Episode Details

In this episode of Hims House, Jonathan Stern sits down with Mark Mulhern (Manu Invests) to break down HIMS’ Q4 and full-year results: $2.35B in 2025 revenue, 59% Q4 growth, and $318M EBITDA—alongside subscriber growth that has slowed to ~flat sequentially. They unpack 2026 guidance of $2.7-$2.8B (excluding the pending Eucalyptus deal) and why total 2026 revenue could still land around ~$3B once Eucalyptus is included. The core debate is around what management didn’t address: the Novo Nordisk patent lawsuit, FDA/DOJ probes, an SEC investigation disclosed in the 10-K, plus the compounded semaglutide pill launch-and-pullback that triggered chaos. They also dig into competitive pressure (Ro and pharma price cuts), the pivot to international + labs as growth levers, the unanswered AI/ML product roadmap, and whether peptides are the next “GLP-1 moment” or just hype.

00:00 Sponsor: Mochi Health

01:57 Q4 2025 earnings recap

05:22 2026 guidance & Eucalyptus impact

09:34 Unanswered issues: Novo, FDA/DOJ, SEC

14:06 Semaglutide pill chaos

19:49 International expansion

23:38 U.S. core slowdown

24:50 Why Mark still holds HIMS

27:44 Labs: acquisition and flywheel

31:14 Execution on new launches

34:55 Peptides

38:58 What is Hims’ new AI team building?!

41:30 Ranking risks: Novo vs. FDA vs. DOJ vs. SEC

44:00 Hims x Lilly?

47:44 Sentiment drag

54:48 Valuation and stock price

57:36 2026 predictions

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.