Hims and Hers Shares Jump 49% in a Week on Peptide Pipeline and Novo Nordisk Deal

Hims and Hers Health (NYSE: HIMS) shares climbed 9% in Monday morning trading, rising from $28.82 toward $31 as investors moved into the stock ahead of its May 11 earnings report. The session was the latest chapter in an extraordinary week: HIMS had already surged 49% across five trading sessions, making it one of the market's most volatile and closely watched names heading into a quarterly print.

Two catalysts are driving the move. Renewed FDA interest in peptide therapeutics has reignited optimism about the company's evolving product pipeline, and a concrete partnership with Novo Nordisk for Wegovy distribution has given bulls a clear narrative to rally around. The stock is still down 3% year-to-date, so part of this week's move looks like a recovery trade catching up to the catalysts. But the speed and scale of the run-up raises a reasonable question: has the market gotten ahead of itself before anyone has seen the actual numbers?

The Novo Nordisk Partnership

The relationship between Hims and Hers and Novo Nordisk has been complicated. As recently as Q3 2025, Hims and Hers disclosed that it was in active discussions with Novo Nordisk to distribute Wegovy injections and oral Wegovy through its telehealth platform, while cautioning that no definitive agreement might ever be executed. A deal now in place changes that picture meaningfully.

The reason investors care so much comes down to infrastructure. Hims and Hers has built more than one million square feet of U.S. facility space and has been constructing sterile injectable capacity focused specifically on weight loss and hormonal support treatments. Pairing that existing manufacturing footprint with branded Wegovy distribution gives the company a differentiated and defensible position in the GLP-1 market, rather than relying on compounded alternatives whose regulatory status has been in flux. For anyone watching the compounding risk, a Novo Nordisk relationship is a meaningful hedge against future restrictions.

Novo Nordisk has its own reasons to make this work. NVO shares are down 21% year-to-date, pressured by pricing headwinds and the compounding competition that Hims and Hers was previously part of. A telehealth distribution partnership gives Novo Nordisk a direct-to-patient channel that helps bypass some of that competitive pressure, which explains why the strategic logic runs in both directions.

FDA Peptide Tailwinds and the Longevity Pipeline

The peptide angle is the other major piece of the bull case, and it connects directly to what this site covers. Renewed FDA interest in peptide therapeutics is broadly positive for Hims and Hers, which has been investing in a California-based peptide manufacturing facility and has plans to launch a longevity specialty in 2026 featuring peptides, coenzymes, and GLP/GIP treatments.

The company confirmed "peptide" as a central topic on its November 2025 earnings call, with prediction market traders generating over $24,000 in volume betting on whether the word would even be mentioned. It was. That detail matters less as a curiosity and more as an indicator of how closely the market is watching the company's positioning in this space. Regulatory clarity around peptide therapeutics could unlock meaningful new revenue for a platform that already serves more than 2.5 million subscribers.

The peptides most directly relevant to Hims and Hers' pipeline are in the GLP-1 and GIP receptor agonist space. Retatrutide, Eli Lilly's triple agonist currently in Phase 3 trials, represents the next generation of what Wegovy and tirzepatide started. For a company building the distribution and manufacturing infrastructure now, the clinical pipeline coming behind the currently approved drugs is a significant long-term consideration. The company's longevity specialty, which reportedly includes broader peptide protocols beyond GLP-1, would sit closer to the research peptide territory covered elsewhere on this site, including compounds like Ipamorelin and growth hormone-related peptides.

The Earnings Tension

The bull case has a clear counterweight. Hims and Hers guided for Q1 revenue of $600 million to $625 million, which is solid, but analysts expect quarterly EPS of $0.06, representing a 70% decline year-over-year. Adjusted EBITDA is also expected to decline from prior-year levels.

The profitability pressure is not a surprise given the capital expenditure trajectory. CapEx rose 138% year-over-year in Q4 2025 and free cash flow turned negative at minus $2.57 million, after generating $59.5 million in the prior-year period. The company is spending aggressively to build out its manufacturing footprint and international presence, and its pending acquisition of Eucalyptus, which carries annual recurring revenue north of $450 million, adds further near-term cost pressure. Growth-mode spending compresses near-term margins. That is the bear case in plain terms, and it is not a small concern heading into a quarterly print.

The bulls see a company executing a strategic pivot toward branded GLP-1 distribution and peptide-based longevity care, with a subscriber base growing at 13% year-over-year and monthly revenue per subscriber rising to $83. The bears see a stock that has already run 49% in a week on narrative momentum, heading into a quarter where profitability is expected to deteriorate sharply.

What to Watch on May 11

The May 11 earnings call will be the first real test of whether this week's rally is justified or premature. The key variables are whether revenue lands within the $600 million to $625 million guidance range, how management frames the EBITDA trajectory going forward, and whether there is any new detail on the Novo Nordisk partnership structure or timeline. That last point is likely to move the stock sharply in either direction depending on what is said.

For readers following the peptide side of this story specifically, the longevity specialty line launch and any commentary on the California peptide manufacturing facility will be the most directly relevant disclosures. A company with Hims and Hers' subscriber scale and telehealth infrastructure entering the peptide therapeutics market in a serious way would be a significant development for the broader ecosystem, even if the near-term financial picture is complicated by the investment cycle the company is currently in.

Source: 24/7 Wall St: Hims and Hers Rallies 9% as Investors Bet Big on Peptide Pipeline and Novo Nordisk Deal (20 Apr 2026)