Hims House 🚨 NOVO NORDISK AND HIMS & HERS STRIKE A NEW DEAL — Raul Shah breaks it all down
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In 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 Health
01:14 - Background on DocShah Financial
04:12 - The Friday night Bloomberg rumor
05:49 - Breaking down the actual deal terms
07:48 - 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 upside
18:41 - 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 cost
34:04 - Why did Raul hold through the 2025 drawdown
37:22 - Buybacks and capital allocation
40:18 - Peptides
42:57 - 2026 priorities
44:04 - Does Hims actually have a moat?
49:12 - Revenue targets and valuation
55:57 - Peptides as a re-rating catalyst
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.