US FDA's peptide classification review could expand Hims & Hers' market share, Canaccord says

Hims & Hers Health

03/06/2026 11:40

** The U.S. FDA's April move to revisit the classification of a dozen compounded peptides could position Hims & Hers Health HIMS.N to capture credible market share, brokerage Canaccord Genuity says
** The FDA said in April it planned to convene a panel of outside experts to review easing restrictions on 12 peptides, popularly used for everything from tanning to longevity, and obesity to wound healing
** Canaccord estimates the compounded peptide total addressable market, excluding GLP-1s, could reach about $20 billion (ranging from $13 to $26 billion) over the next three to five years
      ** Estimates an addressable base of about 7 to 10 million people, concentrated largely in Millennials and Gen X, "given strong wellness interest and the discretionary income to invest in preventative therapies" - brokerage 
** Says, "while peptides are a multi-year opportunity (a regulated market may not begin to form until late 2027 or 2028), we project that every 1% share of the estimated market would yield about $200 million in incremental revenue for HIMS"
     ** Adds that as legal peptide access becomes more prevalent, "we expect share to consolidate around platforms like HIMS that can differentiate on brand, quality and control of the supply chain"
** Up to last close, HIMS is down 15.3% YTD 

(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com;))