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Ryan MacDonald: Peptides could be a $30B+ market, and Hims is positioned to win meaningful share
Description
In Hims House episode 73, Jonathan Stern talks with Needham’s Ryan MacDonald, the lead Hims & 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 & 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' 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.