Key facts
- Hims & Hers plans to offer legally available peptides in 2026.
- The company will sell peptides such as NAD+, sermorelin, and glutathione by the end of the year.
- Analysts believe the peptide offering will not significantly drive revenue growth in 2026.
- Hims owns a compounding pharmacy capable of manufacturing peptides.
- The peptide market is estimated to be worth $2.2 billion to $3.3 billion.
Hims & Hers Health is preparing to launch legally available peptides in 2026, but Wall Street analysts and investors express caution regarding the offering's potential to drive revenue growth this year. The company plans to sell peptides such as NAD+, sermorelin, and glutathione, which are used for metabolic function, weight loss, and immune support. However, analysts note that since some of these, like NAD+, are already widely available, their impact on revenue may be limited compared to peptides currently undergoing FDA review.
Peptide treatments, derived from short amino acid chains, have gained significant traction in healthcare for various uses, including anti-aging and muscle recovery, despite lacking full FDA approval for many applications. The market for these treatments is estimated between $2.2 billion and $3.3 billion, with demand reportedly increasing following an FDA review initiated in April.
Analysts like Paul Cerro of Cedar Grove Capital Management suggest that the demand for already-available peptides will not match the "floodgates" demand seen for those in the process of rescheduling. Keonhee Kim, an analyst at Morningstar, pointed out the difficulty in assessing the market value of Hims' planned NAD+ sales due to the prevalence of the grey or unauthorized market for such treatments.
Hims, which owns a popular U.S. compounding pharmacy, is also conducting testing for BPC-157, a peptide for tissue repair that is among those under FDA review. While Hims achieved prominence partly through sales of GLP-1 weight-loss drugs, Cerro advises investors not to expect similar rapid growth from its peptide offerings.
Kim and Raul Shah, Chief Investment Officer at DocShah Financial, believe Hims does not need to rush its FDA-reviewed peptide launches, citing the company's existing subscriber base, customer loyalty, and strong brand. CEO Andrew Dudum has indicated the company awaits final rulemaking from the FDA before selling peptides under agency review. Although an advisory panel recently recommended allowing the compounding of six peptides, their recommendation is nonbinding, and final FDA rules could take about a year.
Mark Mikhael, CEO of Olympia Pharmaceuticals, suggested that regulators might permit compounders to produce certain peptides sooner through enforcement discretion, potentially accelerating Hims' launch timeline. Shah highlighted Hims' strategic advantage due to its ownership of a peptide-manufacturing facility acquired in 2025. Chief Financial Officer Yemi Okupe emphasized that scaling new specialties is a core growth strategy for the company. Shah anticipates the peptide business could generate over $1 billion in revenue within five to 10 years, stressing the need for a long-term investment horizon.