Been looking at Hims & Hers lately and there's actually something interesting brewing here beyond the Novo Nordisk drama everyone's focused on.

So here's the thing - this is a company that's fundamentally changing how drugs get sold. Instead of the traditional pharmacy route, they're going direct-to-consumer with a digital-first approach. And it's actually working. Their subscriber base went from around 300k at the end of 2020 to 2.5 million by end of 2025. That's the kind of growth trajectory that catches attention.

What makes this model compelling is the subscription angle. These aren't one-time buyers - they're customers on recurring orders. Most subscribers are buying multiple products, which creates this annuity-like revenue stream. In 2025 alone they added over 280k new subscribers. That's the foundation for something bigger.

Obviously there are headwinds. The Novo Nordisk lawsuit over GLP-1 copycat drugs is real and probably valid from their perspective. Hims benefited from the supply shortage and filled that gap. Now that supply's normalized, Novo's pushing back hard. But honestly, that's probably a short-term friction point.

The bigger picture is the disruption potential. They're profitable, their brand is gaining traction in consumer markets, and the DTC model seems to resonate with users. As they expand product offerings and their existing subscriber base keeps ordering more, you could see revenue accelerate.

Price-wise, at around $15 a share, a $5k investment gets you roughly 333 shares. The P/E is sitting around 29x, which is elevated, but that reflects the growth story people see here. Not for value hunters, but growth investors can see why this is on the radar. Obviously do your own research before jumping in - the company's disrupting an entrenched industry, so there'll be competition and pushback. But the direct-sales momentum they've built with Hers and their subscriber base is something worth watching.