Hims House

• Ep 37 - Top Patent Attorney Explains Why Novo Nordisk Is UNLIKELY to Sue Hims

  Thanks to our partner, Godel Terminal — a full trading terminal at less than 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In episode 37 of Hims House, patent attorney Gaston Kroub joins Jonathan Stern and Patrick Lester (Bayside) to unpack the legal fallout from Novo Nordisk’s split with Hims. With speculation swirling around a potential lawsuit, Gaston explains why a patent case is unlikely — and why, if Novo sues, they may instead lean on trademark or false advertising claims. The discussion dives into Novo’s patent portfolio, including the critical ‘343 patent, and how ongoing lawsuits against Empower and Strive could shape Novo’s next move. Gaston breaks down what a lawsuit would look like, the most likely outcomes, and why compounders like Hims remain legally protected despite accusations of skirting the law’s intent. The conversation closes with a look at the Supreme Court ruling that is responsible for the compounding exemption, and why any legislative fix may be years away.00:00 – Godel Terminal00:54 – Intro02:43 – Gaston’s Legal Background and Expertise04:46 – Will Novo Nordisk Sue Hims?17:02 – How Novo Has Targeted Other Compounders21:54 – FDA Law and Whether Novo Can Sue Directly26:57 – Breaking Down Novo’s Patent Portfolio39:10 – Lawsuit Scenarios41:19 – How Preliminary Injunctions Work42:53 – Why Novo Might NOT File A Lawsuit45:43 – Legal Precedents and Comparisons46:36 – What Makes Compounders Vulnerable in Court52:46 – Possible Outcomes If Novo Files a Lawsuit01:00:29 – Future of Compounding & Possible Congressional Actions01:16:15 – Final Takeaways Get full access to Hims House at himshouse.substack.com/subscribe

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• Ep 36 - Adam May: The Bear Case on HIMS, GLP-1s, Legal Risk, and the Collapse of the Novo Deal

  In Episode 36 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) sit down with biotech investor and dermatologist Adam May, easily the most bearish guest ever to appear on the show. Adam shares the timeline of his trades — shorting HIMS, briefly flipping long on the Novo partnership news, and now short again — all while the stock doubled in 2025. Together, they discuss the sudden collapse of the Hims-Novo deal, GLP-1 legality and risk, and whether HIMS' compounding model can withstand scrutiny.00:00 - Welcome & What’s on Deck03:25 - Adam May’s Background and Biotech Origin Story08:19 - Adam's History Trading HIMS17:28 - Hims' Approach to GLP-1s and Personalized Dosing39:08 - Live Reaction: Andrew Dudum Responds on Twitter to Novo Nordisk Deal Imploding43:58 - European Expansion45:04 - Future of Pharma Ads45:30 - RFK Jr. & MAHA50:03 - AI in Biotech: Drug Discovery52:05 - Could HIMS Ever Be a Drug Developer?54:43 - Future of “Personalization” in Medicine01:00:00 - Peptides Beyond GLP-101:09:37 - Valuation & Price Targets01:17:47 - Adam's Gift to Hims House Get full access to Hims House at himshouse.substack.com/subscribe

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• Ep 35 - Hims x ZAVA: Deep Dive ft. European Healthcare Experts, Sekander Amini + Mads Christiansen

  Thanks to our partner, Godel Terminal — a full trading terminal at less than 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In this episode of Hims House, Jonathan Stern and Patrick Lester break down Hims & Hers’ recent acquisition of ZAVA, a major telehealth provider in Europe, alongside two European healthcare experts: Sekander Amini, a UK-based private pharmacy owner and longtime Hims investor; and Mads Christiansen, founder of New Deal Invest and a practicing GP in Denmark. Together, they explore how Hims’ U.S. playbook will need to adapt for European markets, the realities of competing with publicly funded healthcare systems, and the regulatory and operational hurdles ahead. They also discuss the likely strategic rationale behind the deal—licenses, market entry speed—and discuss the potential long-term opportunity around personalized medicine, AI, and peptides.00:00 – Godel Terminal02:23 – Europe vs. US — What “competing with free healthcare” really means05:06 – Google Trends data: rising interest in ZAVA over time05:35 – Why “free” care often leaves room for paid services16:34 – Advertising laws in Europe vs. US25:41 – Cross-border shipping: Will Hims need pharmacies in every EU country?29:55 – Compounding and Personalization33:29 – Strategic rationale: Why Hims bought ZAVA35:07 – The hidden importance of pharmacy licenses in the UK36:03 – Hims’ evolving product strategy in Europe37:59 – How AI + real-world data will unlock personalized treatment39:20 – Platform vision: Hims as the “front door” to next-gen healthcare01:00:24 – How to judge the success of the ZAVA acquisition01:04:11 – The future of medicine Get full access to Hims House at himshouse.substack.com/subscribe

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• Ep 33 - Max Marchione: Superpower, Hims, and the future of AI-powered medicine

  Thanks to our partner, Godel Terminal — a full trading terminal at 10% of the price of a Bloomberg! CLICK HERE to get 25% off your first month and lock in lifetime access for $80/mo.In episode 33 of Hims House, hosts Jonathan Stern and Patrick Lester sit down with Max Marchione, founder of Superpower — a health tech startup reimagining preventive care through AI, advanced diagnostics, and personalized protocols. The conversation explores how healthcare might look if rebuilt from first principles today, why AI could become the true "front door" to care, and how Superpower is betting on a tech-first model. Max also shares candid thoughts on Hims' billion-dollar raise, its AI and international strategy, the potential of peptides, and what it takes to build a healthcare brand with cultural pull.00:00 – The Godel Terminal01:01 – Intro - Max Marchione & Superpower’s Mission02:40 – Reimagining Healthcare from First Principles04:16 – AI as the New Front Door to Care07:18 – Lessons Learned: Superpower’s Evolving Strategy17:24 – Branding in Healthcare: Sci-Fi vs. Friendly23:29 – Long-Term Vision: Membership, Outcomes, and Impact28:01 – Vertical Integration & Personalized Therapeutics30:14 – Hims, AI, and the Commoditization of Care32:52 – Global Expansion: Who Hims Might Acquire38:48 – What Peptides Are and Why They Matter42:45 – Legal Gray Zones46:43 – Innovation in the UAE & Saudi Arabia50:11 – Taking More Risks52:43 – Final Reflections Get full access to Hims House at himshouse.substack.com/subscribe

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• 🚨 Ep 34 - HIMS ACQUIRES ZAVA, EXPANDS INTO EUROPE

  In Episode 34 of Hims House, Jonathan Stern and Patrick Lester (aka Bayside) break down HIMS' acquisition of European telehealth company ZAVA. They dig into ZAVA’s 2023 financials — £20M revenue, 74% gross margins, and a reduction in net loss from £8M to £320K. The hosts debate how much HIMS likely paid, speculate on the strategic rationale, and analyze early market reactions. Bayside lays out his bullish case, and they discuss how much this is about instant regulatory access to top EU markets (UK, Germany, France, Ireland). They discuss the likely role of board member Anja Manuel in helping navigate expansion and if Hims can bring its marketing engine to Europe despite advertising restrictions. The conversation also touches on insurance, manufacturing, and implications for future M&A and a potential Lilly partnership.00:00 Introduction00:56 Financial overview of ZAVA02:34 Stock price reaction03:11 Bayside "extremely bullish"04:34 The logic of the deal07:54 Board member insights08:59 Discussion on financials and trust13:12 Speculation on deal size14:41 Other acquisitions still to come?16:25 Insurance19:15 Pharma advertising in Europe20:44 Google Trends and Market Growth25:53 Questions around operations & manufacturing28:26 Short interest dynamics post-deal Get full access to Hims House at himshouse.substack.com/subscribe

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