As its high-margin compounded GLP-1 business evolves, Hims & Hers Health may be finding a new opportunity in peptides.

Shares of the telehealth company jumped Thursday after HHS Secretary Robert F. Kennedy Jr. announced Wednesday that the FDA plans to convene a Pharmacy Compounding Advisory Committee meeting to review peptides for potential inclusion on the 503A bulk list, a designation that allows drugs to be compounded on an individual prescribed basis rather than mass producing.

For Hims, the bigger story is how expanding compounding for peptides could unlock new revenue streams as it directs members toward branded rather than more profitable compounded GLP-1 drugs. The telehealth company has been building toward a peptide business for years.

Peptides are short chains of amino acids — think of them as small building blocks of proteins — that are being explored for a wide range of health and wellness uses. They’re controversial because scientific evidence on their long-term safety and effectiveness is limited, and their production remains largely unregulated.

Hims & Hers made a significant move into the space in February 2025 when it acquired a California-based peptide facility. At the time, CEO Andrew Dudum called peptide demand “future-facing innovation.”

“Many use cases have yet to be launched,” said Dudum. “Peptide innovation is at the forefront of so many categories we’re excited to start offering.”

Following Kennedy’s announcement on Wednesday, Hims Chief Medical Officer Dr. Patrick Carroll applauded the news as a move away from the “gray market,” saying the goal is to bring peptide therapy into regulated, physician-led care.

“Our medical team believes certain peptide therapies hold meaningful potential in helping Americans live healthier lives, and we are actively exploring how to expand access in a way that will be aligned with FDA guidance,” Carroll said.

Leerink Partners called the news that the FDA will review peptides for the compounding list a positive outcome that could give Hims a clearer regulatory path to scale peptide therapies. Even so, the firm said it will take time for peptides to boost the company’s bottom line.

“This would not immediately translate into revenue, but would seemingly be a growth avenue that HIMS would push hard on,” said Leerink analyst Michael Cherny, who has a hold-equivalent rating on the stock and a $25 price target. It was trading around $26 a share Thursday.

For now the opportunity is still early, and clinical evidence supporting many peptide therapies is still limited.

Of the dozen peptides listed by Kennedy for consideration on the compounding bulk list, one — MK-677 — is often treated as an illegal drug when sold for human consumption. The growth hormone has also been banned by the World Anti-Doping Agency.

Other peptides on the list, such as GHK-Cu and Semax, which are used for cosmetic or cognitive enhancement, are generally viewed as less controversial, but still lack robust scientific backing.

Kennedy — who has supported many medical treatments and food options outside of those backed by mainstream science — was asked about his plans for expanding peptide therapies during a House Ways and Means Committee hearing Thursday.

“Peptides were not supposed to be regulated,” Kennedy said, arguing the Biden administration restricted the use of peptides due to safety concerns that he considers unfounded.

The FDA process is just beginning, and the July meeting will be advisory only, so change is not expected to be immediate.

Even so, investors are already focusing on what replaces GLP-1 driven growth for Hims, and peptides are emerging as one of the clearest candidates so far.

Netflix kicks off earnings season for media companies on Thursday with a quarterly report that Wall Street hopes will give more updates on the company’s path forward after walking away from its proposed deal for Warner Bros. Discovery.

Here’s how Netflix is expected to perform when it reports results for the first quarter of 2026, according to estimates from analysts polled by LSEG:

• Earnings per share: 76 cents estimated
• Revenue: $12.18 billion estimated

Last quarter Netflix’s management focused much of its earnings call with investors on its interest in WBD’s streaming and film assets, as well as progress in its advertising business.

Just weeks after the January earnings update, however, Netflix dropped its pursuit for WBD after Paramount Skydance put forth a superior offer for the entirety of WBD.

“Heading into earnings, Netflix finds itself in a very different spot than many expected just a month and a half ago. We were supposed to be talking about the company’s progress toward closing the Warner Bros. deal,” said Mike Proulx, vice president and research director at Forrester. “Instead, the question now is how Netflix competes in a streaming market that’s likely to get more crowded at the top.”

While Netflix’s stock has made considerable gains since walking away from its WBD deal — a more than 25% rally — it has raised questions about the path forward for the streaming giant.

In withdrawing from the acquisition of WBD, Netflix “avoided a substantial increase in debt, extensive regulatory scrutiny, and a long, complex integration process,” according to a Deutsche Bank research note on Monday.

The note added this will allow Wall Street to return its focus to Netflix’s engagement, pricing and advertising.

Outside of the WBD deal and Netflix’s potential aspirations in the broader media landscape, Wall Street’s attention has most often been on the advertising business, which has made considerable gains since launching in late 2022.

In January, Netflix management said the cheaper, ad-supported option was hitting its stride after being “slower out of the gate” in its early years on the market. Netflix reported more than $1.5 billion in advertising revenue in 2025, or about 3% of its total full-year revenue — which it expects to double this year.

For years, Wall Street was focused on subscriber growth for streaming platforms. However, since Netflix reported its first subscriber loss in 10 years in 2022, investors have shifted their focus to profitability. In response, media companies are focusing less on reporting subscriber numbers and more on other business initiatives, such as advertising and pricing increases.

Netflix once again hiked prices in late March, which analysts expect will add to overall 2026 revenue growth. The company did provide a subscriber update in January, when it said it had reached 325 million global paid customers, a new milestone since it had last reported membership numbers the year prior.

This story is developing. Please check back for updates.