BUZZ-Compounded weight-loss drugs a high-growth revenue stream for Hims & Hers, brokerage says

Reuters12-06

BUZZ-Compounded weight-loss drugs a high-growth revenue stream for Hims & Hers, brokerage says

** Canaccord Genuity says compounded versions of GLP-1 weight-loss drugs represent a high-growth revenue stream in the near term for telehealth firms like Hims & Hers Health HIMS.N

** Brokerage surveyed about 180 individuals who are medically overweight or obese to know consumer sentiment around GLP-1 drugs

** "Nearly half of the respondents interested in taking GLP-1s were still undecided between taking a branded or compounded version of the drug, leaving a lot of room for the compounded option to gain further adoption"- Canaccord

** HIMS was the most recognized platform among majority of respondents who were comfortable using a telehealth platform to obtain GLP-1 treatment; 33% of those who have expressed interest in taking GLP-1s named HIMS- brokerage

** Brokerage remains bullish on HIMS heading into next year "given an increased durability of the GLP-1 revenue stream, coupled with robust growth in the core segment and strong operating leverage"

** Cost of medication and easy access to medical professionals were the two important factors influencing respondents' selection of a telehealth platform which "aligns well with HIMS' value proposition that provides easy access to medication and providers at an affordable price starting at $199/month" - brokerage

** Up to last close, stock has more than tripled YTD

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))

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