Hims House

Thanks to our partner, Mochi Health! https://JoinMochi.comIn this episode of Hims House, Jonathan Stern is joined by patent attorney Gaston Kroub to break down Novo Nordisk’s Delaware lawsuit accusing Hims of infringing the semaglutide “343” patent (U.S. Patent No. 8,129,343). They discuss what Novo is actually asking the court for (a reasonable royalty, damages, and a permanent injunction), what Novo has to prove, and what levers Hims has to fight back. Gaston explains why Novo didn’t seek a preliminary injunction at filing, why that may be intentional, and how venue, jury dynamics, and Delaware court congestion may shape the case timeline. They also get into the downside scenarios for Hims, possible defenses and mitigation strategies (invalidity, damages limitations, indemnification), and how parallel FDA and DOJ pressure could influence the broader future of compounded GLP-1s.02:25 The lawsuit and what Novo is seeking: royalties, damages, injunction07:41 Why no preliminary injunction filed12:31 Why did Novo file now vs. 8-9 months ago? 24:04 Why did Novo file in Delaware? 29:21 Likely timelines, chances of settlement or dismissal 33:20 Worst-case scenarios 36:48 Indemnification and supplier liability? 45:01 FDA & DOJ pressure on compounded GLP-1s49:46 How Hims miscalculated the oral launch55:00 What to watch next 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.

Thanks to our partner, Mochi Health! https://JoinMochi.comSubscribe to Hims House:https://himshouse.com/subscribeFollow us:https://x.com/himshousehttps://x.com/jonathanrsternhttps://x.com/maxmarchioneJoin the Discord:https://discord.gg/tJqGgVhkEtIn 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 Health01:58 – Why Hims' Super Bowl ad works03:52 – Membership + manufacturing + pharma 2.006:33 – Superpower's approach10:19 – The peptide market explosion + retatrutide16:13 – Health "super-app" race: Hims, Whoop, Oura, Superpower19:50 – Deep dive into peptides and regulatory outlook27:50 – Superpower's product roadmap28:39 – Pharma 2.0 and consumer-driven wellness30:25 – Labs pricing strategies and market dynamics36:51 – 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

EMERGENCY EPISODE!!! Hims has launched a compounded oral semaglutide (GLP-1) pill, immediately triggering legal threats from Novo Nordisk. Jonathan Stern is joined by Cremieux, a bioinformatician and leading GLP-1 researcher, to break down what Hims actually released and why the drug-delivery mechanism matters. The conversation examines liposomal delivery vs. Novo’s proprietary SNAC technology, whether Hims’ product will work at all, and whether Novo will sue / how things might shake out if they do. The episode closes with a look at unit economics, next-gen GLP-1s, and what this gambit means for Hims, Novo, and the broader obesity drug market.00:00 Sponsor: Mochi Health02:24 Initial reaction to the news03:56 Science deep dive: liposomal delivery vs. SNAC06:02 Legal implications and possible lawsuit18:38 Future of the GLP-1 market (retatrutide, Viking, orforglipron)25:03 Final risk assessment and conclusionsNot financial, legal, or medical advice

Thanks to our partner, Mochi Health! https://JoinMochi.comIn this episode of Hims House, Jonathan Stern sits down with Sabina Hemmi (founder of GLP Winner), for the most comprehensive episode on GLP-1s that Hims House has done. They cover the compounding wars -- federal legislation, state-level crackdowns, and the lawsuits -- before diving into why tirzepatide dominates patient demand and what might be holding Hims back from offering it. The discussion spans oral GLP-1s, microdosing trends, and concludes with Sabina's skeptical take on peptides. 00:00 - Sponsor: Mochi Health02:59 - Video games → GLP-1s04:56 - GLP Winner Overview10:28 - Who does Hims actually compete with? 16:43 - Hims x Novo Relationship23:17 - Why tirzepatide is superior29:30 - The SAFE Drugs Act32:23 - State Bills: Indiana, Florida, Virginia40:43 - Adverse events43:09 - GLP-1 pill vs. injectables50:57 - Over-the-Counter GLP-1 coming soon? 52:55 - Peptides Not financial, legal, or medical adviceSubscribe to Hims House:https://himshouse.com/subscribeFollow Sabina:Tiktok: https://www.tiktok.com/@lawliepop Instagram: https://www.instagram.com/lawliepops Youtube: https://www.youtube.com/@lawliepop X/Twitter: https://x.com/lawliepop Substack: https://substack.com/@lawliepopLinkedin: https://www.linkedin.com/in/sabina-hemmiFollow us:https://x.com/himshousehttps://x.com/jonathanrsternJoin the Discord:https://discord.gg/tJqGgVhkEt

In episode 51 of Hims House, Bayside returns to the podcast to for year-end recap + 2026 predictions. The conversation covers Hims & Hers’ eventful 2025—international expansion, acquisitions, new product categories, partnerships and breakups—before pivoting to what investors should watch for in 2026. Bayside, who shifted to a more cautious stance mid-2025, explains his current thinking on valuation, growth rates, and the catalysts that could change the narrative. The episode closes with bold predictions about tirzepatide, a potential Super Bowl ad, and where the stock might trade heading into earnings.00:00 - Welcome back to Bayside01:10 - 2025 Recap: Labs, testosterone, menopause, international, acquisitions (Livewell, YourBio), $250M buyback, Deb Autor as Chief Policy Officer03:21 - Revenue concerns08:45 - Valuation framework11:30 - Is compounding still at risk?16:51 - The competitive landscape20:22 - Super Bowl Ad Speculation24:15 - Tirzepatide?!29:32 - Peptides Opportunity32:13 - Novo partnership “active talks”38:13 - 2026 predictions45:30 - Wearables?50:10 - Celebrity partnership gap Get full access to Hims House at himshouse.substack.com/subscribe

Shalin Shah is the founder & CEO of Marius Pharmaceuticals, the company that partnered with $HIMS to launch oral testosterone (KYZATREX). We discuss how the partnership came about, the benefits of teaming up with $HIMS, and the future of TRT.(00:41) Origin of the partnership(02:55) Benefits of partnering with $HIMS(04:14) Deal shape and exclusivity(06:51) How KYZATREX will sit alongside compounded meds on the $HIMS platform(09:22) Will KYZATREX be personalized? (16:07) TRT as a schedule 3 substance(21:39) Gearing up for 2026 launch of KYZATREX(22:40) Future of TRT market(27:29) Peptides(29:44) Testosterone for females Get full access to Hims House at himshouse.substack.com/subscribe

In episode 49 of Hims House, Jonathan Stern and Patrick Lester (Bayside) host Mark Mikhael and Joshua Fritzler from Olympia Pharmacy. Mark (CEO of Olympia), and Josh (CFO) discuss the evolution of their Orlando-based compounding pharmacy -- around GLP-1s and beyond. They dive into regulatory uncertainties, the impact of ongoing MFN negotiations involving Big Pharma, the role of compounded GLP-1s, and the burgeoning field of peptides. The conversation also touches on the concept of longevity through peptides and diagnostic testing, the broader implications of their work, and the role of Hims & Hers in the compounding industry.(00:48) Olympia Pharmacy(04:03) GLP-1s(10:10) MFN negotiations(20:45) Self-injection(24:20) MAHA PAC appointment and goals(31:43) Peptides peptides peptides(42:32) Longevity & diagnostic testing(45:56) Hims industry impact Get full access to Hims House at himshouse.substack.com/subscribe

In episode 48 of Hims House, Jonathan Stern and Patrick Lester (Bayside) are joined by Saad Alam, founder & CEO of Hone Health. The discussion dives into Saad’s personal health journey and the founding of Hone Health during the pandemic. Saad discusses the company’s focus on hormonal health, weight loss, thyroid medications, and new longevity medications. Saad shares insights into diagnostics, the future of primary care, implications of the Meta ad privacy policy changes and FDA advertising crackdown, and the future of the telehealth industry.00:43 Saad’s personal health journey02:34 Hone’s products, revenue, competitors04:29 Enclomiphene vs. clomiphene09:07 Testosterone market and demographics14:10 What longevity means19:25 Lab testing and biomarkers22:09 Why Hone hasn’t offered GLP-1s 25:14 “Everyone has a Chinese peptide dealer now”33:53 Which peptides should Hims start with35:38 Meta ads and the FDA crackdown on ads40:43 Is primary care in trouble?47:52 Why Saad is bullish on Hims Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 47 of Hims House, Jonathan Stern and Patrick “Bayside” Lester talk to Lee Rosebush, chair of the Outsourcing Facilities Association (OFA), about what’s really going on with GLP-1 medications and peptide compounding. We the FDA warning letters over drug ads, what the new FDA “Green List” means for the future of compounding, and whether the DDC list (which could restrict what’s “too hard” to compound) or MFN drug-pricing might change the rules. We also touch on the MAHA PAC, recent patent challenges to sema and tirz, and what all this could mean for patient access in the near future.Note: Conversation includes legal/policy and financial analysis; none of it is legal or financial advice.(00:46) Lee’s Twitter comeback(02:09) FDA’s warning letters to drug advertisers(12:41) Lee on the Lilly vs. Willow/Mochi lawsuits(20:45) GLP-1 patents(25:12) FDA “Green List”(28:51) Is a compounded GLP-1 crackdown on the way?(32:11) The DDC List(36:48) MFN price negotiations(44:15) MAHA PAC(46:09) RFK on peptides and “patient access”(50:35) Thoughts on Hims Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 46 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with Rob Leclerc, founder of AgFunder and one of TIME Magazine’s Top 100 VCs. Rob explains why he believes Hims is a category-defining company -- comparing it to Nvidia in 2016 -- and weighs in on the company’s high-profile engineering/AI hires from Cruise. The discussion covers Rob’s own experience as a Hims customer, Hims’ push into AI and tech leadership, the ZAVA acquisition and global expansion, and emerging frontiers like testosterone, diagnostics, and wearables. They also dig into public-market pressures, regulatory challenges, and how Hims might stack new S-curves to fuel growth over the next decade.00:00 Intro01:15 Rob’s background + AgFunder02:21 Why Hims?03:37 Rob as a Hims customer06:55 Ex-Cruise tech leadership11:04 AI, robotics & safety mindset16:46 Is AI a bubble?21:41 Core growth slowdown27:45 Acquisition of ZAVA: how to evaluate28:56 The $1B raise31:17 Diagnostics, wearables, & home testing35:12 Emerging healthcare trends39:10 Regulation and patents44:37 Public markets50:27 Valuation Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 45 of Hims House, hosts Jonathan Stern and Patrick Lester (aka Bayside) welcome Scott Brunner, CEO of the Alliance for Pharmacy Compounding, for a conversation on the future of compounding. They cover the surge in GLP-1 demand, lawsuits involving Eli Lilly and Novo Nordisk, FDA policies, and the regulatory pressures shaping 503A and 503B pharmacies. Brunner also unpacks the challenges around the demonstrably difficult to compound list, compounded hormone therapy, and peptides, while sharing insights into congressional actions and the MAHA movement’s role in protecting patient access to compounded medications.00:00 - Introduction01:02 - The Role of the Alliance for Pharmacy Compounding01:51 - 503Bs Ramping Production? Rumors vs Realities07:55 - Lawsuits Involving Eli Lilly and Novo Nordisk11:58 - Patents15:51 - Policy Negotiations and the MFN Debate25:06 - Lawmaker Letter to FDA28:04 - What’s in the APC Blueprint28:51 - The 5% Rule and MOU Requirements33:42 - The Demonstrably Difficult to Compound List41:00 - Compounded Hormone Therapy43:21 - Peptides Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 44 of Hims House, hosts Jonathan Stern and Patrick Lester (Bayside) sit down with Geoff Cook, CEO of Noom. Noom is one of Hims' competitors and is best known for its behavioral health platform and recent expansion into GLP-1 microdosing and hormone replacement therapy. Geoff discusses Noom’s evolution, the shift in revenue from behavioral programs to medicated plans, and the company’s vision for democratizing longevity medicine. The conversation covers the business of GLP-1s, regulatory and legal challenges, the impact of tariffs and partnerships, and the future of personalized healthcare. The episode closes with predictions for the next decade in health tech and reflections on human flourishing.Link to the article about the "high-priced drug list": https://www.mmm-online.com/news/noom-wsj-ad-policy-changes-compounded-glp-100:00 - Introduction01:11 - Noom’s background and evolution05:17 - Noom's revenue breakdown: behavioral vs. medicated programs07:22 - Launch of GLP-1 microdosing17:44 - Geoff’s personal experience with microdosing21:12 - Policy and regulatory landscape for GLP-1s24:19 - Compounding, MFN pricing, and drug shortages28:38 - Noom's WSJ ad for high-priced drug list31:36 - Supply chain and tariffs on APIs34:10 - Partnerships with pharma (Lilly, Novo)37:11 - Legal risks and the future of healthcare “front doors”40:36 - Hims' core business slowdown: competition and ad policy45:21 - Noom’s strategy for growth... free tier?46:06 - Looking ahead: AI, peptides, and the future of health tech53:52 - Reflections on human flourishing Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 43 of Hims House, hosts Jonathan Stern and Patrick Lester (Bayside) sit down with Dr. William Seeds, a board-certified orthopedic surgeon and pioneer in peptide therapy. Dr. Seeds shares how a personal tragedy led him to explore the power of peptides and why he believes they will redefine the future of medicine. The conversation covers the fundamentals of peptides, why they are often called "magical" drugs, and the skepticism they sometimes face. The trio also explores why the U.S. lags behind Europe and Asia in adoption, and the historical influence of Big Pharma. The episode closes with Dr. Seeds sharing predictions on how Hims could legally enter the peptide market, what products they may launch first, and how the field will evolve over the next decade.00:00 - Introduction01:31 - Dr. Seeds’ personal journey into peptides05:28 - Peptides 10113:44 - Legal & Regulatory Barriers17:00 - Response to Eric Topol's recent article25:29 - The U.S. legal landscape35:56 - Potential FDA crackdown bad actors36:29 - Risks facing physicians and vendors37:19 - What’s next in peptide policy38:43 - Patents40:51 - How Big Pharma shapes regulation44:37 - Peptide adoption worldwide47:06 - How will Hims enter the market?56:45 - The two, five and ten-year outlook01:02:55 - Final takeaways Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 42 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with Shaun Noorian, founder & CEO of Empower Pharmacy, the world’s largest compounding pharmacy. We dig into why rumors about 503Bs “ramping up GLP-1s” may be misleading, how Empower is challenging Eli Lilly on tirzepatide patents, and the broader fight over compounding. We also how Trump’s new administration - RFK Jr. at HHS, and Marty Makary at FDA - could reshape the industry. We close with the MFN pricing backdrop under the new administration. All along the way, Noorian makes the case that compounding is not a loophole but a critical, highly regulated part of healthcare, and looks ahead to its future in hormone therapy, peptides, longevity medicine, and sleep health.00:00 – Intro00:52 – Empower’s mission: personalized medicine at scale03:07 – GLP-1 rumors: are 503Bs ramping? What’s actually legal09:21 – 503A vs. 503B compliance19:14 – The Eli Lilly v. Empower lawsuit27:04 – MFN pricing, EO chatter & compounding33:11 – Hims’ impact on the industry: awareness, lobbying & demand37:15 – HRT, peptides, longevity39:59 – Sermorelin explained41:32 – Bad actors vs. legitimate compounders43:08 – Odds: percent chance of FDA action against compounders Get full access to Hims House at himshouse.substack.com/subscribe

In this episode of Hims House, Jonathan Stern and Patrick Lester (“Bayside”) sit down with Peter Pitts, president of the Center for Medicine in the Public Interest (CMPI) and former FDA Associate Commissioner. Pitts recently authored a paper arguing that the FDA has failed to enforce existing limits on GLP-1 compounding, creating major public-health risks. They explore how CMPI operates and who funds it (big pharma), whether compounders are breaking the law or simply skirting its intent, and why the FDA’s resource constraints may explain its lack of action. The discussion digs into the dangers of unregulated foreign API supply chains, Pitts’ critique of “phony personalization” schemes, and how aggressive advertising complicates oversight. They also look at the enforcement tools available—from the 5% rule to “too difficult to compound” lists—and debate whether we’ll see targeted crackdowns or blanket bans.00:00 – Intro01:14 – Background on Pitts & CMPI03:08 – Initial Views on Hims05:43 – Are Compounders Breaking the Law or Just the Spirit of the Law?10:58 – FDA Enforcement Gaps & Compounding Loopholes18:33 – Unregulated Foreign API and Supply Chain Risks23:53 – “Phony Personalization Schemes”25:05 – Should Dosing Be Individualized?25:30 – FDA’s Role in Dosing Oversight26:11 – Why Pitts Thinks "Personalization" Claims Fall Short32:11 – Where GLP-1 Regulation May Be Headed35:11 – Odds that the FDA and/or Congress Will Crack Down Get full access to Hims House at himshouse.substack.com/subscribe

In episode 40 of Hims House, Jonathan and Patrick Lester (Bayside) dive into HIMS' Q2 2025 earnings — the company’s first-ever miss vs. Wall Street expectations. They discuss slowing subscriber growth, flat core business performance, the GLP-1 revenue pullback, and the broader implications for future growth. They also debate whether this was simply a “transition quarter” or a warning sign, and explore what the next 12-18 months might look like with international expansion and new product categories. They also analyze commentary around the ZAVA acquisition, AI ambitions, and the role of lab testing in building a “membership model” for healthcare.00:22 – Revenue miss: $545M vs. $552M estimate01:56 – Net new subscribers fall below 100K for first time since Q2'2303:54 – GLP-1 breakdown reveals flat core business05:14 – Long-term thesis still intact?08:35 – International expansion10:31 – ZAVA acquisition: $265M for $50M in revenue by 202514:34 – Marketing spend decline: sign of diminishing returns?18:02 – AI + at-home testing ambitions19:52 – Transition quarter or something worse?24:05 – HIMS AI aspirations24:56 – No analyst questions on collapsed Novo deal26:09 – “Investment period” signals higher near-term expenses26:56 – New Novo CEO + legal/regulatory risk28:54 – FDA levers that could shake compounding market31:44 – Audience Q&A Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 39 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with David Maris—one of the most decorated healthcare analysts of the past two decades. Maris shares why he flagged HIMS as a buy around $15, what excites him about the company’s growth, and how he views its expansion into Europe and Canada. The discussion covers the implosion of Hims’ partnership with Novo Nordisk, litigation risk, and how this all plays into the broader GLP-1 landscape. David also weighs in on Hims as a healthcare platform, its acquisition potential, and new verticals like TRT and menopause. The episode concludes with insights into the valuation, high short interest, and a discussion on governance issues related to Hims’ dual-class stock structure.00:00 - Introduction01:48 - Why David Got Bullish at $1504:50 - HIMS’ Acquisition of ZAVA and European Expansion09:20 - Expansion into Canada13:21 - Novo Partnership Implosion & Legal Risk22:04 - Long-Term Outlook for GLP-1s28:16 - Can HIMS Become a Full-Fledged Healthcare Platform?35:13 - Acquisition Potential39:22 - Kare Schultz40:50 - Clinical Adherence and Personalized Medicine46:28 - Core Business Concerns, CAC, and Ad Trends48:38 - Why This is a Massive Earnings Report55:36 - TRT, Menopause, and the Next $1B Category01:11:27 - Valuation Frameworks, Short Interest, and Governance Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 38 of Hims House, Jonathan Stern and Patrick Lester (Bayside) break down all the recent news surrounding Hims. They cover the new Bloomberg Businessweek article and Washington Post coverage, discuss Hims’ expansion into Canada with generic semaglutide, and highlight the company’s recent job listing for a new blood diagnostics vertical. The episode closes with an analysis of Hims’ positioning ahead of earnings. They unpack alt data trends, app rankings, web traffic discrepancies, and Google Trends.00:52 Bloomberg Businessweek Story Analysis03:45 Hims Expansion into Canada09:00 Washington Post Story and the Novo Deal Collapse24:40 New Blood Diagnostics Vertical29:17 Andrew Responds to Nighthawk: "🤣" 31:00 Hims Alt Data Recap31:39 Morgan Stanley's Note on App Deceleration32:08 Web Traffic 34:02 GLP-1 Contribution and Revenue Impact46:17 Advertising01:00:14 Short Interest Hits 38% Get full access to Hims House at himshouse.substack.com/subscribe

Thanks to our partner, Godel Terminal — a full trading terminal at less than 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In episode 37 of Hims House, patent attorney Gaston Kroub joins Jonathan Stern and Patrick Lester (Bayside) to unpack the legal fallout from Novo Nordisk’s split with Hims. With speculation swirling around a potential lawsuit, Gaston explains why a patent case is unlikely — and why, if Novo sues, they may instead lean on trademark or false advertising claims. The discussion dives into Novo’s patent portfolio, including the critical ‘343 patent, and how ongoing lawsuits against Empower and Strive could shape Novo’s next move. Gaston breaks down what a lawsuit would look like, the most likely outcomes, and why compounders like Hims remain legally protected despite accusations of skirting the law’s intent. The conversation closes with a look at the Supreme Court ruling that is responsible for the compounding exemption, and why any legislative fix may be years away.00:00 – Godel Terminal00:54 – Intro02:43 – Gaston’s Legal Background and Expertise04:46 – Will Novo Nordisk Sue Hims?17:02 – How Novo Has Targeted Other Compounders21:54 – FDA Law and Whether Novo Can Sue Directly26:57 – Breaking Down Novo’s Patent Portfolio39:10 – Lawsuit Scenarios41:19 – How Preliminary Injunctions Work42:53 – Why Novo Might NOT File A Lawsuit45:43 – Legal Precedents and Comparisons46:36 – What Makes Compounders Vulnerable in Court52:46 – Possible Outcomes If Novo Files a Lawsuit01:00:29 – Future of Compounding & Possible Congressional Actions01:16:15 – Final Takeaways Get full access to Hims House at himshouse.substack.com/subscribe

In Episode 36 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) sit down with biotech investor and dermatologist Adam May, easily the most bearish guest ever to appear on the show. Adam shares the timeline of his trades — shorting HIMS, briefly flipping long on the Novo partnership news, and now short again — all while the stock doubled in 2025. Together, they discuss the sudden collapse of the Hims-Novo deal, GLP-1 legality and risk, and whether HIMS' compounding model can withstand scrutiny.00:00 - Welcome & What’s on Deck03:25 - Adam May’s Background and Biotech Origin Story08:19 - Adam's History Trading HIMS17:28 - Hims' Approach to GLP-1s and Personalized Dosing39:08 - Live Reaction: Andrew Dudum Responds on Twitter to Novo Nordisk Deal Imploding43:58 - European Expansion45:04 - Future of Pharma Ads45:30 - RFK Jr. & MAHA50:03 - AI in Biotech: Drug Discovery52:05 - Could HIMS Ever Be a Drug Developer?54:43 - Future of “Personalization” in Medicine01:00:00 - Peptides Beyond GLP-101:09:37 - Valuation & Price Targets01:17:47 - Adam's Gift to Hims House Get full access to Hims House at himshouse.substack.com/subscribe