# Mark Mulhern - Hims & Hers Q4 Earnings Recap & Breakdown

Page: https://stenobird.com/podcast/hims-house-7026583/mark-mulhern-hims-hers-q4-earnings-recap-breakdown
Text version: https://stenobird.com/podcast/hims-house-7026583/mark-mulhern-hims-hers-q4-earnings-recap-breakdown.md
Podcast: [Hims House](https://stenobird.com/podcast/hims-house-7026583)
Published: 2026-03-02T15:00:25+00:00
Episode link: https://podcasters.spotify.com/pod/show/jonathan-stern1/episodes/Mark-Mulhern---Hims--Hers-Q4-Earnings-Recap--Breakdown-e3fqoun
Audio file: https://anchor.fm/s/10e9c0874/podcast/play/116269463/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-2-2%2F419126951-44100-2-85f6790ee3634.mp3
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JSON: https://stenobird.com/v1/public/podcasts/hims-house-7026583/episodes/mark-mulhern-hims-hers-q4-earnings-recap-breakdown
Duration seconds: 3689

## Resource

In this episode of Hims House, Jonathan Stern sits down with Mark Mulhern (Manu Invests) to break down HIMS’ Q4 and full-year results: $2.35B in 2025 revenue, 59% Q4 growth, and $318M EBITDA—alongside subscriber growth that has slowed to ~flat sequentially. They unpack 2026 guidance of $2.7-$2.8B (excluding the pending Eucalyptus deal) and why total 2026 revenue could still land around ~$3B once Eucalyptus is included. The core debate is around what management didn’t address: the Novo Nordisk patent lawsuit, FDA/DOJ probes, an SEC investigation disclosed in the 10-K, plus the compounded semaglutide pill launch-and-pullback that triggered chaos. They also dig into competitive pressure (Ro and pharma price cuts), the pivot to international + labs as growth levers, the unanswered AI/ML product roadmap, and whether peptides are the next “GLP-1 moment” or just hype. 00:00 Sponsor: Mochi Health 01:57 Q4 2025 earnings recap 05:22 2026 guidance & Eucalyptus impact 09:34 Unanswered issues: Novo, FDA/DOJ, SEC 14:06 Semaglutide pill chaos 19:49 International expansion 23:38 U.S. core slowdown 24:50 Why Mark still holds HIMS 27:44 Labs: acquisition and flywheel 31:14 Execution on new launches 34:55 Peptides 38:58 What is Hims’ new AI team building?! 41:30 Ranking risks: Novo vs. FDA vs. DOJ vs. SEC 44:00 Hims x Lilly? 47:44 Sentiment drag 54:48 Valuation and stock price 57:36 2026 predictions Disclaimer: 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.

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