Hims&Hers – Will Its Shares Follow Novo Nordisk's Footsteps? [Guide]

Hims&Hers is one of the most talked-about brands in American telemedicine. Its model is simple, yet it resonates with modern consumers: a quick online consultation, a prescription, and home delivery of a medication or wellness product. This approach has allowed the company to grow faster than many traditional healthcare players and is increasingly attracting investor attention.

Comparisons to Novo Nordisk They appear for a reason. The Danish company has skyrocketed its value thanks to groundbreaking GLP-1 drugs, which have revolutionized the approach to treating obesity and metabolic health. In their shadow, any company that even partially operates at the intersection of new therapies and consumer healthcare becomes the subject of speculation. Hims & Hers has indeed added solutions in this area to its catalog, but this is only a piece of the broader puzzle. The core of the business is a platform offering a wide range of services—from dermatology and sexual health, through mental health, to hormone therapies.

Does Hims & Hers have the potential to repeat a growth story comparable to Novo Nordisk?

What is Hims & Hers?

Hims & Hers Health, Inc. is an American telemedicine company founded in San Francisco in 2017. Initially operating under the "Hims" brand, it focused on discreetly offering therapies for men in sensitive areas such as: hair loss or erectile dysfunctionIn a short time, the company expanded its operations – first, the “Hers” line was created, aimed at women (including contraception, sexual health), and then mental health services were introduced (anonymous online consultations started in 2020).

The business model is based on a direct-to-consumer formula, whereby patients receive a doctor's consultation, an e-prescription, and the option to order medication at home through an integrated online pharmacy via an online platform. The entire process is conducted remotely and discreetly, which is a significant part of the value proposition of Hims & Hers. The target group is primarily millennials and representatives of Generation Z.who value the convenience of digital services and the ability to avoid embarrassing visits to a traditional office. From the beginning, the company has distinguished itself with youth-oriented marketing – from website design to communication language – breaking the taboo around "embarrassing" health issues. This approach, targeted at young adults, has led to Hims & Hers has managed to integrate modern e-commerce, telemedicine and self-care products in one place.

Currently, the company offers a wide range of health and wellness services and products. The Hims & Hers platform offers assistance in areas such as dermatology (e.g., acne treatment, hair loss), sexual health (erectile dysfunction treatments, contraception, libido), and mental health (psychiatric consultations, therapy). Metabolic and hormonal medicine are also becoming increasingly important segments, which will be discussed more shortly. All of this makes Hims & Hers an example of a modern telemedicine platform, combining the functions of a clinic, online pharmacy, and health product store in one – accessible via app and website, 24/7, without the need for a physical visit. Does this new healthcare model have a future?

Hims&Hers Inc. shares – are they worth your attention?

Although Hims & Hers remains a relatively small company (as of this writing, its market capitalization is just under $13 billion), it is consciously focusing on market segments with the highest growth rates. A prime example is its entry into the field of anti-obesity therapies, which today constitute one of the key pillars of the company's strategy. At the end of 2023, the company launched its own telemedicine program supporting weight loss. As part of this program, patients gained access to online consultations and prescriptions for weight-loss medications, including semaglutide (the active ingredient in Ozempic and Wegovy), initially in the form of prescription medications promoted as a much cheaper and more accessible alternative to the originals. Demand for these solutions proved enormous, and within just a year of launch, the weight-loss program grew into one of Hims & Hers' most important business lines, significantly contributing to a surge in revenue. The successful expansion into the weight management and metabolic health segment demonstrated that the company not only responds to market trends but also manages to make them a central element of its business model. Entering the weight management and metabolic health segment demonstrated the company's ability to dynamically expand its offerings in line with market trends.

The second promising field of expansion is the area of ​​hormones and hormonal health, including therapy for low testosterone in men. It is estimated that even 20 million men in the US suffer from testosterone deficiency, creating a huge potential market for services improving testosterone levels. Hims & Hers recognized this niche and announced its entry into the TRT (testosterone replacement therapy) segment and related services in early 2023. This year, the company launched a program for the diagnosis and treatment of low testosterone, offering, among other things, remote blood tests and therapies based on enclomiphene (a selective modulator that increases testosterone production). Importantly, Hims & Hers isn't limiting itself to the men's market – it plans to expand its hormonal services to women as well, for example, support for perimenopause and menopause. Entering these specialized areas (metabolism, endocrinology) demonstrates the company's ambition to become a comprehensive platform for various health needs, extending far beyond its initial categories.

From the investors' point of view it is very attractive subscription revenue model developed by Hims & Hers. The vast majority of customers use the offer in the form of subscriptions – for example, monthly deliveries of medications or treatment plans – which means recurring, cyclical revenues for the company. More than 90% of HIMS revenue is recurring (subscription), which translates into predictable financial results and a loyal clientele. The subscriber base is growing dynamically: at the end of the second quarter of 2025, the company served over 2,4 million subscribers, which represented a 31% increase year-on-year. This scale and pace of growth build confidence in the company's ability to effectively scale its business. Investors are further convinced by the fact that The average Hims & Hers customer stays with the company for a long time (annual customer retention rate exceeds 85%), which, combined with over 90% of subscription sales, provides a solid foundation for recurring revenue.

Hims & Hers also benefit from broader social and cultural trendsThe COVID-19 pandemic has accelerated the acceptance of remote forms of care. Telemedicine has gone from a curiosity to an everyday reality for millions of patients. Today, not only young people but also the general public are much more willing to use e-medical visits, appreciating the time savings and the lack of travel. General health awareness is also growing, as is the trend for proactive self-care, sometimes referred to as self-care economy. Consumers (especially Generations Y and Z) are spending more and more on supplements, well-being therapies, and treatments that improve the quality of life,  treating health as an investment in oneself. Hims & Hers perfectly aligns with this philosophy, offering easy access to health and beauty solutions that may have previously been difficult or embarrassing to obtain through traditional channels. All of this makes the company perceived as beneficiary of long-term changes in the way of using medical care,  which in turn translates into interest from investors looking for growth companies in the healthcare sector.

Hims & Hers vs Novo Nordisk

To better understand the hopes placed in Hims & Hers, it's worth examining the success story of Novo Nordisk—the company whose path the American start-up is expected to follow. Novo is a Danish pharmaceutical company known for years for its diabetes medications, but a relatively new category of products has truly revolutionized its market valuation: GLP-1 agonists used in the treatment of obesityDrugs like Ozempic (originally for type 2 diabetes, containing semaglutide) and Wegovy (a higher dose of semaglutide, approved for the treatment of obesity) have proven groundbreakingly effective in inducing weight loss in patients. Over the past few years, demand for them has exploded, and they have become a pop culture phenomenon, referenced on social media and by celebrities as "weight loss shots." For Novo Nordisk, this has translated into a surge in revenue and profits, and in turn, sharp increase in the share price.

For a short time, the maker of Ozempic even dethroned the French conglomerate LVMH, becoming Europe's largest company by market value. This rise highlighted how One breakthrough product or category can have a powerful impact on pricing – in this case, GLP-1 drugs. However, the graph also shows a huge decline NovoNordisku, which is caused, among other things, by growing competition in the segment that has allowed the company's share price to "pump up," namely GLP-1 drugs. Competition is a very important aspect to consider when investing in companies in the medical sector, but we'll get to that later.

Of course, HIMS is not a producer of new drugs, but Thanks to its distribution model and telemedicine, it can quickly make breakthrough therapies available to patientsThe example of Novo Nordisk shows that even One product category can "flip the scale" in the valuation of a pharmaceutical company, and Hims & Hers is attempting to replicate this effect, but within a new healthcare model, providing patients with popular products in a convenient way. The question then arises whether Hims & Hers will be able to carve out its own niche with comparable growth—for example, whether the hormone therapy segment (testosterone, menopause) could become for Hims & Hers what Ozempic did for Novo Nordisk.

Hims & Hers – Value Proposition and Growth Prospects

Compared to traditional pharmaceutical companies and even competing telemedicine platforms, Hims & Hers stands out with several features of its business model that provide it with a competitive advantage. First, the company has built a fully integrated ecosystem of online health services. Under one roof (or rather in one application) it combines medical consultation, issuing an e-prescription, and fulfilling the order and delivering the medicine to the patientThis end-to-end integration means that Hims & Hers users can complete the entire treatment process for a given condition without leaving home. For the company, this means capturing the entire value chain (instead of, for example, just providing a consultation service, as in typical telemedicine) and valuable medical and purchasing data about customers. This combination of teleconsultation, pharmacy, and e-commerce platform in one is a relatively new model of care, which Hims & Hers has mastered exemplarily and which is difficult for traditional healthcare providers or individual drug manufacturers to replicate.

Secondly, scale and scalability of the platform Hims & Hers offers a unique position. With over 2 million active subscribers, the company has a large user base to which it can offer new products and services. Importantly, the HIMS business architecture resembles a technology platform, meaning once the backend (doctor network, prescription management system, delivery logistics, IT infrastructure) is built, It is relatively easy to add additional therapeutic categoriesThe company has demonstrated this agility time and again, starting with hair and potency products, and expanding into psychiatry, cosmetic dermatology, and most recently, weight loss and endocrinology. It works like a "health platform" - one set of tools that supports many different conditionsSuch flexibility isn't typical of pharmaceutical companies focused on single drugs, nor of smaller startups with limited portfolios. In practice, Hims & Hers can test new areas at a relatively low cost (e.g., by piloting a service related to a given disease) and quickly scale those that catch on. An example of this flexibility is the acquisition of a modern diagnostic laboratory (Trybe Labs) this year, which allowed the platform to offer affordable blood diagnostics and personalized testing for subscribers. This move opens the door to new categories (preventive testing, health monitoring, supplement matching) and further increases the integration of services—from testing to therapy—within the HIMS ecosystem.

Another unique element is affordability and democratization of care by Hims & Hers. From the outset, the company has focused on generic or prescription products, which can be offered significantly cheaper than brand-name equivalents from Big Pharma. This makes many therapies—such as the aforementioned GLP-1 weight-loss drugs—available to a wider range of patients who could not otherwise afford the original, more expensive preparations. pricing strategy and convenient delivery model It builds customer loyalty and attracts those who may not have previously utilized these therapies for financial or logistical reasons. As a result, Hims & Hers is expanding its market, reaching new consumer segments, while simultaneously establishing its image as an "accessible" and patient-friendly brand, in contrast to the expensive and complex healthcare associated with traditional corporations.

What makes Hims & Hers unique is that works as a comprehensive, next-generation health platformIntegrated, scalable, and focused on user experience and affordability. This approach differs from traditional pharmaceutical companies (focused on R&D for new drugs) and standard telemedicine (offering only consultations, without its own pharmacy or diagnostic infrastructure). This allows HIMS to potentially capture a growing share of value in the healthcare sector, attracting both customers and partnerships with larger players seeking access to new sales channels.

Risks and challenges

The biggest threat to the Hims & Hers business is the fact that it operates at the intersection of two very sensitive sectors: medicine i online salesEach of these is subject to strict regulations, and regulations can change overnight. This means a company can build revenue in a specific product category, only to suddenly lose access to it because the rules of the game change.

Examples? It's enough for a regulator to deem a given therapy ineligible for a prescription model, and the entire business line ceases to exist overnight (as happened in June of this year), or for direct-to-consumer drug advertising to be too aggressive, requiring the withdrawal of marketing campaigns that previously drove sales. Hims & Hers is therefore vulnerable to situations where the issue isn't a lack of demand or a weak product, but rather a regulatory change in the rules, forcing the business to adapt quickly, often at the expense of revenue and share price.

The second risk area is relationships with large pharmaceutical manufacturersFor Big Pharma, Hims & Hers is an attractive channel to reach patients, but also a potential threat to margins and distribution control. There's also the risk of legal disputes, for example, over patents or marketing.

This is superimposed on cost pressureThe direct-to-consumer model relies on consistently attracting new users, which requires significant marketing spending. Hims & Hers can do this effectively (their Super Bowl ad, which directly attacked Big Pharma's prices, was a major hit), but such initiatives are very expensive.

The last factor is competitionAlongside other startups, such as Ro and LifeMD, large players have entered the market. Amazon, leveraging its acquisition of One Medical, launched telemedicine services as part of its Prime subscription. Walmart is also emerging in the background, Google or Apple who are experimenting with their own solutions in healthcare.

In other words, Hims & Hers operates in a sector with enormous potential, yet it faces simultaneous regulatory pressures, tensions in its relationship with Big Pharma, customer acquisition costs, and increasingly fierce competition. This makes investing in the company potentially high-yielding, but also carries significant risk.

Where to buy shares Hims&Hers and his competitors?

More and more brokers are offering access to a broad market and a huge number of equity instruments, including shares of Hims&Hers and its direct competitors.

For example on XTB Today we can find over 11 equity instruments and 400 ETFs, Saxo Bank over 19 companies and 000 ETF funds, incl Exante as many as 50 shares and 000 ETFs.

Broker
Country	Poland	Denmark	Cyprus
Number of exchanges on offer	16 exchanges	37 exchanges	50 exchanges
Number of shares in the offer	approx. 7000 - shares circa 2200 - CFDs on shares	19 - shares 8 - CFDs on shares	50 - shares
The amount of ETF on offer	approx. 1700 - ETF approx. 200 - CFD on ETF	3000 - ETF 675 - CFD on ETF	10 - ETF
Commission	0% commission up to EUR 100 turnover / month	according to the price list + 250 EUR discount from Forex Club	according to the price list
Min. Deposit	0 PLN (recommended min. PLN 2000 or USD 500, EUR)	0 PLN / 0 EUR / 0 USD	10 000 EUR
Tool	xStation	SaxoTrader	Exante platform
	REVIEW	REVIEW	REVIEW
	CREATE AN ACCOUNT	CREATE AN ACCOUNT	CREATE AN ACCOUNT

CFDs are complex instruments and involve a high risk of a quick loss of cash due to leverage. 69-80% of retail investor accounts lose money when trading CFDs with this CFD provider. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.

Investing is risky and you may lose some or all of your invested capital. The information provided is for informational and educational purposes only and does not constitute any type of financial advice or investment recommendation.

Summary

Does Hims & Hers have a chance of repeating Novo Nordisk's stock market success? The answer is ambiguous and depends on the time perspective and understanding of the term "another Novo Nordisk."

On the one hand, HIMS is undoubtedly a company with huge growth potentialManagement is successfully executing a strategy of expanding into new segments and increasing the value of services to customers. If it can maintain this pace of innovation and growth, while avoid more serious regulatory blunders, Hims & Hers could grow both in terms of business and market valuation within a few years. In an optimistic scenario, the company will actually become for the telemedicine industry what Novo Nordisk recently did for Big Pharma – a leader shaping the market and achieving above-average rates of return for shareholders. Although, given its subscription model, wouldn't a Netflix analogy be more apt?

On the other hand, it's important to maintain proportion. Today, Novo Nordisk is (even after recent, severe declines) a global giant with a global presence, billions of dollars in annual revenue and unique, patent-protected products. By comparison, Hims & Hers is an early-stage growth company, operating primarily in a single market and based on a startup model. Its advantages—agility, flexibility, and a digital direct-to-consumer model—may be copied or undermined over time by competition and regulations. Furthermore, HIMS does not have its own patented medical technology and relies on drugs developed by others, offering a different kind of value. This means that it cannot be ruled out that at some stage the company's growth will slow down, either from market saturation or the emergence of new solutions/platforms. Therefore, it's difficult to expect HIMS's business scale to match that of a company like Novo Nordisk—at least not anytime soon.

HIMS could be an interesting addition to a growth portfolio, providing exposure to digital health, self-care and new healthcare delivery models. However, this investment requires caution and an awareness of the risks. In other words, HIMS could prove to be a great investment story in the coming years, but the road to potentially becoming the "next Novo Nordisk" will be bumpy and not without its pitfalls.