In Hims House episode 73, Jonathan Stern talks with Needham’s Ryan MacDonald, the lead Hims &amp; Hers analyst with a $35 price target and Buy rating. They break down the latest peptide news, how the FDA/PCAC process actually works, and why peptides may be more of a 2027 revenue story for major telehealth platforms like Hims. They also size the peptide opportunity, debate Hims’ potential share, and dig into GLP-1s, the Novo partnership, branded vs compounded economics, competition, valuation, short interest, insider signals, and the catalysts that matter most. 00:00 - Sponsor: Superpower 01:58 - FDA briefing document breakdown 04:15 - The timeline of peptide approval 09:50 - Category 1 vs 503A Bulks List 11:34 - When will telehealths start to sell peptides? 14:25 - Sizing the peptide market 19:31 - Hims’ peptide share 21:55 - Peptide pricing &amp; margins 24:45 - Peptides likely a 2027 revenue story 29:58 - Hims-Novo deal check-in 32:11 - Branded vs compounded GLP-1s margins 35:27 - Pills vs injectables 40:43 - International 42:04 - Hims&#x27; moat 46:22 - 2030 targets and valuation models 50:32 - Shorts, insiders, and catalysts Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.

Ryan MacDonald: Peptides could be a $30B+ market, and Hims is positioned to win meaningful share

Hims House

Welcome to Hims House. Today we have a conversation with Ryan MacDonald, Managing Director at Needham, and the Lead Analyst at Needham covering Hims and Hers. It is probably the most thorough deep dive I have done about the business side of peptides and GLP-1s and pretty much every other aspect of Hims' business. Ryan, of course, has a $35 price target and buy rating on Hims.

And I want to say thank you to Ryan for coming on the show and for the depth and transparency of your answers. Really, really terrific episode, and I think you'll all enjoy it very much. But first, let me tell you about Superpower. Most people get blood work done once a year, glance at a few numbers, and never really understand what any of it means. Superpower is the first time I've gotten blood work done and actually walked away knowing what's going on and what to do about it.

I tested over 100 biomarkers and my results were in the app, ready the next day. Their in-house AI then broke it all down for me, what was high, what was low, and why each one actually mattered. I even put it head to head with ChatGPT and Claude. And I have to say, Superpower is sharper and much, much more precise because of all the context it has on me. Superpower is also launching peptides soon and has acquired some very interesting IP in the space.

Join their waitlist at superpower.com slash peptides. And now here is my conversation with Ryan McDonald. Hims House Episode 73. My name is Jonathan Stern. I'm here today with Ryan McDonald, Managing Director and Senior Equity Research Analyst at Needham and Company, where he has worked for more than eight years.

Ryan MacDonald: Peptides could be a $30B+ market, and Hims is positioned to win meaningful share

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Ryan MacDonald: Peptides could be a $30B+ market, and Hims is positioned to win meaningful share

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.