Hims & Hers Bounces Back: Diversification and Compliance Fuel a GLP-1 Comeback

The abrupt termination of Hims & Hers' partnership with Novo Nordisk in 2024 was a wake-up call. Accused of distributing unregulated compounded versions of Wegovy—a move that triggered a 30% stock plunge—the company faced a regulatory reckoning. Yet, far from being a death knell, this crisis has become the catalyst for a strategic overhaul. Today, Hims & Hers is positioning itself as a leaner, smarter player in the GLP-1 market, with a $725 million 2025 revenue target hinging on scalable, FDA-compliant offerings. Let's dive into how this rebound is playing out—and why investors should take notice.

The Pivot to Compliance: Generic Liraglutide as the New Engine

The star of Hims & Hers' post-Novonordisk strategy is its FDA-approved generic liraglutide, launched in mid-2025 at $299/month—half the price of branded Saxenda. Unlike the terminated compounded Wegovy, this injectable drug is fully compliant and taps into the $30 billion GLP-1 market's demand for affordability. With over $225 million in 2024 revenue from compounded semaglutide, the shift to generics isn't just about safety; it's about sustainable margins.

While Novo Nordisk's stock has remained steady, Hims' rebound—up 27% in 2025—reflects investor faith in its pivot. The generic liraglutide isn't as effective as weekly injectables like Mounjaro, but its lower price and FDA seal make it a mass-market play, ideal for patients wary of experimental compounded drugs.

Oral Pill Kits: The Next Frontier in Accessibility

Hims isn't stopping at injections. Its oral combination therapies—pairing FDA-approved generics like metformin and bupropion—offer a pill-based alternative to costly weekly shots. Though efficacy data is still emerging, the appeal is clear: convenience at a fraction of the cost. These kits, marketed as “personalized” without violating compounding laws, could carve out a niche in the $1.2 trillion U.S. prescription drug market.

Critics argue oral GLP-1s (like Ozempic's upcoming pill) may undercut this strategy, but Hims' early mover advantage and lower pricing could win over budget-conscious insurers and consumers alike.

Regulatory Alignment ≠ Sacrificing Growth

The Novo Nordisk split forced Hims to clean house, but the result is a streamlined business model focused on compliance. The FDA's crackdown on compounded drugs has left a void in the market—a void Hims is filling with FDA-approved alternatives. Its lobbying efforts (via website campaigns urging support for compounded access) are savvy PR, but the real power lies in its legally defensible product mix.

CEO Andrew Dudum's rebuttal to Novo's “anticompetitive” claims isn't just bravado; it's a signal that Hims will fight for patient choice while staying within regulatory lines. This balance is critical: the FDA's 1,000+ adverse event reports on compounded GLP-1s have made compliance a survival issue, not a luxury.

Is the $725M Target Realistic?

Breaking down the math:
- Generic liraglutide: At $299/month, 10,000 patients would generate ~$360M annually.
- Oral pill kits: Even moderate adoption (say, 5,000 patients at $150/month) adds $90M.
- Branded partnerships: Zepbound and Mounjaro (priced at $1,899/month) cater to wealthier clients, contributing ~$150M if 8,000 patients enroll.

Add in existing telehealth revenue and partnerships with compliant telehealth peers like LifeMD, and the $725M target looks achievable—especially as the FDA-approved GLP-1 market grows by 25% annually.

Investor Takeaway: Buy the Dip, but Stay Vigilant

Hims & Hers isn't out of the woods yet. Regulatory scrutiny remains intense, and competition from Big Pharma (e.g., Lilly's Ozempic pill) is looming. But the stock's 172% 2024 surge—and its 27% 2025 rally—show that investors are betting on its adaptability.

For aggressive investors, Hims offers a high-risk, high-reward play on the GLP-1 boom. A 5% dip post-earnings could be a buying opportunity, provided the company hits its 2025 milestones.保守型投资者应等待更多证据，但激进者可考虑分批建仓，目标价瞄准$10-$12区间（当前约$8.5）。

Final Verdict: Hims & Hers is rewriting its story from “regulatory outcast” to “compliance innovator.” If it can scale its FDA-approved products without repeating past missteps, this stock could be the next big comeback story in healthcare. Stay tuned—this GLP-1 race is far from over.