NEW YORK, December 31, 2025, 05:39 ET — Premarket
- Hims & Hers shares slipped about 0.5% in early premarket trading.
- Investors are tracking fresh GLP-1 pricing moves and how they could shape demand in 2026.
- Traders are watching for updates on weight-loss drug access, pricing and Hims’ margin trajectory.
Shares of Hims & Hers Health Inc (HIMS) fell 0.5% to $32.87 in premarket trading on Wednesday after closing down 3.1% at $33.04 in the prior session. The stock has traded between $23.97 and $72.98 over the past 52 weeks. 1
The drift lower keeps attention on the telehealth group’s exposure to the fast-moving market for GLP-1 weight-loss drugs — a category that has become a major battleground for pricing, access and consumer demand.
That matters now because GLP-1 drugs, a class of diabetes and obesity medicines that reduce appetite, are increasingly being sold through direct-to-consumer channels where patients often pay out of pocket. Any reset in what drugmakers charge can ripple through the subscription models used by digital health platforms.
Late Tuesday, Novo Nordisk and Eli Lilly lowered prices of their obesity drugs Wegovy and Mounjaro in China, as competition intensifies and patents near expiry in key markets, a Reuters report said. The move highlighted how quickly price points can shift — a key variable for platforms building weight-loss programs around branded therapies. 2
The industry is also bracing for a broader shift toward oral versions of the drugs, which could widen adoption among consumers who do not want injections. A Reuters report this week described a push by drugmakers and partners to market GLP-1s more like consumer products — including through apps and telehealth platforms — as pill launches approach. 3
Hims has been expanding its weight-loss offering outside the United States as the category grows. The company said earlier this month it was launching its weight-loss membership in the United Kingdom, including access to Novo’s Wegovy and Lilly’s Mounjaro following a clinical assessment. 4
In its most recent results, Hims reported third-quarter revenue of about $599 million and said subscribers rose to nearly 2.5 million. It forecast fourth-quarter revenue of $605 million to $625 million and adjusted EBITDA — a profit measure that excludes certain costs such as stock compensation — of $55 million to $65 million, and said talks with Novo Nordisk were ongoing with no definitive agreement. “We delivered another quarter of strong, profitable growth as our model continues to scale,” CFO Yemi Okupe said. 5
For investors, the key question is whether falling branded drug prices expand the pool of customers quickly enough to offset potential pressure on revenue per subscriber. If lower prices boost sign-ups, platforms can gain scale — but the mix of customers and products can change margins.
Hims’ shares have become a proxy for how Wall Street thinks about the “consumerization” of weight loss treatment, where convenience, marketing and monthly affordability can matter as much as clinical outcomes. That can make the stock sensitive to headlines from Novo and Lilly, even when there is no company-specific announcement.
At the premarket level, Hims is down roughly 55% from its 52-week high, underscoring how quickly sentiment can swing as expectations for weight-loss profitability move with pricing and access.
Traders will be watching whether signs of discounting spread further and how quickly new formats — including pills — push more patients into cash-pay channels. That would likely help volumes for telehealth platforms, but could also intensify competition on subscription pricing.
