Shares cratered 18% to €25.18 as investors digested a deeply mixed verdict from the FDA's Pharmacy Compounding Advisory Committee, which spent July 23–24 reviewing seven peptides that Hims & Hers had positioned as its next major growth engine. The panel voted 8-6, with one abstention, to recommend BPC-157, KPV, and TB-500 for the compounding list, and MOTS-C squeaked through 7-5-2 — but the committee then declined to endorse emideltide, its first rejection of the meeting, sending shares down more than 11% . The whiplash — a 10% intraday pop on Day 1 followed by a steep reversal — tells you everything about how fragile the thesis is.
Four Wins, Three Stumbles, and No Guarantee Any of It Sticks. The divided votes broke with FDA career scientists, who had recommended against all seven peptides, citing weak human evidence, unclear formulations, and unresolved safety concerns . Crucially, the advisory vote does not have legal force, and the formal FDA rulemaking process could take up to a year . That means no revenue from these peptides anytime soon, even in the best case.
A $440 Million Opportunity That May Stay on Paper. Leerink Partners estimated that allowing all seven peptides could create a $2.2 billion annual telehealth market, with Hims potentially capturing about 20% — roughly $440 million. But Leerink maintained a Market-Perform rating and a $25 price target, implying 24% downside from pre-selloff levels , citing doubt about the company's ability to scale a new peptide platform. Citi boosted its target to $35 while Canaccord held a $40 Buy , illustrating Wall Street's wide disagreement.
The Company Already Spent the Money. Hims acquired a California peptide manufacturing facility in early 2025 as part of its push into metabolic health and recovery . That capital is deployed. If the FDA ultimately blocks or delays the remaining peptides, the facility's return on investment narrows significantly, leaving Hims more dependent on its evolving — and already disrupted — compounded GLP-1 weight-loss business.
Insider Selling Didn't Help Sentiment. CFO Oluyemi Okupe sold 7,163 shares at ~$32 for $229,000 just days before the meeting, adding a sour optic to an already nervous market . The stock is now down 14.1% over the past 30 days and 51.3% over the past year . With earnings due August 10, investors face a binary setup: proof that branded Wegovy and peptide infrastructure are driving subscriber growth — or confirmation that regulatory limbo has stalled the next chapter.