Hims & Hers as a Public Company
What HIMS Filings Reveal About Revenue Mix, Compounding Strategy, and 2024-2025 Regulatory Friction
Evidence grade 4 of 5, Strong. Read how the Atlas grades evidence.
The written rationale for this grade is still being prepared.
- FDA
- Public company; sells FDA-approved and compounded products
Reference only. Not medical advice.
What can go wrong
Investors face concentration risk in a compounded product line whose legality depended on a temporary FDA shortage designation. In June 2025 Novo Nordisk publicly terminated its short-lived collaboration with Hims & Hers, citing concerns about compounding practices and deceptive marketing. Legal and regulatory commentators have flagged FDA scrutiny, DOJ referral risk, and litigation exposure across the compounded-GLP-1 space.
This is something to take to a clinician. The Atlas can tell you what is known about hims & hers as a public company in general. It cannot tell you what is happening in your body, and the difference matters most for exactly the symptoms that bring people to this page.
Hims & Hers Health became public via SPAC in 2021 and trades on the NYSE as HIMS. Its filings show a business that diversified from its ED/hair men's-health origins into dermatology, mental health, and, the major 2024 growth driver, weight loss, including compounded GLP-1 (semaglutide) products. Compounding let Hims sell formulations that are not individually FDA-approved while branded supply was on the FDA shortage list. When the FDA declared the semaglutide shortage resolved in early 2025, that strategy faced direct regulatory rollback.
A SPAC-era DTC brand whose growth bet collided with the FDA.
What people take it for
What it is taken for. Approval, where it exists, covers only some of these.
How it works
Hims reports revenue heavily weighted toward recurring online subscriptions. The 2024 acceleration was driven substantially by the weight-loss category after Hims began offering compounded semaglutide in 2024 while branded Ozempic/Wegovy were on the FDA shortage list. Compounding under the shortage exemption let Hims sell semaglutide formulations, including a later compounded oral product, that were not themselves FDA-approved.
The Catch: The Shortage Exemption Was Temporary
Compounding of a copy of an FDA-approved drug is only lawful while that drug is on the FDA shortage list. The FDA resolved the semaglutide shortage (announced February 2025), and the enforcement-discretion windows for 503A and 503B compounders subsequently closed in 2025. That removed the legal basis for the compounded-GLP-1 product line and forced an abrupt pullback, a built-in regulatory cliff under the growth story.
What people get wrong
Nothing recorded here yet. There is almost certainly something people get wrong about this one, and the blank space means we have not written it down, not that the record is clean.
Who profits, and who pushes back
Novo Nordisk
Publicly terminated its collaboration with Hims & Hers in June 2025, alleging illegal compounding practices and deceptive marketing.
Shareholders, executives, and the platform; partner/affiliated pharmacies that fulfilled compounded prescriptions. Branded-drug makers (Novo Nordisk) were the displaced party and the eventual litigant.
Set against the alternatives
As a public company, Hims competes on a different axis than traditional pharmacy or a single telehealth vertical: its model is recurring direct-to-consumer subscriptions across several categories (ED/hair, dermatology, mental health, and weight loss), which diversifies revenue away from any one product. Compared with peers that leaned heavily on compounded GLP-1 during the semaglutide shortage, Hims is notable both for the scale of its 2024 weight-loss acceleration and for the regulatory exposure that created: when the FDA declared the semaglutide shortage resolved in early 2025, the compounding pathway that fueled that growth faced rollback, pushing Hims toward branded GLP-1 access and pressuring near-term margins. Versus brick-and-mortar telehealth or insurer-mediated models, Hims trades clinical breadth for vertical integration and brand-driven acquisition; its reported figures show this can scale revenue rapidly, but its 2024-2025 history also shows the model's sensitivity to a single regulatory determination.
| Metric | FY2024 | FY2025 | Note |
|---|---|---|---|
| Revenue | ~$1.5B | ~$2.35B | ~59% YoY growth in 2025 |
| Subscribers | ~2.2M | ~2.5M | Recurring online subscriptions |
| Net income | ~$126M | ~$128M | Roughly flat year over year |
| Adjusted EBITDA | ~$177M | ~$318M | Non-GAAP profitability measure |
| Weight-loss revenue | New category | ~$725M target | GLP-1-driven growth |
The filings reveal a company that used a cheap-generic men's-health beachhead to build a subscription base, then chased high-growth adjacencies. The compounded-GLP-1 bet drove explosive 2024 revenue but introduced a regulatory cliff that materialized in 2025 as the shortage resolved and Novo Nordisk severed ties.
What we do not know
- How much of 2024 growth was attributable to the now-curtailed compounded-GLP-1 line?
- What is the litigation and DOJ-referral exposure from the GLP-1 compounding episode?
What could change
Branded GLP-1 transitionShift from compounded to branded semaglutide access after the shortage was declared resolvedRegulatory and legal scrutinyOngoing attention to compounding practices and marketing of weight-loss offeringsCategory expansionContinued push beyond men's health into broader chronic and lifestyle care2026 revenue guidanceCompany guidance pointing to continued top-line growth into 2026Margin and profitability watchWhether adjusted EBITDA gains hold as product mix shifts to branded drugs
At a glance
- 2024 revenue
- ~$1.5 billion (up ~69% YoY)
- 2024 subscribers
- ~2.2 million (up ~45% YoY)
- 2024 net income
- ~$126 million
- 2024 Adjusted EBITDA
- ~$177 million
- Public since
- 2021 (SPAC, NYSE: HIMS)
What this entry does not yet cover
What follows is unfinished work on our side, not a finding about Hims & Hers as a Public Company. A short entry is not a safe entry.
- Cost and market. We have not documented what it sells for or who sells it.
- Supply chain. We have not mapped where it is made.
- Who uses it. We have not documented the user groups.
- Children and teenagers. We have not checked what is known about younger people.
Sources
No sources recorded for this entry yet. Nothing on this page can be checked against a citation until that changes, so treat it as a summary awaiting its evidence.