TRT, HRT, and Peptide Consumer Survey

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TRT, HRT, and Peptide Consumer Survey

Peptide, TRT, & HRT Survey: Key Takeaways

Citi Research, utilizing Citi's Research Innovation Lab, conducted a survey of 2,402 consumers to assess the current landscape and future opportunity

across the Peptide, TRT, and HRT online markets.

Market Opportunity: Large, Underpenetrated, and Digitally Addressable

● Demand substantially outpaces treatment rates across all three categories: ~60% of men report low-T symptoms but only 17% are formally

diagnosed (~25% TRT utilization); ~80% of women 40+ experience menopause symptoms but only 13% are on HRT; and nearly 1 in 3 respondents

report peptide use, well above our expectations given the regulatory gray area.

● We size the combined telehealth TAM at ~$71.3B: $16.3B (Peptides), $36.6B (TRT), and $18.4B (HRT). In-person providers dominate today, but 56%,

64%, and 53% of aware respondents are open to telehealth across the three categories, respectively.

Barriers to Adoption: Safety Concerns and Cost Dominate

● Safety concerns are the #1 deterrent across all categories. The FDA's recent move to reverse the HRT black box warning could materially reduce churn

and improve uptake going forward. Cost is a consistent secondary barrier, with average WTP at ~$93/month (Peptides), ~$98/month (TRT), and

~$59/month (HRT).

● Therapy duration is longest in HRT (~2.5 years), followed by TRT (~2.0 years) and Peptides (~1.7 years). Online duration lags in-person across all

categories, though we attribute this to channel immaturity rather than structurally elevated churn.

MS Dominant Across All Three Categories

HIMS is uniquely positioned to consolidate what remains a fragmented competitive landscape, in our view, commanding 62% prospective TRT

preference, 55% Peptide preference, and 51% HRT preference.