Max Marchione - Peptides, Pharma 2.0, and why Hims could 10x or even 100x 🤯

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In 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 Health

01:58 – Why Hims' Super Bowl ad works

03:52 – Membership + manufacturing + pharma 2.0

06:33 – Superpower's approach

10:19 – The peptide market explosion + retatrutide

16:13 – Health "super-app" race: Hims, Whoop, Oura, Superpower

19:50 – Deep dive into peptides and regulatory outlook

27:50 – Superpower's product roadmap

28:39 – Pharma 2.0 and consumer-driven wellness

30:25 – Labs pricing strategies and market dynamics

36:51 – 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