Big Take Hims Wants to Keep Mailing You Copycat GLP-1s. It’s Getting Trickier.
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Aug 15, 2025 Madison Muller, a healthcare reporter for Bloomberg News, dives deep into the rise of Hims, a company that pivoted from niche health services to capitalize on the weight-loss drug craze. She reveals how Hims seized market share with its copycat versions of medications like Ozempic as customers flocked during drug shortages. However, as the FDA declares the shortage over, Muller discusses the challenges Hims faces with dwindling demand and evolving consumer perceptions—leading to a gripping narrative of innovation amidst regulatory hurdles.
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Cheap Compounds Drove Rapid Growth
- Hims scaled quickly by selling compounded GLP-1 weight-loss shots at steep discounts during brand shortages.
- Those sales reportedly made up about 30% of Hims's revenue in Q4 2024, per Morgan Stanley.
Inside A Compounding Pharmacy
- Madison Muller visited one of Hims's compounding pharmacies and described a large warehouse operation with pharmacists and hazmat suits.
- Hims produces vials and syringes rather than patented injector pens used by brand manufacturers.
Regulatory Limits Reshaped The Market
- Compounded drugs bypass FDA approval and clinical testing, enabling much lower prices but raising safety and efficacy questions.
- The FDA ended the GLP-1 shortage in Feb 2025, which restricted exact compounding and shifted the market landscape.