Hims & Hers Health

Hims & Hers Health, Inc.
TypePublic
Industry
Founded2017 (2017)
Founders
Headquarters
San Francisco, California[2]
,
United States
Area served
Key people
  • Andrew Dudum (CEO)
  • Yemi Okupe (CFO)
  • Mike Chi (CGO)
  • Melissa Baird (COO)[3]
Products
RevenueIncrease US$2.348 billion (2025)
Increase US$105.6 million (2025)
Increase US$128.4 million (2025)
Total assetsIncrease US$2.155 billion (2025)
Total equityIncrease US$540.9 million (2025)
Number of employees
2,442 (2025)
Websitehims.com
Footnotes
[4]

Hims & Hers Health, Inc., doing business as hims, is an American telehealth company headquartered in San Francisco. It provides prescription medications, over-the-counter medications, and personal care products through a direct-to-consumer subscription model.

History

Early history (2017–2020)

Hims, Inc. was founded in November 2017 by Andrew Dudum, Jack Abraham, and Hilary Coles as part of Atomic Labs, a San Francisco venture studio co-founded by Dudum and Abraham.[5][6] It initially offered generic prescription treatments for erectile dysfunction and hair loss alongside skincare products, marketed to millennial men through a direct-to-consumer brand.[7][8] Hims received $7 million in seed funding from investors including Kirsten Green of Forerunner Ventures and Josh Kushner's Thrive Capital.[9]

In 2018, Hims launched Hers, a brand targeting women's health needs including birth control, skincare, and hair regrowth treatments.[10] In January 2019, Hims raised $100 million in a Series C funding round at a $1 billion pre-money valuation.[11][12] Later that year, the company expanded internationally with a launch in the United Kingdom.[13]

In April 2020, amid the COVID-19 pandemic, Hims & Hers expanded into mental health with a rollout of free anonymous group therapy sessions, later adding online psychiatry consultations and, in 2021, individual teletherapy services.[14][15]

SPAC merger, public listing, and acquisitions (2020–2023)

In October 2020, Hims announced an agreement to become a publicly traded company through a merger with Oaktree Acquisition Corp., a special-purpose acquisition company led by Oaktree Capital Management co-chairman Howard Marks.[16] The transaction closed on January 20, 2021 at a valuation of $1.6 billion, and shares began trading the following day on the New York Stock Exchange.[5][2] The deal provided the company with about $280 million in proceeds, including $75 million from private placement investors such as Franklin Templeton Investments.[17]

In June 2021, Hims & Hers acquired London-based Honest Health Limited, marking its first international acquisition and expanding its United Kingdom operations.[18] The following month, the company acquired the teledermatology platform Apostrophe (YoDerm, Inc.) for potential consideration of up to $200 million.[19] Apostrophe was shut down in 2025.[20]

GLP-1 weight loss entry and Super Bowl advertising (2024–2025)

In May 2024, Hims & Hers began offering access to compounded injectable semaglutide, a glucagon-like peptide-1 receptor agonist (GLP-1) prescription treatment, as part of a new weight-loss specialty on its platform.[21] The move followed a national shortage of branded semaglutide products Ozempic and Wegovy made by Novo Nordisk, which allowed Section 503A compounding pharmacies and 503B outsourcing facilities to legally produce copies of the drug.[22] In September 2024, the company acquired MedisourceRx, a licensed 503B compounding outsourcing facility, to vertically integrate its compounded medicine supply chain.[22]

In February 2025, Hims & Hers aired a 60-second commercial titled "Sick of the System" during Super Bowl LIX on Fox, the first Super Bowl advertisement to promote GLP-1 weight loss treatments.[23][24] The advertisement drew criticism from public health experts, industry trade groups and members of the United States Congress for framing the compounded semaglutide products as a solution to the American obesity epidemic without disclosing side-effect or risk information.[24][25] Senators Dick Durbin and Roger Marshall wrote a joint letter to the Food and Drug Administration urging enforcement action.[24]

Novo Nordisk collaboration and termination (2025)

In April 2025, Hims & Hers announced a collaboration with Novo Nordisk under which branded Wegovy would be made available through the Hims & Hers platform as a bundled offering with a monthly membership.[26] On June 23, 2025, Novo Nordisk unilaterally terminated the collaboration, citing what it described as "deceptive promotion and selling of illegitimate, knockoff versions of Wegovy that put patient safety at risk," in reference to Hims & Hers' continued sale of compounded semaglutide.[27][28] Shares of the company fell roughly 35% following the announcement, and multiple securities class action lawsuits were subsequently filed in the United States District Court for the Northern District of California alleging that the company had misled investors about the risk of the partnership's collapse.[29]

Regulatory scrutiny and international expansion (2025–2026)

In June 2025, Hims & Hers acquired the London-based European digital health platform ZAVA for undisclosed cash consideration, extending the company's presence into Germany, France, and Ireland alongside deeper reach into the United Kingdom.[30][31]

In August 2025, Bloomberg reported that the Federal Trade Commission had been investigating the company's advertising claims and subscription cancellation practices for more than a year.[32] On September 9, 2025, the FDA sent Hims & Hers a warning letter as part of a broader enforcement effort targeting more than 100 drug advertisers, faulting the company for statements on its website claiming that its compounded products contained "the same active ingredient" as FDA-approved Ozempic and Wegovy.[33][34]

On February 5, 2026, Hims & Hers introduced a compounded oral semaglutide pill for the first month, undercutting Novo Nordisk's newly approved branded oral Wegovy pill.[26] Novo Nordisk announced its intention to sue the company for patent infringement related to U.S. Patent No. 8,129,343, which protects the semaglutide molecule until December 2031.[26][35] On February 7, 2026, Hims & Hers announced it would withdraw the compounded oral pill from its platform.[36] Novo Nordisk formally filed the patent infringement suit in the United States District Court for the District of Delaware on February 9, 2026.[37]

On February 19, 2026, Hims & Hers announced an agreement to acquire the Australian digital health company Eucalyptus Health, operator of the Juniper, Pilot, and Kin telehealth brands, for consideration of up to $1.15 billion.[38][39]

References

  1. ↑ Khazan, Olga (6 June 2019). "You Can Buy Prescription Drugs Without Seeing a Doctor". The Atlantic. Retrieved 2 April 2021.
  2. 1 2 Loizos, Connie (21 January 2021). "Hims, the telehealth startup, saw its shares slip in their trading debut — and that's fine with its CEO". TechCrunch. Retrieved 25 March 2021.
  3. ↑ Primack, Dan (8 May 2019). "Online medicine site Hims nabs former Lyft marketing executive". Axios. Retrieved 2 April 2021.
  4. ↑ Hims & Hers Health, Inc. 2025 Form 10-K (Report). U.S. Securities and Exchange Commission. February 23, 2026.
  5. 1 2 Brown, Kristen V.; De Vynck, Gerrit (30 October 2020). "Hims Built a $1.6 Billion Online Empire by Pushing Prescriptions". Bloomberg Businessweek. Retrieved 24 March 2021.
  6. ↑ Schneier, Matthew (November 28, 2017). "Finally Putting Some Fun in Erectile Dysfunction". The New York Times.
  7. ↑ Hurly, Adam (5 December 2017). "Now You Can Subscribe to Hair Loss and Erectile Dysfunction Pills". GQ. Retrieved 25 March 2021.
  8. ↑ Budds, Diana (November 15, 2017). "This Startup Is Rebranding Penis Pills And Hair Loss Treatments For Millennials". Fast Company.
  9. ↑ Green, Dennis. "This new men's wellness startup wants to mail you everything you need to stop hair loss". Business Insider.
  10. ↑ Raphael, Rina (October 31, 2018). "Hims launches Hers: Men's wellness startup now has a "badass sister"". Fast Company.
  11. ↑ Clark, Kate (January 29, 2019). "Wellness startup Hims enters the unicorn club with $100M investment". TechCrunch.
  12. ↑ Raphael, Rina (2 April 2019). "This "hair wellness" startup is taking on Rogaine". Fast Company. Retrieved 25 March 2021.
  13. ↑ Moshakis, Alex (March 17, 2019). "Evolution of man: the rise and rise of the male wellness sector". The Observer.
  14. ↑ Shieber, Jonathan (April 7, 2020). "Hims launches group therapy services as first foray into broader mental health initiative". TechCrunch.
  15. ↑ Reuter, Elise (July 23, 2020). "Men's wellness startup Hims rolls out telepsychiatry". MedCity News.
  16. ↑ Rinker, Brian (October 1, 2020). "Telemedicine startup Hims to merge with blank check company Oaktree Acquisition Corp". San Francisco Business Times.
  17. ↑ "Hims & Hers goes public in $1.6B SPAC deal". Healthcare Dive. January 21, 2021.
  18. ↑ Loizos, Connie (January 21, 2021). "Hims, the telehealth startup, saw its shares slip in their trading debut — and that's fine with its CEO". TechCrunch.
  19. ↑ "Hims & Hers Deepens Dermatology Investment, Acquires Apostrophe".
  20. ↑ https://www.reuters.com/business/healthcare-pharmaceuticals/hims-hers-shut-down-dermatology-business-apostrophe-2025-03-07/
  21. ↑ Cerullo, Megan (May 21, 2024). "Hims & Hers says it's selling a GLP-1 weight loss drug for 85% less than Wegovy. Here's the price". CBS News.
  22. 1 2 Palmer, Katie (August 29, 2024). "Telehealth giant Hims & Hers faces hurdles with compounded GLP-1 drugs". Stat.
  23. ↑ Steinberg, Brian (January 29, 2025). "Hims & Hers Hopes Super Bowl Commercial About Obesity Stands Apart From Pack of Snacks". Variety.
  24. 1 2 3 "Super Bowl ad for Hims & Hers' weight loss drug sparks backlash". ABC News. February 12, 2025.
  25. ↑ Weisman, Larry (February 10, 2025). "Super Bowl ad controversy: Cut-rate Wegovy from Hims & Hers". The Boston Globe.
  26. 1 2 3 Dilicosa, Martina (February 5, 2026). "Novo Nordisk Will Sue Hims & Hers For Undercutting Wegovy Pill With $49 Copy". Forbes.
  27. ↑ Loftus, Peter; Stewart, Robb M. (June 23, 2025). "Hims & Hers Stock Drops More Than 30% After Novo Nordisk Breakup". The Wall Street Journal.
  28. ↑ Niasse, Amina (June 10, 2025). "Hims & Hers says its weight-loss business can grow as US market changes". Reuters.
  29. ↑ "Hims & Hers HIMS Slides on FTC Probe. What's Next?". NAI 500. August 15, 2025.
  30. ↑ "Hims & Hers buys Zava to form European beachhead". pharmaphorum. June 3, 2025.
  31. ↑ "Hims & Hers makes a big Europe push with an acquisition. Knockoff weight loss drugs could be next". Quartz. June 3, 2025.
  32. ↑ Muller, Madison; Nylen, Leah (August 14, 2025). "FTC Probing Complaints About Hims' Ads, Cancellation Practices".
  33. ↑ Perrone, Matthew (September 16, 2025). "FDA takes aim at Hims & Hers, weight loss drugs in new advertising blitz". The Hill.
  34. ↑ Perrone, Matthew (September 16, 2025). "FDA warns Hims & Hers and other weight loss drugmakers to remove 'false and misleading' advertising". Fortune.
  35. ↑ Manalac, Tristan (February 9, 2026). "Novo Sues Hims & Hers Over Compounded Version of Oral Wegovy Pill". BioSpace.
  36. ↑ "Novo sues Hims & Hers despite Wegovy pill offering U-turn". Pharmaceutical Technology. February 9, 2026.
  37. ↑ https://www.reuters.com/legal/litigation/novo-nordisk-opens-new-front-with-patent-suit-over-hims-wegovy-copies-2026-02-10/
  38. ↑ "Hims & Hers Health to acquire Australia's Eucalyptus for up to $1.15 billion". CNBC. February 19, 2026.
  39. ↑ Rapaport, Emma (February 19, 2026). "Eucalyptus sells to New York-listed healthcare giant in $1.6b deal". Australian Financial Review.
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