaks down HIMS’ long-term potential and competitive moats in telehealth—from its DTC strength and brand equity to its mission of solving one of the biggest pain points in modern life. They also discuss how shifts in healthcare policy — the “Make America Healthy Again” agenda — could shape the company’s path forward.01:22 Tariff Turmoil02:32 Market Reactions and Predictions08:05 Impact on Hims and the Pharmaceutical Industry12:43 Blue Duck Capital's Unique Approach19:00 Alex's Investment Journey with Hims24:03 The Pain Points in Healthcare24:40 Reinitiating a Position in Hims25:37 The Impact of RFK Jr. on Healthcare Policy28:25 Hims' Growth and Market Position29:34 Regulatory Environment Under the New Administration33:58 Hims' Competitive Moats41:12 GLP-1 and the Bigger Picture45:44 Valuation and Price Targets Get full access to Hims House at himshouse.substack.com/subscribe

In episode 23, Jonathan Stern and Patrick Lester (Bayside) welcome Andrew Dudum, the founder and CEO of Hims & Hers, for the most anticipated conversation in Hims House history. They discuss the growth of Hims' core business, the evolving landscape of GLP-1 medications, the company's dedication to consumer rights, and how Andrew thinks about navigating regulatory challenges. Andrew also shares insights into why Hims is positioned to succeed even during tough economic conditions, and he draws comparisons between Hims, Netflix, Amazon, and Uber. The episode concludes on a personal note, with Andrew recounting the story behind his family’s donut shop, George’s Donuts and Merriment, named in honor of his grandfather.00:00 Introduction00:57 Growth of the "Core" Business04:25 GLP-1s15:23 Macroeconomic Uncertainty and Business Strategy18:00 Engaging with the Trump Administration21:47 Comparing Hims to Netflix, Amazon, Uber, and more29:46 Personal Story: George's Donuts & Merriment Get full access to Hims House at himshouse.substack.com/subscribe

In this emergency episode of Hims House, the crew covers the FDA's surprise resolution of the semaglutide shortage. They discuss its immediate market impact, including significant stock price movements. Bayside provides a detailed analysis of the implications for short-term and long-term traders. The conversation then shifts to HIMS' two recent acquisitions—a peptide manufacturing facility and an at-home testing lab—and their effects on the company's future. As they wrap up, the team outlines critical points to watch in the upcoming earnings report, especially guidance for 2025 and strategic plans for patient care in light of the new developments.00:00 Semiglutide Shortage Resolved According to FDA01:33 Short-term vs Long-term Investment Perspectives04:05 Institutional Ownership and Long-term Implications04:48 Future Projections and Speculations06:01 FDA Policies and GLP-1 Sales Impact22:02 Acquisitions and Strategic Moves32:00 Earnings Expectations and Guidance42:18 Conclusion Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H discuss the recent Super Bowl ad for Hims and its widespread media attention. They explore the varied public reception of the ad, its impact on healthcare perceptions, and the spike in app rankings. The episode delves into the growth trajectories of the Hims and Hers brands and scrutinizes the ramifications of the hot CPI report on the financial market. The panel also addresses the stock's peak performance amid high short interest and institutional ownership dynamics, providing a detailed analysis of market reactions and future expectations.00:20 Superbowl Ad Impact03:20 Hers App Success10:02 CPI and Market Analysis19:57 Short Interest and Market Dynamics27:59 Upcoming Catalysts Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H discuss HIMS' recent performance and the unveiling of their upcoming minute-long Super Bowl ad. The discussion delves into the strategic rationale behind this move, its potential to create strong brand awareness, and its alignment with the broader goal of establishing a 'brand moat.' The trio then addresses the record-high short interest in HIMS, now exceeding 30%, and analyzes the dynamics that could lead to a short squeeze. The episode concludes with speculation about a potential new product—testosterone therapy—and its implications for HIMS' expanding multi-product portfolio.00:44 Super Bowl Ad01:04 Brand Awareness and Marketing Strategy08:06 Political Messaging in Advertising19:10 Record High Short Interest26:26 Understanding Short Squeeze Potential29:04 Analyzing Short Interest and Market Perception30:50 Historical Context of Shorted Stocks34:41 GameStop Comparison and Stock Value Fundamentals39:38 Potential New Product: Testosterone47:22 Conclusion and Final Thoughts Get full access to Hims House at himshouse.substack.com/subscribe

NOTE: Analysis and opinions expressed by Jack are his and his alone, and are not to be interpreted as a reflection of opinions by his current or former employers.In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H are joined by a special guest, Jack, a former sell-side analyst. Jack provides a comprehensive analysis of the Hims & Hers business, rooted in his years of following the company since 2022. The discussion kicks off with an overview of the financial industry, contrasting the roles of sell-side and buy-side analysts. Jack elaborates on his interest in following HIMS, emphasizing the company's successful transition from a patient-centric to a consumer-centric healthcare provider. The episode highlights a recent Bank of America report predicting a revenue shortfall for HIMS, exploring credit card data intricacies and deferred revenue impacts. Finally, the conversation delves into HIMS' long-term prospects, potential regulatory hurdles, international viability, and their unique market position.00:00 Introduction00:42 Understanding the Sell Side vs. Buy Side02:17 Jack's Interest in HIMS03:46 Bank of America Report Analysis05:42 Deferred Revenue and Credit Card Data11:40 Impact of Amazon on HIMS18:32 Consumer vs. Patient Behavior22:07 Cash Pay Option in Healthcare26:22 HIMS' Long-Term Vision and International Expansion31:35 Debating the Future of Diabetes Care32:41 Challenges in High Acuity Care34:04 Teladoc and Livongo: A Case Study36:07 Impact of COVID on Digital Health40:21 Consumer vs. Patient Psychology47:01 The Future of Weight Loss and Diabetes Treatment52:08 2025 Predictions and Key Indicators Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern, Louis Stevens, and Dr. H are joined by Bayside, a professional lobbyist in Washington D.C., to discuss the upcoming Trump administration and its potential impact on Hims, particularly concerning the semaglutide shortage. Bayside provides a detailed analysis of the semaglutide and tirzepatide shortages, FDA decisions, and political landscape affecting HIMS investors. The discussion expands to consider the potential influence of Elon Musk and Trump on healthcare policy, Greenland acquisition implications, and the roles of RFK and Marty Makary in shaping future healthcare regulations. Dr. H offers insights into the medical necessity of compounded medications and telehealth implications.00:00 Introduction01:05 Semaglutide Shortage Analysis02:48 FDA Decision Timeline06:44 Impact of New Administration10:34 HIMS Sales Strategy Post-Shortage14:29 Legal and Medical Perspectives28:57 Custom Dosage and Medical Necessity29:46 Corporate Practice of Medicine30:28 Patent System and Compounding Controversy31:30 Chevron Doctrine and Legal Battles32:08 Impact on HIMS Stock and Lawsuits34:59 Future of Compounding and Revenue36:58 Elon Musk, Trump, and GLP-1 Pricing42:02 Greenland and Geopolitical Leverage46:46 RFK and Marty McCary's Impact on Healthcare57:46 Conclusion and Future Topics Get full access to Hims House at himshouse.substack.com/subscribe

Full access to our HIMS Data Dashboard + research library is $10/mo ($100/yr). Join 1,400 other HIMS investors today!In episode 17 of Hims House, Jonathan Stern, Louis Stevens, and Dr. H reflect on the significant milestones and performance of Hims & Hers in 2024, marking it as a watershed year for the company. They discuss the company's financial growth, product launches, strategic hires, and customer base expansion. The trio also dissects the challenges faced, including legal battles and market skepticism. The conversation highlights Hims' expansion into weight loss treatments, branding strategies, and the implications of free cash flow and customer acquisition costs. Looking ahead, they share their predictions for 2025, focusing on growth opportunities and potential stock performance.00:00 New Year Greetings00:29 2024 Year in Review: Key Highlights00:51 HIMS Company History and Growth02:19 Financial Performance and Market Dynamics07:21 Marketing and Brand Recognition08:18 New Products and Strategic Hires11:02 Surprises and Strategic Decisions15:24 Stock Market Performance and Sentiment20:16 Biggest Wins of 202424:49 Subscriber Growth and Acquisitions29:21 Looking Ahead to 202534:03 Predictions and Final Thoughts Get full access to Hims House at himshouse.substack.com/subscribe