Hims & Hers reported $536 million in Q4 2025 revenue, up 95% year-over-year. The growth driver was almost entirely weight loss — their GLP-1 program, which launched at scale in 2024, became the company's largest revenue source faster than any product in their history.

The results matter beyond the stock price. They signal what the entire telehealth market is gravitating toward, and they set up the context for why the FDA and Novo Nordisk moved aggressively against compounded semaglutide in early 2026.

What the numbers actually show

Weight loss revenue at Hims grew from negligible in 2024 to the single largest segment in Q4 2025. The company added more weight loss subscribers than any other category for three consecutive quarters.

The strategic bet was clear: use compounded semaglutide as a patient acquisition vehicle and convert those patients to other services (hair loss, mental health, sexual health) over time.

The regulatory risk the numbers also show

The same quarter that showed those numbers ended with the FDA enforcement push and the Novo Nordisk lawsuit. Hims disclosed in their Q4 filing that compounded GLP-1 products face regulatory uncertainty. Their stock dropped approximately 20% in the two weeks following the February enforcement actions.

What it means for patients

Two things: First, Hims is large enough and financially strong enough that they are not going anywhere. Even if they have to restructure their GLP-1 offering, they have the resources to adapt.

Second, the aggressive growth of the compounded GLP-1 market — which Hims exemplified — is what triggered the regulatory response. A market that grew too fast, too visibly, attracted enforcement attention. That is the broader dynamic at play for every telehealth GLP-1 platform, not just Hims.

The bottom line for comparison shoppers

If you are evaluating GLP-1 programs right now, Hims remains a legitimate option with strong clinical infrastructure. But the regulatory pressure is real, and the pricing story is shifting. We track Hims pricing daily on ClinicLayer and will update as their program structure evolves.