By Catherine Dunn

That buzzy peptide market that Hims & Hers wants in on could be worth close to $2.2 billion next year for the telehealth industry, according to a new estimate. And the amount for Hims & Hers: $440 million, or about a fifth of the total.

The numbers, from investment bank Leerink Partners, are based on sales estimates for seven peptides that a Food and Drug Administration panel will review in late July.

Some peptides -- the building blocks of protein -- are already approved by the FDA for use in prescription weight-loss drugs like Ozempic and Wegovy.

But the Leerink estimates are focused on peptides geared toward "wellness-minded consumers," which have grown in popularity on social media for uses like healing injuries and promoting longevity. They often are taken by injection.

Those peptides largely haven't been studied in randomized clinical trials in humans. In 2023 the FDA prohibited compounders from selling some of the peptides, citing potential safety risks. Consumers seeking the injectables have still been able to buy them in a gray market of sales for supposed research use.

The FDA advisory committee will consider whether to include the seven peptides on a list of drug substances that compounding pharmacies can make with a prescription. Hims & Hers offers compounded medications on its platform.

Hims & Hers has made clear its interest in a potential peptides market with further definition from the FDA. The telehealth company bought a peptide manufacturer last year and said on its earnings call in May that it "sees meaningful potential in several peptide therapies."

Leerink estimates lower 2027 sales of the seven peptides -- to $1.1 billion from $2.2 billion -- if health providers "take a more narrow approach to prescribing." The Hims & Hers projection gets cut in half, too -- $220 million.

Because of the unknowns -- such as any final FDA decision on the matter -- Leerink didn't update its Hims & Hers earnings estimates. It reiterated its Market Perform rating.

Health Secretary Robert F. Kennedy Jr. has spoken of his own peptide use. In an April social media post, Kennedy criticized the FDA's failure to approve more peptides -- for "driving a dangerous black market that puts Americans at risk."

On the earnings call, Hims CEO Andrew Dudum said the "standard-bearers" in the emerging peptides category "will be the companies that keep the experience physician-first, transparent, and focused on successful customer outcomes."

Leerink said it would keep watching the company's performance with weigh-management drugs as Hims & Hers transitions from selling compounded GLP-1 medication to branded versions.

Write to Catherine Dunn at catherine.dunn@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

June 16, 2026 16:19 ET (20:19 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.