Healthcare · Profile from Healthcare Research Companion
Hims & Hers Health, Inc.
The San Francisco direct-to-consumer (DTC) telehealth brand that began in 2017 selling generic hair-loss and erectile-dysfunction drugs to men through a slick online questionnaire, added women's health (Hers, 2018), dermatology and mental health, listed on the NYSE through a SPAC in January 2021, and then became one of the largest cash-pay prescription businesses in the United States by selling compounded GLP-1 weight-loss drugs from 2024. Its revenue grew from ~$149m (2020) to ~$2.35bn (2025). Its defining strategic fight has been with the drugmakers whose molecules it copied: Novo Nordisk partnered with it in April 2025, dropped it in June 2025, sued it in February 2026 and settled a month later in exchange for Hims selling branded Wegovy and Ozempic. In 2025–26 it also bought Zava (Europe) and Eucalyptus (Australia) to become a global consumer health platform.
At a glance
- Founded
- 2017, San Francisco, California; incubated at Atomic, the venture studio of Jack Abraham; the Hims brand launched in November 2017 (reported)
- Founder
- Andrew Dudum (co-founder and CEO since founding); Jack Abraham (Atomic; co-founder and early chair, reported)
- Headquarters
- San Francisco, California
- Ownership / structure
- Public company, NYSE: HIMS, since 20 January 2021 via merger with Oaktree Acquisition Corp. (a SPAC sponsored by Oaktree Capital). Dudum holds high-vote Class V shares that give him substantial voting control (reported; verify current percentage). Clinical care is delivered by affiliated professional corporations under management services agreements, the usual corporate-practice-of-medicine structure (20); pharmacies, including a 503A pharmacy network and a 503B outsourcing facility, are company-owned or affiliated
- Leadership (2026)
- Andrew Dudum, CEO and chair; Yemi Okupe, CFO (from 2024, reported); other senior titles change frequently (verify)
- Segment and buyer
- Digital health / DTC telehealth and pharmacy. The buyer is the consumer, paying cash (no insurance billing for most products). Categories: sexual health, hair loss, dermatology, mental health, weight loss (GLP-1 and oral), hormonal health (low testosterone, menopause), lab testing (2025–26)
- Scale
- Subscribers ~1.0m (end 2022), ~1.5m (end 2023), ~2.2m (end 2024), 2.51m (end 2025), ~2.58m (Q1 2026), ~2.9m (Q2 2026, including Eucalyptus) (company results); monthly revenue per average subscriber $65 (2024) → $83 (2025) → $92 (Q2 2026)
- Revenue
- 2019 ~$83m; 2020 ~$149m; 2021 ~$272m; 2022 ~$527m; 2023 ~$872m; 2024 $1.48bn (+69%); 2025 ~$2.35bn (+59%); 2026 guidance raised to $3.1–3.3bn in August 2026 (from $2.7–2.9bn in February) (company results)
- Capital raised / valuation
- ~$197m privately (2017–2019), including a ~$100m round in January 2019 at ~$1.1bn (reported); SPAC at ~$1.6bn enterprise value, ~$280m of proceeds (2021); $1.0bn 0% convertible notes due 2030 (May 2025, conversion ~$70.67); market capitalisation peaked above ~$15bn in early 2025 and has swung by tens of percent on GLP-1 news (reported; verify current level)
- Signature moves (incl. failures)
- Founding on stigmatised men's conditions (2017); Hers and the multi-category brand (2018); SPAC listing (2021); dermatology, mental health and the pharmacy buildout (2021–24); compounded semaglutide (2024); Super Bowl ad and FDA scrutiny (2025); Novo partnership and split (2025); international expansion with Zava and Eucalyptus (2025–26); the $49 pill, Novo lawsuit and branded pivot (2026)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2017
Founding and DTC Mens Health Model
Founding / launch
2018
Hers Launch and Multi Category Brand
Launch / expansion
2021
Dermatology Mental Health and Pharmacy Buildout
Acquisition / launch / vertical integration
2021
Oaktree SPAC Listing
SPAC
2024
Compounded GLP1 Launch
Launch / pricing
2025
International Expansion Zava and Eucalyptus
Financing / acquisition / geographic expansion
2025
Novo Partnership and Split
Partnership (terminated)
2025
Super Bowl Ad and FDA Scrutiny
Marketing campaign / regulatory action
2026
49 Dollar Pill Lawsuit and Branded Pivot
Launch (withdrawn) / litigation / settlement / partnership