Techno-utopianism underlies much of the tech industry here in the Silicon Valley where I grew up and currently reside; a belief that technological innovation can ultimately solve all human problems. In other words, whatever ails you: There’s an app for that.
No company better embodies that techno-utopianism than hims & hers health (HIMS). (Like the TikTok generation, HIMS does not capitalize its company name. Call it LOL capitalism). I’m sure that many of you – like myself – have been bombarded with their commercials suggesting that there is a pill for whatever your problem may be: erectile dysfunction, hair loss, anxiety or depression.
And now weight loss. On Monday, HIMS announced that it will be offering generic versions of Ozempic – the new weight loss drug that is the latest sensation from the pharmaceutical industry. The starting price point of $199/month compares to $1000 or more for the brand name drugs from Novo Nordisk or Eli Lilly (see David Wainer, “Hims Jumps On A Crowded Ozempic Bandwagon”, WSJ Heard on the Street, Tuesday May 21). HIMS shares jumped 28% on the news Monday.
HIMS is a real business. It had 1.7 million subscribers at the end of 1Q24 and guided full year revenue to $1.20-$1.23 billion on May 6. Shares have almost doubled YTD.
Psychology has come a long way since the days of Freud. You no longer have to undergo a thorough analysis of your past in order to gain insight into your neuroses. All you have to do now is click a few buttons on an app and pop a pill. But make sure to use a valid credit card.