In this episode of Hims House, Jonathan Stern and Patrick Lester sit down with Martin Shkreli — one of the sharpest and most controversial voices in healthcare. They break down what’s driving Hims’ explosive revenue growth and why the company remains so widely misunderstood. The conversation covers the “Netflix of Healthcare” analogy, GLP-1 compounding and IP risk, and questions around long-term sustainability. Shkreli also breaks down the stock dynamics behind Hims’ unusually high short interest, how hedge funds and quants are positioned, and what the holder list — including Citadel, Farallon, and Renaissance — reveals about how the smartest players on Wall Street are positioned. The episode closes on valuation, scale, and why management execution is likely to be the single most important factor in how the Hims story plays out.
00:00 Introduction
04:00 The Netflix of Healthcare
05:52 Positive Second Derivative Revenue Growth
07:33 Founder-Led Companies
09:13 Comparing Hims to Google
15:30: The Importance of Management
20:15 Hims As Big As UnitedHealthcare?
24:50 GLP-1s and Hims
25:45 Why Big Stock Price Swings are Bullish
27:30 The Rise of Eli Lilly and GLP-1s
34:55 Ozempic Growth and Patent Challenges
36:01 The Complexities of Pharma Patents
44:50 Would Novo Sue Hims?
45:40 Hims, AI, and the Future of Healthcare Platforms
50:30 It's Time for a Healthcare Social Platform
55:19 The Debate on OTC Drugs and Healthcare Access
58:00 Stock Dynamics: Short Interest, Institutional Ownership, Retail Interest
01:06:06 Addressing the Top Bear Arguments
01:08:29 Insider Sales
01:13:24 Top Institutional Holders: Citadel, Farallon, Renaissance, and More
01:25:03 Hims Valuation
Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions.
