The Rundown Deep Dive: Can Hims Survive the GLP-1 Crackdown?
Mar 14, 2026
Explores how a telehealth company rode the GLP-1 craze to rapid growth and then faced an FDA crackdown and legal battle with a major drugmaker. Covers the surprise partnership that reshaped the conflict and why regulators praised the deal. Looks at the company’s 2025 performance, global expansion plans, and the key risks to revenue, margins, and the new business model.
AI Snips
Chapters
Transcript
Episode notes
Hims Origin Story And Early Growth
- Hims launched in 2017 as a direct-to-consumer telehealth pharmacy targeting awkward conditions like hair loss, ED, and skincare.
- The brand scaled fast: revenue grew from $26M (2018) to $272M (2021) and the company went public in 2021.
How Compounded GLP-1s Fueled Hims' 2024 Boom
- Hims rode the GLP-1 craze by selling compounded semi‑glutide when the FDA listed it as in shortage, offering treatments near $200/month versus branded prices around $1,000/month.
- That move drove 2024 revenue to $1.5B and subscribers to 2.2M, propelling the stock from $10 to $69.
Regulatory Shifts Can Instantly Undo A Business Model
- The FDA removing semaglutide from the shortage list removed Hims' legal cover to mass sell compounded copies, triggering a 25% one-day stock drop.
- Hims tried alternative compounding loopholes but eventually drew direct FDA warnings after copying a branded oral pill.