Bijan Salehizadeh - Eli Lilly's War on Compounded GLP-1s, Peptides, Retatrutide, and Hims vs Ro

Thanks to our partner:Superpower - https://superpower.comIn episode 77, Jonathan Stern talks with Dr. Bijan Salehizadeh -- physician and managing director of NaviMed Capital, former pharma venture investor, founding investor in Auris Health. Bijan holds no position in HIMS. The conversation opens on the FDA: why Heidi Overton is "moldable clay," her 30-40% confirmation odds, and why pharma prefers interim commissioner Kyle Diamantis. They then move to Eli Lilly's multi-front war on compounded GLP-1s, the ReviveRx suit, the effort to pull semaglutide and tirzepatide off the 503B bulks list, and Bijan's theory of a "grand bargain" trading compounding restrictions for Medicare pricing cooperation. He walks through the retatrutide biologic fight ahead of the September 24th appellate argument in Chicago, and why Hims' 76% gross margins are gone for good as branded dispensing grows. They close on peptides: Bijan has heard Category 1 rulemaking *could* come as soon as November, and he thinks the market could be 10x bigger than current estimates.00:00 - Sponsor: Superpower01:16 - No one knows anything about Heidi Overton (FDA nominee)06:29 - Eli Lilly's war on 503A pharmacies08:47 - The Lilly "grand bargain"13:49 - When compounding becomes a "new drug" 17:34 - Branded drugs crush margins21:51 - Hims management scorecard26:29 - Retatrutide reclassification fight35:10 - Suing the reta gray market vendors37:06 - Why the Wegovy pill is beating Foundayo40:56 - Europe is a second-tier market42:15 - Can LillyDirect beat telehealth?46:14 - Peptides Wild West50:51 - Category 1 by November?52:40 - Peptides market 10x bigger than estimates55:56 - Will Ro go public?58:34 - Bullish $HIMS long term 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.