Hims & Hers Health, Inc. CFO Yemi Okupe Discusses Strategic Growth, Personalization, and International Expansion at JPMorgan Global Technology, Media and Communications Conference

Key Takeaways

TL;DR: HIMS raised bold 2030 targets ($6.5B rev., $1.3B adj. EBITDA) driven by deeper personalization, intl. expansion, and strategic partnerships (e.g., Novo Nordisk). Key growth pillars include subscriber retention via multi-condition treatments, lab-driven diagnostics, and GenAI-powered care under new CTO Mohsin “Mo” Dar (ex-Cruise). Weight loss remains critical (~triple-digit growth), alongside dermatology (+45% growth) and new specialties (low testosterone, longevity).

1. 2030 Targets & Capital Allocation

• New LT Targets: $6.5B rev. (+~5x from 2024) and $1.3B adj. EBITDA (20% margin) by 2030.
• Convertible Raise: $1B to fund lab diagnostics, SKU expansion (hundreds → thousands), automation, and M&A.

2. Novo Nordisk Partnership & Weight Loss Strategy

• Wegovy Pens: Branded GLP-1 partnership bolsters options as compounded semaglutide SUNx 2025 roll-off nears.
• Roadmap: Expand oral treatments (current triple-digit growth) + personalized dosage forms.
• Retention Focus: Triage users to optimal treatments (e.g., oral vs. injectable) via data insights.

3. Personalization & Data

• Current Utilization: 60%+ of subscribers use personalized products (vs. 15% 3–4 years ago).
• Differentiators:
  • Lab Diagnostics: Home-testing kit launch (H2 2025) to enable hormone therapy (low testosterone/menopause) and longevity care.
  • SKU Expansion: Target thousands of formulations (vs. hundreds today) for vitamin deficiencies, peptides, etc.
• Retention Lift: Daily-usage subscribers in sexual health increased from <10% to 40%+ (drives cross-sell).

4. International Expansion

• Initial Focus: U.K. (now ~5% of revs) with potential strategic M&A (geographic or capability-driven).

5. Infrastructure & Tech

• U.S. Facilities: 700K sq. ft (Ohio + Arizona) to support automation and SKU scaling.