Peptides Are Everywhere. Businesses Are Cashing In.

Summary

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The Journal.

Episode Title: Peptides Are Everywhere. Businesses Are Cashing In.
Date: July 30, 2026
Hosts: Ryan Knutson, Jessica Mendoza
Guests: Sarah O’Brien (WSJ reporter)

Episode Overview

This episode explores the meteoric rise of peptides within the American wellness landscape. Influencers, celebrities, and everyday users are touting peptides for everything from better skin and hair to faster injury recovery. Amid viral social media endorsements and a loose regulatory framework, the business world—especially telehealth giants—is racing to cash in. The Journal unpacks the science, the risks, new FDA actions, and the market’s eager anticipation of regulatory change.

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Key Discussion Points

1. What Are Peptides and Why the Craze?

• Peptides are chains of amino acids the body produces naturally to regulate functions like sleep and metabolism.
• Growth of the peptide market is driven by influencers and celebrities (e.g., Joe Rogan, Gwyneth Paltrow).
• Social media is full of posts promising glowing skin, muscle gain, and rapid recovery using peptides.
• Notable quote:

  “There is a pep for every problem.” (Sarah O’Brien, 00:35)

Types, Forms, and Usage

• Most popular formulations: injectables, but also nasal sprays and patches.
  (Sarah O’Brien, 04:58)
• Examples:
  • BPC157 & TB500 (for injury recovery/"Wolverine stack")
  • MOTC (energy)
  • MT2 (tanning)

How the Craze Started

• Peptides have been circulating in biohacking/bodybuilding circles for over a decade.
• The “Ozempic effect”: Success and popularity of GLP1 drugs (a type of peptide for weight loss) made peptides a household name.
  (Sarah O’Brien, 05:21)

2. The Unregulated Peptide Market

• Most peptides currently available are experimental and not FDA approved.
• Sourced mainly online, homemade mixing and unsupervised injections are common.

  “People are largely getting these peptides on the Internet...without a doctor’s supervision at all.”
  (Sarah O’Brien, 01:15)

Regulatory Backdrop

• Under President Biden, the FDA restricted compounding of over a dozen peptides due to safety and data concerns.
  (Jessica Mendoza, 08:11)
• The crackdown created a booming gray market:

  “You can find links to these companies...They include disclaimers that say for research use only or not for human consumption, which is their workaround.”
  (Sarah O’Brien, 09:02)

Dangers and Risks

• Evidence for most peptides is anecdotal; little is known about long-term side effects.
• Risks include contamination, unknown interactions, and possible growth of polyps or cancerous cells.
  (Sarah O’Brien, 07:10)
• Unregulated peptides may arrive laced with unknown substances.

3. A Changing Regulatory Landscape

• Under Health Secretary RFK Jr., the FDA is considering re-categorizing certain peptides, potentially expanding access.
• RFK Jr. himself is an outspoken proponent:

  “Secretary Kennedy has said that he’s a fan of these peptides and has used some on himself on occasion.”
  (Sarah O’Brien, 10:01)

Recent FDA Actions

• Last week: FDA committee held public hearings to review restrictions.
• Seven peptides considered for compounding; six committee-endorsed.
  (Jessica Mendoza, 12:00; Sarah O’Brien, 12:19)
• The “Wolverine stack” (BPC157 + TB500) included in the committee’s nod.

Caveats

• Important: Committee recommendation does not mean FDA approval or that peptides are available OTC.

  “They are definitely not FDA approved...they do not carry the same evidence and safety and effectiveness of FDA approved drugs.”
  (Sarah O’Brien, 13:03)

• Some health experts see the recommendation as risky for patient safety.
  (Jessica Mendoza, 13:19)

• FDA will consider the vote; a final rule is months away.
  (Sarah O’Brien, 18:22)

4. Business Rush: Gold Rush Mentality

Telehealth Giants Prepare

• Companies like Hims & Hers and Noom are positioning themselves for a peptide-friendly future:
  • Hims & Hers bought a peptide compounding facility.
  • Noom acquired TaylorMade Compounding, which operates in 46 states.
  • Both testified before the FDA committee, signaling intent to enter the peptide market.
• Market could exceed $2 billion if FDA eases restrictions.
• Both companies are waiting for the FDA’s formal decision but quietly making preparations.
  (Jessica Mendoza, 14:55; Sarah O’Brien, 15:14)

Smaller Players Act Fast

• Some, like Meno (platform for doctors, clinicians, medspas), are already providing peptides, citing legal advice for navigating the “regulatory limbo.”
  (Sarah O’Brien, 16:07)
• Others, like Protocol (telehealth claiming “state regulated” sources), offer peptides in anticipation of changes.
• Why the variance? State-level regulation is inconsistent; oversight and enforcement vary.
  (Sarah O’Brien, 17:03)

Industry Strategy

• Early action seen as critical for staking out expertise—if and when peptides become more accessible.

  “It is a matter of sort of like planting a stake in the ground.”
  (Sarah O’Brien, 17:48)

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Broader Implications

Social/Wellness Trends

• The craze reflects a deep public desire for wellness, longevity, and rapid self-improvement—often at the expense of waiting for traditional medicine.
• Consumers increasingly trust influencer-sourced anecdotal evidence over regulatory caution.

  “People feel like they need to take matters into their own hands...They are willing to take on the risk of injecting these unapproved substances for the potential benefit.”
  (Sarah O’Brien, 18:59)

The Trust Gap

• Health regulation faces growing skepticism, with traditional approval processes seen as slow or out of touch compared to information flow on social media.
• Example:

  “There’s so much that’s sort of working against the traditional medical system in this time.”
  (Sarah O’Brien, 18:59)

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Notable Quotes & Memorable Moments

• “[On glutathione] Like how insane my skin has been looking...I wish I could go on and on...”
  — Sarah O’Brien, 00:35

• “I’m a big fan of peptides. I’ve used them myself and used them with really good effect...with a couple of injuries.”
  — Quoting RFK, Jr.’s view, Sarah O’Brien, 10:01

• “Patients won’t read the fine print. They will hear one thing: the FDA said yes.”
  — Head of Partnership for Safe Medicines, as related by Jessica Mendoza, 13:19

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Timeline of Key Segments

• [00:05–02:04] — Introduction: What peptides promise and how the craze exploded
• [04:37–06:14] — How peptides work, how they’re used, and the social media hype
• [07:01–09:45] — Risks, evidence gaps, and the flourishing gray market
• [10:01–13:19] — Regulatory shifts: FDA hearings, RFK Jr.’s support, and committee decisions
• [14:15–17:48] — Business maneuvers: Telehealth, startups, and legal limbo
• [18:59–20:09] — Discussion: What peptides reveal about American wellness culture and regulatory trust

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Conclusion

The episode sheds light on how peptides became wellness culture’s latest obsession—with businesses, regulators, and consumers all racing ahead, often before the science or law can catch up. The looming FDA decisions may rewrite the rules of the peptide market, but for now, the landscape remains a high-stakes, fast-moving experiment—fueled by hype, hope, and entrepreneurial ambition.

Transcript

[Jessica Mendoza]

Do you want glowing skin, bigger muscles, healthier hair on social media? The answer you'll likely get for all of that is peptides.

[Sarah O'Brien]

If you're someone who's wanting to get sexy for summer, these are the top five Pepsi I only take two peptides to make my skin look like this. You could be lean, jacked, and tan this summer.

[Jessica Mendoza]

Basically, you take them, they're gonna heal injuries up like three to four times as fast as they would heal on their own.

[Sarah O'Brien]

Like how insane my skin has been looking on glutathione. Like, I wish I could go on and on and on and on. There is a pep for every problem.

[Jessica Mendoza]

Peptides, often sold as injectables, are a massive trend, fueled by influencers and celebrities like Joe Rogan and Gwyneth Paltrow. Despite their popularity, though, most peptides are being sold in the US without regulatory oversight, making them a controversial subject in medical circles. Our colleague Sarah o' Brien has been reporting on this wellness craze.

[Sarah O'Brien]

People are largely getting these peptides on the Internet. They're ordering them from sellers that are largely abroad and are mixing them and injecting them at home, oftentimes without a doctor's supervision at all.

[Jessica Mendoza]

But now the Food and Drug Administration under Health Secretary Robert F. Kennedy, Jr. Is talking about recategorizing several of these experimental peptides, potentially making them more accessible for a lot of people. How would you describe this moment for the peptides market?

[Sarah O'Brien]

It's on the cusp of change. We don't know what the FDA will ultimately do, but it certainly looks like they are interested in potentially making a change here and making these peptides more, more available to people.

[Jessica Mendoza]

And the wellness industry is keeping a close eye. Businesses, including some of the biggest players in telehealth, are gearing up for a peptide gold rush. Already investing millions of dollars into the space.

[Sarah O'Brien]

A lot of companies are seeing the business opportunity here. They're really seeing dollar signs that could come. And some businesses aren't waiting around for permission. They're sort of moving full force ahead to try to capitalize.

[Jessica Mendoza]

Welcome to the Journal, our show about money, business and power. I'm Jessica Mendoza. It's Thursday, July 30th. Coming up on the show, businesses are ready to cash in on peptides.

[Accenture Representative]

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[Jessica Mendoza]

Our bodies make and use peptides naturally all the time. They're chains of amino acids that do all kinds of things like regulate your sleep or metabolism. Insulin is a peptide, so are endorphins. What you're seeing on social media are manufactured peptides that claim to enhance some of those same body functions.

[Sarah O'Brien]

The ones that a lot of people are talking about come in injection form, but they also come in the form of nasal sprays or transdermal patches. So there's sort of like a range of formulations, although I would say the most popular ones that you're hearing about are injections.

[Jessica Mendoza]

Let's back up a little bit here. How did the peptide craze start?

[Sarah O'Brien]

Yeah, so you know, some of these peptides have been used for quite some time in biohacking circles with bodybuilder types. They're ones that, you know, have been around for maybe a decade, but they have gotten a lot more attention in part due to the popularity of GLP1 medications. GLP1 is a peptide. Now the GLP1 drugs that you hear about, like Ozempic, these are FDA approved drugs that went through lengthy clinical trials, but it has sort of had this effect of, you know, the popularity and the success of those drugs. People saw sort of like the weight loss improvements and thought like, huh, is there anything else?

[Jessica Mendoza]

Right? Seeing that peptides work in the case of GLP1s kind of opened the floodgates in a sense.

[Sarah O'Brien]

Exactly. And it sort of made it kind of a household name, if you will.

[Jessica Mendoza]

These days, influencers and regular people alike are name dropping all kinds of experimental peptides on social media. Things like BPC157 and TB500 for recovery and healing, MOTC for energy or MT2, often called the tanning peptide for boosting melanin.

[Sarah O'Brien]

It's been really interesting to see. I mean, it has broadened significantly. So now you're hearing from everybody, from, you know, teenagers to young men to postpartum women to senior citizens, sort of talking about various peptides. They're talking about them as if they are like miracle substances, right, that have helped them transform in one way or another.

[Jessica Mendoza]

Clear skin, hair growth, more muscle on the surface. Peptides sound amazing. What's the catch here? What are some of the risks?

[Sarah O'Brien]

Right, the catch is that we don't know some of the risks. For one, these peptides that everyone is talking about are ones that are largely experimental peptides. So they are not part of any FDA approved drugs. And so far much of the evidence about how they're working and the sort of like benefits of them are anecdotal. Doctors that I've spoken to have express concerns about the effect of peptides that maybe people aren't talking about, such as like the growth of polyps or cancerous cells. So there are unintended side effects that go beyond sort of the benefits that people are talking about. And a lot of people are stacking these peptides. We don't know how they might interact with each other. But also, you know, the way that people are getting them now, if you're ordering something online, there are reports that some of them have been laced with some something that, you know, is not the peptide that you're intending to take. That could be quite dangerous. So there are quite a few downsides.

[Jessica Mendoza]

Under President Joe Biden, the FDA flagged safety concerns and a lack of data around the long term effects of peptides. The agency then put more than a dozen peptides on a do not compound list, basically saying that compounding pharmacies here in the US aren't allowed to make them.

[Sarah O'Brien]

The compounding pharmacies that we're talking about are licensed and inspected by states and they make patient specific medications. So, so they take sort of raw ingredients and make them into, you know, injection form or pill form or whatever the formulation is and provide them to patients. But in 2023, the Biden administration cracked down and said these specific peptides are, you know, not allowed to be compounded.

[Jessica Mendoza]

That hasn't stopped people from getting their hands on these restricted peptides, though. Sarah says that since that 2023 decision, the Gray market for unauthorized peptides has

[Sarah O'Brien]

blown up just by sort of like sleuthing around on social media or the Internet. Reddit, TikTok, you can find links to these companies which are selling the substances by name. They include disclaimers that say for research use only or not for human consumption, which is their kind of workaround. And they often tout the benefits of these substances. Even though they are supposedly for research use only. They're not hard to find. And a lot of times, you know, they come from abroad, from places like China, and people are then mixing them at home, sort of. It comes in like a powdered form that you mix with bacteriostatic water and inject into yourself.

[Jessica Mendoza]

But now, under the Trump administration, peptides have gotten an official boost from a powerful new ally, RFK Jr. He's been outspoken for years about his belief that the US has gone too far in regulating these substances.

[Sarah O'Brien]

Secretary Kennedy has said that he's a fan of these peptides and has used some on himself on occasion. I mean, I'm a big fan of peptides. I've used them myself and used them with really good effect. You know, with a couple of injuries. He has, you know, vowed to end the war on peptides. And so, you know, it is clear that he wants to loosen sort of the restrictions on these peptides and make them more widely available to people.

[Jessica Mendoza]

Just last week, an FDA hearing gave both peptide enthusiasts and businesses a shot in the arm. That's after the break.

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[Optum Representative]

An FDA advisory committee began a two day meeting today to consider lifting a ban and widening access to seven popular peptides.

[Jessica Mendoza]

Last week, a committee within the FDA held hearings about some of the peptides that were restricted under the Biden administration. Seven were put up for a vote. Should the FDA ease restrictions on these peptides, the committee ultimately recommended to allow compounding pharmacies to make six of them.

[Sarah O'Brien]

The peptides included the popular BPC157, which is one that is widely discussed on social media and on the Internet. It is used widely from everything from like muscle repair to inflammation. It also included one called TB500, also popular. Together the two are marketed as the wolverine stack.

[Jessica Mendoza]

I'm just putting it together. So the Wolverine stack because wound healing, something wolverine can do, and also inflammation is what it targets.

[Sarah O'Brien]

Yes, together they're the Wolverine stack.

[Jessica Mendoza]

To be clear, this does not mean that peptides more broadly or even the ones that are on this list are now, quote, unquote, FDA approved. Right? Like I'm not going to walk into Walgreens and see them on the shelves.

[Sarah O'Brien]

They are definitely not FDA approved. And even if and when the FDA proposes a rule and it becomes a final rule and they become available for compounders to make, they are still not FDA approved drugs and they do not carry the same evidence and safety and effectiveness of FDA approved drugs.

[Jessica Mendoza]

The head of the Partnership for Safe Medicines, a public health coalition, called the FDA committee vote, quote, a serious setback for patient safety. He added, quote, patients won't read the fine print. They will hear one thing the FDA said. Yes, the FDA still hasn't made an official decision on these peptides. It will consider the committee vote along with other information to develop a proposed rule. More peptides will also be up for review by the FDA committee early next year. Meanwhile, peptide advocates are taking the committee's recommendation as a good sign. And some telehealth companies are too. So there are some big players diving into the peptide game already. There's Noom, there's Hims and hers. Can you talk about these companies and how they're preparing for a world where the FDA might give its blessing on peptides?

[Sarah O'Brien]

So last year, Hims and hers acquired a peptide compounding facility in Menlo Park. This year, Noom acquired a company called Taylormade Compounding which operates in 46 different states. And they're making the steps to prepare themselves for a world in which peptides become more accessible and that they can sort of lawfully compound Them Representatives for Himss and Noom were both at the FDA committee hearing and testified in favor of peptides last week. So it's clear, you know, that they sort of see the potential benefits of these substances.

[Jessica Mendoza]

If the peptides currently under review at the FDA were to get approved, it could mean a huge telehealth market opportunity, potentially more than $2 billion worth, according to one analyst. Are these companies already compounding peptides or are they just getting into position to

[Sarah O'Brien]

start as soon as possible when it comes to these particular peptides, these unapproved peptides, they are getting into position, it seems, but they have not been very public about what next steps are. We just know that, you know, based on sort of the acquisition of compounding facilities, we know sort of where they're moving and where they're looking ahead.

[Jessica Mendoza]

The chief medical officer for hims said in a statement that the company looks forward to a formal decision by the FDA of the peptides under review. He added, quote, we remain committed to building the care system this category deserves. Noom's chief medical officer said in a statement that greater oversight of peptides reduces risk for patients. But even as some of these larger companies are taking a wait and see approach, other smaller players in the wellness space are already selling peptides to customers.

[Sarah O'Brien]

So I came across a company called Meno, which is a platform for doctors and clinicians and med spas to access peptides and information about how to dose. And that company, they purchased a South Carolina factory. Then they said they spoke with their attorneys and they feel like it is okay to provide some of these peptides despite the regulatory limbo and that they feel comfortable doing that with the right physicians involved. There's a company called Protocol, which is a telehealth company. The website sort of promises that the products come from state regulated pharmacies. So they are pitching themselves as sort of like, we do not have unregulated research use only peptides. And some of the peptides that they're offering are also ones that are up for discussion.

[Jessica Mendoza]

How can they do this if these substances, if peptides aren't actually approved yet?

[Sarah O'Brien]

Yeah, it's a great question, and the answers are sort of squishy. These pharmacies are regulated by the states and certain states have come out and been more aggressive about saying that doctors and clinicians should not be prescribing these peptides that fall into this regulatory limbo state. Others have not done so.

[Accenture Representative]

Right.

[Sarah O'Brien]

So it varies by state of sort of like how aggressive they want to be against this.

[Jessica Mendoza]

States have oversight of some pharmacies and practitioners. The FDA enforces its rules on a federal level. Still, some companies are betting that in a peptide friendly environment, cementing their presence in the peptide industry now is worth the risk.

[Sarah O'Brien]

They see this going in a direction where compounding pharmacies are able to lawfully make these peptides and they want to lay the groundwork that they are the experts and that they are the go tos for the certain customer base that they're speaking to. Right. So it is, you know, a matter of sort of like planting a stake in the ground,

[Jessica Mendoza]

realistically speaking, like how far away are we from the FDA potentially approving, you know, the compounding of peptides if they do?

[Sarah O'Brien]

Yeah, I think the time frame is it could be several months before a proposed rule is out there and then there's a comment period where the public can provide sort of commentary and then there's a final rule. So it could be, you know, many, many more months.

[Jessica Mendoza]

Sarah, you've been covering peptides to some degree basically since like the dawn of the GLP1 era. Does this moment in peptides tell us something about how people are thinking about wellness more broadly and specifically the role that government regulation should play in public health and the choices people make?

[Sarah O'Brien]

Yeah, I think that people feel like they need to take matters into their own hands for their own health. And people are really interested in longevity in living as long as they can, as healthy as they can. And so they are willing to take on the risk of injecting these unapproved substances for the potential benefit. So I think it says a lot about where trust lies. Like people are trusting the anecdotal information that's being shared from maybe influencers they follow on social media over waiting for regulatory changes or waiting for the evidence to follow the anecdotes that they've heard. There's so much that sort of like working against the traditional medical system in this time. And so it's a really sort of like uphill battle they're facing.

[Jessica Mendoza]

That's all for today. Thursday, July 30 the Journal is a co production of Spotify and the Wall Street Journal. Additional reporting in this episode by Alex Janin. Thanks for listening. See you tomorrow.