Hims & Hers (HIMS) Stock Rockets Nearly 50% Following FDA Peptide News and Novo Partnership

Table of Contents Hims & Hers Health shares experienced an extraordinary week that caught many market observers off guard. The telehealth provider’s stock rallied as much as 11% during Monday’s session, completing a five-day stretch that delivered approximately 49% gains. The stock has now climbed more than 125% above its February bottom. Hims & Hers Health, Inc., HIMS The dramatic movement stemmed from two major developments: changing peptide regulations and a strategic agreement with Novo Nordisk. On April 15, Health Secretary Robert F. Kennedy Jr. disclosed that the FDA would conduct a review aimed at potentially removing 12 peptide compounds from a restrictive list established in 2023. This list had previously prevented compounding pharmacies from manufacturing specific peptide-based treatments. Kennedy has been openly supportive of peptide therapies, even discussing his personal use during an appearance on Joe Rogan’s podcast. Today, we took long-overdue action to restore science, accountability, and the rule of law. In September 2023, the Biden FDA pushed a number of peptides into Category 2 — “Bulk Drug Substances that Raise Significant Safety Risks” — driving a dangerous black market that puts… — Secretary Kennedy (@SecKennedy) April 15, 2026 This regulatory development carries significant implications for Hims, particularly since the company discreetly acquired a California peptide production facility during February 2025. Should the FDA proceed with relaxing these restrictions, Hims would gain a strategic advantage in manufacturing and distributing peptide treatments on a large scale. The company has already announced plans for a “longevity specialty” product portfolio scheduled to debut in 2026, incorporating peptides, coenzymes, and GLP therapies. The second catalyst involves the resolution between Hims and Novo Nordisk. These two entities experienced a contentious separation in 2025 following the dissolution of their original partnership. Novo Nordisk filed legal action against Hims, alleging misleading marketing of “knockoff” Wegovy alternatives, which triggered lawsuits, FDA warning communications, and prolonged public confrontation. By March, both parties negotiated a settlement. Under the terms, Hims committed to prioritizing the distribution of Novo’s official GLP-1 medications — including Wegovy injections and oral formulations — across its platform. Novo Nordisk withdrew its lawsuit as part of the arrangement. This agreement provides Hims with a legitimate pathway into the GLP-1 marketplace, albeit with reduced profit margins compared to its compounded alternatives. Hims had developed more than 1 million square feet of domestic facility infrastructure, featuring sterile injectable production capabilities for weight management products. Combining this infrastructure with authorized Wegovy distribution represents a more sustainable business model than the regulatory uncertainty it previously navigated. Novo Nordisk also benefits from this arrangement. NVO shares have declined 21% year-to-date, facing pressure from competitive forces and pricing challenges. A telehealth distribution alliance enables Novo to connect with patients through more direct channels. The stock’s recent momentum precedes a May 11 earnings announcement, and the financial metrics will present a mixed picture. Hims projected Q1 revenue between $600 million and $625 million. However, Wall Street anticipates EPS of merely $0.06, representing a 70% decrease compared to the prior year. Capital expenditures surged 138% during Q4 2025, while free cash flow reversed to negative territory at -$2.57 million versus $59.5 million in the comparable period. The company continues investing substantially in its manufacturing expansion and the upcoming acquisition of Eucalyptus, which generates annual recurring revenue exceeding $450 million. Full-year 2025 revenue reached $2.35 billion, representing 59% growth driven primarily by compounded GLP-1 products. Management currently forecasts approximately 19% growth for the current year, a more moderate trajectory as higher-margin compounded offerings transition toward the branded Wegovy distribution model. Hims reported over 2.5 million subscribers in its most recent disclosure, with average monthly revenue per subscriber at $83 and subscriber expansion advancing at 13% year-over-year.