Topline
Hims & Hers Health stock climbed as much as 11% Monday, continuing a week-long rally after the FDA announced a meeting to discuss easing peptide regulation—a push repeatedly championed by Robert F. Kennedy Jr.
(Photo by Alex Wong/Getty Images)
Getty Images
Key Facts
Hims & Hers stock is up as much as 11% today and has surged more than 125% since its lows in February, when the stock was experiencing a prolonged downturn that started late 2025.
Last week, the stock began rallying after the FDA announced it would hold a meeting in July to consider easing regulation around peptides—the overarching category of drugs that not only include the well-known and regulated GLP-1s, but also various gray-market injectables that have exploded in popularity on social media on promises of results like better skin, faster healing and slower aging.
On April 15, Health Secretary Robert F. Kennedy Jr. announced the FDA—which restricted 19 peptides in 2023 citing health risks—will evaluate removing 12 peptides from its restrictions, potentially clearing a regulatory path for telehealth platforms including Hims to offer peptide therapies.
RFK Jr. has long been a loud proponent of peptides, claiming on Joe Rogan’s podcast in February that he has personally benefited from using peptides.
Hims acquired a California-based peptide manufacturing facility in February 2025, positioning the company to produce peptide therapies at scale should regulators green-light the category.
Key Background
Hims & Hers built its business on direct-to-consumer prescriptions for health conditions including hair loss, erectile dysfunction, mental health and skincare, but its breakout growth came from selling compounded versions of GLP-1 weight-loss drugs during the shortages of Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound around 2024. That strategy fueled a 59% revenue increase in 2025 to $2.35 billion but exposed the company to significant regulatory and legal risk. An initial April 2025 partnership between Hims and Novo Nordisk collapsed within two months after Novo accused the telehealth company of “deceptive promotion” of “knockoff” Wegovy versions—setting off nearly a year of litigation, FDA warning letters and public feuding. In March, Hims and Novo Nordisk entered an agreement for Hims to prioritize distributing Novo’s branded GLP-1s in exchange for Novo to drop the lawsuit. With Hims’ highly profitable GLP-1 product replaced with branded versions—and management guiding softer 19% revenue growth this year—the company is pivoting to new avenues to bring in similar profit margins as the weight loss drug. The company confirmed in its February earnings call that it is developing a peptide-based product line as part of a longevity specialty planned to launch this year.
Big Number
$500 billion. That’s how much market cap Novo Nordisk has lost from its peak in 2024. Once Europe’s most valuable company, the GLP-1 maker has faced increasing competition from American competitor Eli Lilly and compounding pharmacies like Hims that forced it to cut prices dramatically to maintain market share.
Tangent
Peptides have become one of the buzziest wellness trends on the internet today. Compounds like BPC-157, GHK-Cu and various GLP analogs have proliferated across longevity clinics, influencer marketing channels and gray-market retailers over the past three years, frequently sold with claims about tissue repair, fat loss, skin health and “biological age reversal.” Much of that market operated in a regulatory limbo—not quite prescription drug, not quite supplement—until the FDA’s 2023 restrictions formalized which peptides could and couldn’t be produced by compounding pharmacies like Hims. The restrictions have led to the surging popularity of peptides imported from overseas, with “Chinese peptides” becoming a biohacking fad among Silicon Valley’s young tech workers, according to the New York Times. These unregulated compounds have also been reaching increasingly young audiences as “looksmaxxers”—young men on social media who engage in extreme measures to maximize their physical appearance—have notoriously used and promoted them.
