Episode
🚨 NOVO NORDISK AND HIMS & HERS STRIKE A NEW DEAL — Raul Shah breaks it all down
- Podcast
- Hims House
- Published
- Mar 10, 2026
- Duration seconds
- 3604
- Processing state
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Summary
Thanks to our partner, Mochi Health! https://JoinMochi.com Subscribe to Hims House: https://himshouse.com/subscribe Follow us: https://x.com/himshouse https://x.com/jonathanrstern https://x.com/Raul_DSF Join the Discord: https://discord.gg/tJqGgVhkEt In this emergency episode of Hims House, Jonathan Stern is joined by Raul Shah, founder and CEO of DocShah Financial and a longtime HIMS shareholder, to unpack the new HIMS–Novo Nordisk partnership. They break down the deal terms, why Raul thinks it removes the biggest legal and regulatory overhangs and restores the platform thesis, and what both sides get out of it. From there they stress-test every major bear case, discuss margin impacts, future pharma partnerships, buybacks vs. dilution, the peptides opportunity, and long-term valuation math. 00:00 - Sponsor: Mochi Health 01:14 - Background on DocShah Financial 04:12 - The Friday night Bloomberg rumor 05:49 - Breaking down the actual deal terms 07:48 - Why does this deal make sense for both sides? 10:00 - Who won the deal? 14:15 - Will the deal actually hold this time? 16:50 - Margin impact and platform upside 18:41 - Could Lilly or other pharma deals follow? 21:47 - The remaining bear theses 23:45 - "Hims is too dependent on GLP-1s" 25:30 - "The core business is dead" 27:31 - "International expansion won't work" 30:46 - "Subscriber growth slowing, CAC rising" 31:33 - Lifetime value vs. customer acquisition cost 34:04 - Why did Raul hold through the 2025 drawdown 37:22 - Buybacks and capital allocation 40:18 - Peptides 42:57 - 2026 priorities 44:04 - Does Hims actually have a moat? 49:12 - Revenue targets and valuation 55:57 - Peptides as a re-rating catalyst Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be consi…