The market has spent the last two years rewarding almost any company tied to GLP-1 weight-loss drugs. Investors watched demand for treatments like Wegovy and Ozempic reshape health care, telehealth, and even food stocks. But what happens when growth stops being cheap?
That’s the question shareholders are suddenly asking after Hims & Hers Health (HIMS) reported first-quarter earnings that showed the hidden cost of chasing the hottest trend in health care. The telehealth company is still growing, still adding subscribers, and still expanding internationally. Yet the market focused on one number above all others — a surprise loss that erased the illusion that GLP-1 expansion would be painless.
