🚨 EMERGENCY POD: Ep 27 - Hims Inks Deal with Novo Nordisk To Sell Wegovy
In Episode 27 of Hims House, Jonathan Stern, Patrick Lester, and Louis Stevens discuss the blockbuster news of Hims partnering with Novo Nordisk to sell branded GLP-1 medication Wegovy for $599 a month. They delve into the deal terms, initial market reaction, and the potential long-term impacts on Hims as the direct-to-consumer telehealth leader. The conversation also touches on the possibility of future partnerships, notably with Eli Lilly, and how Hims' business model and profit margins might evolve.00:00 Introduction01:46 Patrick's Perspective on the Deal08:09 Louis' Return and Reflections09:58 Comparing Hims to Netflix and Long-term Prospects15:46 Impact on Bear Thesis and Revenue Projections21:12 Understanding Hims as an AI-Orchestrated General Physician27:01 Wall Street's Obsession with GLP-1s31:30 Margin Impact of the Novo Deal40:01 Future Partnerships and 2025 OutlookDisclaimer: 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 Get full access to Hims House at himshouse.substack.com/subscribe
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Ep 26 - Martin Shkreli: The Case for Hims & Hers
In this episode of Hims House, Jonathan Stern and Patrick Lester sit down with Martin Shkreli — one of the sharpest and most controversial voices in healthcare. They break down what’s driving Hims’ explosive revenue growth and why the company remains so widely misunderstood. The conversation covers the “Netflix of Healthcare” analogy, GLP-1 compounding and IP risk, and questions around long-term sustainability. Shkreli also breaks down the stock dynamics behind Hims’ unusually high short interest, how hedge funds and quants are positioned, and what the holder list — including Citadel, Farallon, and Renaissance — reveals about how the smartest players on Wall Street are positioned. The episode closes on valuation, scale, and why management execution is likely to be the single most important factor in how the Hims story plays out.00:00 Introduction04:00 The Netflix of Healthcare05:52 Positive Second Derivative Revenue Growth07:33 Founder-Led Companies09:13 Comparing Hims to Google15:30: The Importance of Management20:15 Hims As Big As UnitedHealthcare?24:50 GLP-1s and Hims25:45 Why Big Stock Price Swings are Bullish27:30 The Rise of Eli Lilly and GLP-1s34:55 Ozempic Growth and Patent Challenges36:01 The Complexities of Pharma Patents44:50 Would Novo Sue Hims?45:40 Hims, AI, and the Future of Healthcare Platforms50:30 It's Time for a Healthcare Social Platform55:19 The Debate on OTC Drugs and Healthcare Access58:00 Stock Dynamics: Short Interest, Institutional Ownership, Retail Interest01:06:06 Addressing the Top Bear Arguments01:08:29 Insider Sales01:13:24 Top Institutional Holders: Citadel, Farallon, Renaissance, and More01:25:03 Hims ValuationDisclaimer: 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. Get full access to Hims House at himshouse.substack.com/subscribe
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Ep 25 - Raul Shah: Why HIMS Could Be A 100-Bagger
In this episode of Hims House, Jonathan Stern and Patrick Lester are joined by Raul Shah, the owner of DocShah Financial. They discuss Raul’s article on Hims, referencing Christopher Mayer's book 100-Baggers. They delve into the factors that may allow Hims to become an extremely valuable company over the next 10 years, tackling bear theses about the stock, such as "no moat", customer acquisition costs, and potential legal risks. The discussion also covers the critical importance of hiring a chief technology officer to advance Hims' AI ambitions. Finally, Raul shares his long-term valuation outlook for Hims, emphasizing the distinction between stock price and valuation.00:00 Introduction01:05 Raul Shah's Background and Investment Journey03:25 What Makes a 100-Bagger?07:16 Addressing Bear Theses and Market Perspectives21:21 The Importance of a Chief Technology Officer25:59 Hims x Apple27:26 News Round-Up39:26 Price Targets vs. Valuation Get full access to Hims House at himshouse.substack.com/subscribe
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Ep 24 - Alex Beinfield, Blue Duck Capital: "Don't Miss the Forest for the Trees"
In this episode of Hims House, Jonathan Stern and Patrick Lester are joined by Alex Beinfield, founder & CIO of Blue Duck Capital, for a wide-ranging conversation on markets, healthcare, and the future of HIMS. They kick off by unpacking the market implications of Trump’s tariffs, with ripple effects for global trade and the pharmaceutical sector. The conversation then turns to HIMS. Alex shares what first got him excited about the company back in 2020, and why he’s still bullish today. He breaks down HIMS’ long-term potential and competitive moats in telehealth—from its DTC strength and brand equity to its mission of solving one of the biggest pain points in modern life. They also discuss how shifts in healthcare policy — the “Make America Healthy Again” agenda — could shape the company’s path forward.01:22 Tariff Turmoil02:32 Market Reactions and Predictions08:05 Impact on Hims and the Pharmaceutical Industry12:43 Blue Duck Capital's Unique Approach19:00 Alex's Investment Journey with Hims24:03 The Pain Points in Healthcare24:40 Reinitiating a Position in Hims25:37 The Impact of RFK Jr. on Healthcare Policy28:25 Hims' Growth and Market Position29:34 Regulatory Environment Under the New Administration33:58 Hims' Competitive Moats41:12 GLP-1 and the Bigger Picture45:44 Valuation and Price Targets Get full access to Hims House at himshouse.substack.com/subscribe
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🚨 HIMS CEO ANDREW DUDUM JOINS THE PODCAST
In episode 23, Jonathan Stern and Patrick Lester (Bayside) welcome Andrew Dudum, the founder and CEO of Hims & Hers, for the most anticipated conversation in Hims House history. They discuss the growth of Hims' core business, the evolving landscape of GLP-1 medications, the company's dedication to consumer rights, and how Andrew thinks about navigating regulatory challenges. Andrew also shares insights into why Hims is positioned to succeed even during tough economic conditions, and he draws comparisons between Hims, Netflix, Amazon, and Uber. The episode concludes on a personal note, with Andrew recounting the story behind his family’s donut shop, George’s Donuts and Merriment, named in honor of his grandfather.00:00 Introduction00:57 Growth of the "Core" Business04:25 GLP-1s15:23 Macroeconomic Uncertainty and Business Strategy18:00 Engaging with the Trump Administration21:47 Comparing Hims to Netflix, Amazon, Uber, and more29:46 Personal Story: George's Donuts & Merriment Get full access to Hims House at himshouse.substack.com/subscribe
Hims House is the ultimate podcast for investors passionate about Hims & Hers ($HIMS). Hosted by Jonathan Stern and Patrick Lester, Hims House breaks down all the key questions shaping the business — from telehealth and pharma to GLP-1s, compounding, and the future of healthcare. New episodes every week. himshouse.substack.com
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