{"podcast":{"title":"Hims House","slug":"hims-house-7026583","podcast_index_feed_id":7026583,"rss_url":"https://anchor.fm/s/10e9c0874/podcast/rss","website_url":"https://himshouse.substack.com/podcast","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/45300741/1466fea8bed61dc7.jpg","author":"Jonathan Stern","episode_count":73,"summary":"Hims House is the ultimate podcast for Hims & Hers investors. Hosted by Jonathan Stern and Patrick Lester, Hims House breaks down all the key questions shaping $HIMS — from telehealth and pharma to GLP-1s, compounding, and the future of healthcare. New episodes every week. himshouse.substack.com","last_synced_at":"2026-07-08T00:20:15.279819+00:00","page_url":"https://stenobird.com/podcast/hims-house-7026583"},"episode":{"title":"Mark Mulhern - Hims & Hers Q4 Earnings Recap & Breakdown","slug":"mark-mulhern-hims-hers-q4-earnings-recap-breakdown","published_at":"2026-03-02T15:00:25+00:00","page_url":"https://stenobird.com/podcast/hims-house-7026583/mark-mulhern-hims-hers-q4-earnings-recap-breakdown","show_page_url":"https://stenobird.com/podcast/hims-house-7026583","url":"https://podcasters.spotify.com/pod/show/jonathan-stern1/episodes/Mark-Mulhern---Hims--Hers-Q4-Earnings-Recap--Breakdown-e3fqoun","audio_url":"https://anchor.fm/s/10e9c0874/podcast/play/116269463/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-2-2%2F419126951-44100-2-85f6790ee3634.mp3","summary":"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.","meta_description":"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 reve…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3689,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/hims-house-7026583/episodes/mark-mulhern-hims-hers-q4-earnings-recap-breakdown/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/hims-house-7026583/mark-mulhern-hims-hers-q4-earnings-recap-breakdown.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}