With Legal Overhang Behind, Hims Looks To Drive Growth via Novo Partnership and International Push

Hims & Hers is one of the leading telehealth firms in the US. Since its 2017 launch, the platform has connected patients with healthcare providers across specialties including erectile dysfunction, hair loss, and weight loss. Subscribers have soared from 290,000 at the end of 2020 to over 2.5 million in 2025, with roughly half of the growth driven by the late-2023 launch of its weight-loss program. The introduction of compounded GLP-1s (diabetes and weight-loss) in May 2024, amid the branded medication shortage, spurred significant demand for the platform. However, following the US Food and Drug Administration’s resolution on the semaglutide shortage in February 2025 and the end of enforcement discretion for 503B compounders in May, we expect weight-loss revenue to decline sharply starting in 2026.