AIOS sells branded drugs at cost

This makes AIOS look bigger on the income statement than it is at the gross profit line. Most of the cash from each branded GLP-1 order flows straight through to Eli Lilly and Novo Nordisk, so AIOS is really monetizing demand generation, prescribing workflow, pharmacy operations, and refill retention, not the drug spread itself. That produces pharmacy like margins, around 20%, even while patient growth is moving at consumer internet speed.

• The tradeoff bought growth. By pricing branded Wegovy and Mounjaro below UK rivals like Numan and Boots, Bolt became the cheapest regulated source in Britain and scaled to roughly 150,000 monthly patients, but the low price left little room to keep drug gross profit inside the business.
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• Ro and Hims & Hers have a different economic engine. They earn much higher fulfillment margins, about 65% to 80% in the telehealth GLP-1 model, because they keep more of the economics across pharmacy and platform layers. Hims reported 74% gross margin for 2025 at the company level while expanding branded GLP-1 access with Novo Nordisk.
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• That means AIOS revenue is more vulnerable to supplier power. If Lilly and Novo favor their own channels like LillyDirect and NovoCare, or preferred partners with better unit economics, AIOS has less margin cushion to absorb higher acquisition costs, tighter supply, or price competition.
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The next step is to turn volume into owned economics. If AIOS can repeat Bolt across Europe, then later manufacture generic semaglutide when patents roll off in the early 2030s, it can move from being a fast growing wrapper around other companies' drugs to keeping the medication margin itself.