Akcie Hims klesají, posun k GLP‑1 vyvolává otázky o strategii

Hims & Hers Health shares declined on Thursday as investors reacted cautiously to the company’s latest expansion in GLP-1 weight-loss treatments, even as management framed the move as a strategic step toward long-term growth.

The stock fell about 4.2% to $27.79 during the session, underperforming the broader market, with the S&P 500 down 0.5%.

The pullback adds to a broader decline, with shares down more than 16% this year after a sharp rally in 2024 that saw the stock more than double.

The latest development comes as Hims seeks to reposition itself following the normalization of supply in GLP-1 medications, a category that had previously driven strong demand for its services.

Rozšíření nabídky GLP-1

Hims announced that it is expanding its platform to include a full range of FDA-approved GLP-1 treatments, including products from Eli Lilly such as Zepbound, Mounjaro, and Foundayo.

The move follows a similar arrangement with Novo Nordisk, which earlier agreed to drop a patent infringement lawsuit in exchange for Hims offering branded Ozempic and Wegovy.

The platform allows providers to prescribe these treatments with self-pay pricing, bundled alongside clinical and nutritional support under a subscription model.

This expansion comes after Hims stepped away from large-scale compounding of GLP-1 drugs, a strategy that had helped it capture market share during a period of supply shortages.

With those shortages now resolved, major drugmakers are reasserting control over distribution channels.

According to Leerink Partners analyst Michael Cherny, the move presents a mixed picture. On one hand, Hims is continuing to broaden its platform and is “serving as an intermediary to create more options.” On the other, “it is hard to tell what role Hims is playing here beyond being the front door to patients accessing Lilly products.”

Změna strategie přitahuje pozornost investorů

Chief Executive Officer Andrew Dudum has sought to frame the transition as a strategic evolution rather than a retreat.

Drawing a comparison to Netflix, Dudum said the company is focused on expanding choice rather than relying on any single product.

“In many ways, today reminds me of Netflix’s early days, when everyone talked about whether they would have the latest blockbuster in their catalog. As if Netflix’s success depended on its ability to become the distribution channel for a single film,” Dudum said.

He added: “By offering a full range of FDA-approved GLP-1s on our platform, we’re similarly giving our customers more choices through all the tools we have available – and we’ll continue to push here on behalf of everyone who depends on us for their care.”

Despite this positioning, investors remain cautious as the company’s role in the GLP-1 ecosystem becomes less clearly defined following its exit from compounding.

Výhled závisí na nových zdrojích růstu

Hims’ earlier strategy of producing compounded versions of GLP-1 drugs led to investments in manufacturing infrastructure, including a California outsourcing facility in 2024 and a peptide facility in 2025.

With compounding now scaled back, the company faces questions over how it will deploy these assets.

One potential area of expansion is peptides, particularly as regulatory conditions evolve.

The company has indicated interest in the space following comments from Robert F. Kennedy Jr. about easing restrictions on certain peptide therapies.

While peptides have been promoted for their potential benefits, they remain controversial due to limited evidence on efficacy and safety risks.