Hims House

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

Scott Brunner, CEO of the Alliance for Pharmacy Compounding, dives deep into the world of compounding pharmacies. He discusses the struggle between compounding and big pharmaceutical companies, particularly against giants like Eli Lilly and Novo Nordisk. The conversation touches on regulatory challenges, including the 5% rule and a contentious list of hard-to-compound medications. Brunner also highlights the increasing demand for GLP-1 drugs and the implications for patient access, advocating passionately for the future of compounded medications.

Geoff Cook, CEO of Noom, discusses the company's innovative approach to behavioral health and the shift towards GLP-1 microdosing. He emphasizes the importance of democratizing longevity medicine while navigating regulatory challenges and market dynamics. Geoff shares insights on the evolving healthcare landscape, including the integration of AI and personalized solutions. The conversation also touches on strategic partnerships, potential legal risks, and the future of health tech, as Noom adapts to compete in a saturated market.

In this engaging discussion, Dr. William Seeds, a board-certified orthopedic surgeon and pioneer in peptide therapy, shares his transformative journey from finance to medicine after a personal tragedy. He delves into the fascinating world of peptides, highlighting their potential as 'magical' drugs and the skepticism they face. The conversation explores the U.S. lag in peptide adoption compared to Europe and Asia, the influence of Big Pharma, and how Hims plans to navigate the legal landscape to introduce innovative peptide products in the coming decade.

Shaun Noorian, the founder and CEO of Empower Pharmacy, leads the world's largest compounding pharmacy, advocating for personalized medicine. He dives into the misconceptions about GLP-1 drugs and the ongoing legal battle against Eli Lilly over tirzepatide patents. The discussion highlights the critical role compounding plays in healthcare, not as a loophole but as a necessary service. Noorian also outlines future trends in hormone therapy and peptides, navigating the complexities of regulations and patient safety in an evolving industry.

Peter Pitts, President of the Center for Medicine in the Public Interest and former FDA Associate Commissioner, dives into the unchecked dangers of compounded GLP-1 medications. He critiques the FDA's regulatory gaps and highlights the risks posed by unregulated foreign supply chains. The conversation tackles ethical concerns surrounding corporate funding and the pitfalls of 'phony personalization' in treatment. Pitts debates the future of GLP-1 regulations and the potential for more stringent enforcement or outright bans.

A deep dive reveals a surprising revenue miss for HIMS, sparking debates on slowing subscriber growth and the implications of a flat core performance. The hosts ponder if this is just a transition phase or a warning sign for the company's future. They examine the effects of a recent acquisition and the ambitious plans around AI and at-home testing. With discussions on international expansion and product diversification, the conversation is lively, balancing concerns with a cautious optimism about what lies ahead.

David Maris, a renowned Wall Street analyst and founder of Wall Street Beats, discusses his bullish outlook on Hims, highlighting its growth potential and recent acquisition of ZAVA. He dives into the implosion of its partnership with Novo Nordisk and the associated legal risks. Maris shares insights on Hims' expansion into Canada and its potential to become a comprehensive healthcare platform. He also examines the market dynamics of GLP-1 treatments and the implications of high short interest on Hims' stock valuation.

The hosts delve into major media coverage, including a notable piece in Bloomberg Businessweek and the Washington Post's take on recent corporate upheaval. They explore Hims' ambitious expansion into Canada with generic medications, alongside the emergence of a new blood diagnostics division. Key insights on financial trends and app performance are highlighted, while a staggering 38% short interest raises eyebrows. The analysis touches on market dynamics and the complexities surrounding recent partnerships, packing this discussion with financial intrigue.