Not many companies can turn a regulatory battle, a high-profile lawsuit, and a turbulent market into a 49% stock surge in a single week — but Hims and Hers Health just did exactly that. Over five consecutive trading sessions, the telehealth platform climbed nearly half its value, including an 11% single-day jump on Monday, recovering more than 125% from its February lows in the process. Two major developments fueled the rally, and together they are reshaping what this company could realistically become.
The FDA Opens a Door That Changes Everything
The first catalyst landed on April 15, when Health Secretary Robert F. Kennedy Jr. announced that the Food and Drug Administration would hold a session in July to reconsider restrictions on 12 peptides placed on a limited-use list back in 2023. Those restrictions had effectively shut compounding pharmacies out of a fast-growing category of wellness treatments, blocking access for millions of potential patients.
For Hims and Hers, the timing could not have been better — and it was not entirely coincidental. The company had quietly acquired a peptide manufacturing facility in California in February 2025, positioning itself well ahead of any regulatory shift. If the FDA moves forward with easing those restrictions, Hims would have the production capacity to bring peptide therapies to market immediately and at commercial scale.
The company has also outlined a longevity specialty product line targeting a 2026 launch, covering peptides, coenzymes, and GLP therapeutic options. The roadmap signals this regulatory development fits squarely within a deliberate, long-term strategy — not a stroke of luck.
Hims and Hers Settles With Novo Nordisk
The second catalyst is the resolution of a very public and damaging legal dispute with pharmaceutical giant Novo Nordisk. The two companies clashed sharply in 2025 after an initial partnership fell apart. Novo accused Hims of deceptively marketing compounded alternatives to its flagship treatment Wegovy, triggering lawsuits, FDA warning letters, and months of public confrontation.
A settlement reached in March brought the conflict to a full close. Under the new arrangement, Hims committed to making Novo’s branded GLP-1 medications — including both injectable and oral Wegovy formulations — priority offerings on its platform. Novo, in turn, dropped all legal claims entirely.
The deal hands Hims a clean, authorized path in the fiercely competitive GLP-1 market. The company had already built more than one million square feet of domestic manufacturing space, including sterile injectable capacity designed for treatment products. Pairing that infrastructure with branded Wegovy distribution places Hims in a far more stable regulatory position than it had previously occupied.
Novo Nordisk stands to benefit as well. NVO shares have dropped 21% year to date, facing pricing pressure and intensifying competition. Gaining a telehealth distribution partner gives Novo a direct, modern channel to reach patients at scale.
What the Numbers Actually Show
The stock surge sets up a critical moment on May 11, when Hims reports first-quarter results. The financial picture is expected to be mixed
- Q1 revenue guidance sits between $600 million and $625 million
- Analysts project earnings per share of just $0.06 — a 70% decline from the same period last year
- Capital spending jumped 138% in the fourth quarter of 2025
- Free cash flow swung to negative $2.57 million from a positive $59.5 million in the prior year
The company is directing heavy investment into manufacturing expansion and a pending acquisition of Eucalyptus, a business generating more than $450 million in annual recurring revenue. Full-year 2025 revenue came in at $2.35 billion, up 59%, powered largely by compounded GLP-1 product sales. Management now projects growth to moderate to roughly 19% this year as higher-margin compounded products give way to the branded Wegovy model.
A Subscriber Base That Keeps Growing
Despite the spending surge, Hims and Hers continues to build its user base at a steady pace. The company reported more than 2.5 million active subscribers in its most recent update, with monthly revenue per subscriber holding at $83 and subscriber growth at 13% year over year.
The numbers paint a picture of a company spending aggressively to build something bigger and more legitimate — and Wall Street is watching closely to see if that investment pays off when earnings hit next month.
A Comeback Worth Watching
Few telehealth stories this year have moved as fast or as dramatically as Hims and Hers. From regulatory headwinds and legal battles to a 49% rally and a cleared runway in two of the hottest health markets, the company has rewritten its narrative in a matter of weeks. Whether the momentum holds through earnings will be the next defining chapter.
