Hims & Hers (HIMS) Stock Up 49% in Five Days on FDA Peptide Review and Novo Nordisk Deal

TLDR

• Hims & Hers (HIMS) stock surged as much as 49% in five trading sessions, with an 11% gain on Monday alone.
• The FDA announced a July meeting to consider easing restrictions on 12 peptides, opening a potential new revenue line for Hims.
• RFK Jr. backed the peptide push, and the company already owns a California peptide manufacturing facility acquired in February 2025.
• Hims and Novo Nordisk settled their legal dispute, with Hims agreeing to distribute branded Wegovy through its platform.
• Q1 earnings are due May 11, with EPS expected to fall 70% year-over-year as capital spending ramps up sharply.

Hims & Hers Health stock has had a week few investors saw coming. The telehealth company’s stock climbed as much as 11% on Monday, capping a five-day run that saw the stock jump roughly 49%. It has now surged more than 125% from its February lows.

Hims & Hers Health, Inc., HIMS

Two things drove the move: a regulatory shift on peptides and a deal with Novo Nordisk.

On April 15, Health Secretary Robert F. Kennedy Jr. announced the FDA would evaluate removing 12 peptides from a restricted list it created in 2023. That list had blocked compounding pharmacies from producing certain peptide therapies. RFK Jr. has been vocal about his support for peptides, including telling Joe Rogan he personally uses them.

For Hims, this matters because the company quietly bought a California-based peptide manufacturing facility in February 2025. If the FDA eases those restrictions, Hims would be well-positioned to produce and sell peptide therapies at scale. The company has already flagged a “longevity specialty” product line set to launch in 2026 featuring peptides, coenzymes and GLP treatments.

The Novo Nordisk Deal

The other piece of the story is the settlement between Hims and Novo Nordisk. The two companies had a messy breakup in 2025 after an initial partnership collapsed. Novo accused Hims of deceptively promoting “knockoff” versions of Wegovy, leading to lawsuits, FDA warning letters, and months of public disputes.

In March, the two sides reached an agreement. Hims will prioritize distributing Novo’s branded GLP-1 drugs — Wegovy injections and oral Wegovy — through its platform. In return, Novo dropped the lawsuit.

The deal gives Hims a legitimate route in the GLP-1 market, though at lower margins than its compounded versions. Hims had built over 1 million square feet of U.S. facility space, including sterile injectable capacity for weight loss products. Pairing that infrastructure with branded Wegovy distribution is a cleaner business than the regulatory gray zone it was operating in before.

Novo Nordisk is also getting something out of this. NVO stock is down 21% year-to-date, pressured by competition and pricing headwinds. A telehealth distribution partner helps Novo reach patients more directly.

Earnings on May 11 Will Be the Real Test

The stock’s run-up comes ahead of a May 11 earnings report, and the numbers won’t be pretty on all fronts. Hims guided for Q1 revenue of $600 million to $625 million. But analysts expect EPS of just $0.06, a 70% drop year-over-year.

Capital spending rose 138% in Q4 2025, and free cash flow turned negative at -$2.57 million versus $59.5 million a year earlier. The company is spending heavily on its manufacturing build-out and a pending acquisition of Eucalyptus, which has annual recurring revenue above $450 million.

Revenue for 2025 came in at $2.35 billion, up 59% on the back of the compounded GLP-1 business. Management is now guiding for roughly 19% growth this year, a softer pace as the higher-margin compounded product is replaced with the branded Wegovy arrangement.

Hims had more than 2.5 million subscribers as of its last update, with monthly revenue per subscriber at $83 and subscriber growth running at 13% year-over-year.

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