SAN FRANCISCO, April 24, 2026, 12:04 PDT
- Hims & Hers jumped roughly 9% Friday afternoon, after JPMorgan initiated coverage with an overweight rating and set a $35 price target.
- Hims has rolled out new LillyDirect access for Zepbound and Foundayo, but emphasized there’s no Eli Lilly affiliation or endorsement.
Hims & Hers Health got a boost Friday, climbing about 9% to $30.70 after JPMorgan initiated coverage with an overweight rating and slapped on a $35 price target. The new call gives the telehealth firm a shot in the arm following heated back-and-forth over its weight-loss approach.
This call takes on new weight as Hims looks to demonstrate its obesity segment can maintain momentum even as access to pharmacy-made versions of weight-loss drugs—which had fueled growth during recent shortages—wanes. GLP-1 drugs fall into a broader class used for diabetes and weight loss; they act like a natural gut hormone, steadying blood sugar and slowing stomach emptying, so people feel full longer.
Hims on Thursday announced that providers using its platform will now be able to send prescriptions for Eli Lilly’s Zepbound vials, Zepbound KwikPen, and Foundayo directly to the LillyDirect pharmacy—letting Hims customers tap into self-pay pricing. The company is positioning this as a move further into the FDA-approved arena, just weeks after it disclosed a collaboration with Novo Nordisk aimed at expanding access to Wegovy injections and pills.
The company flagged a key point: getting Zepbound and Foundayo through its service “does not imply a partnership or affiliation with Eli Lilly.” Any licensed provider can write prescriptions for LillyDirect, they noted. Hims separately stressed there’s no affiliation with or endorsement from Lilly. Hims Newsroom
JPMorgan’s Cory Carpenter flagged the Novo deal as a possible inflection point for Hims, saying it could resolve lingering legal issues and solidify the company as a one-stop shop for branded, generic, and compounded treatments. The analyst pointed to a GLP-1 business that’s holding steady, highlighted the chance for new branded tie-ups, and said revenue might pick up speed later this year, Investing.com reported.
There’s plenty at stake for the company. Hims is serving roughly 2.5 million subscribers—spanning categories like weight loss, women’s health, ED, hair loss, testosterone, and a presence outside the U.S. GLP-1 products, per the JPMorgan note flagged by Investing.com, had climbed to account for over 35% of the business, but that momentum hit a patch of uncertainty once shortages cleared.
The field isn’t limited to pharma players anymore. This week, Amazon One Medical rolled out a GLP-1 management program connecting primary care, telehealth, and Amazon Pharmacy, offering same-day prescription delivery in close to 3,000 cities, aiming for 4,500 by year-end. For cash-pay customers, Amazon set monthly prices for oral Wegovy and Foundayo at $149, with some injectables starting from $299.
Hims isn’t stopping at weight loss. This Wednesday, the company announced it now has a reliable supply of estrogen patches for qualifying patients, addressing U.S. shortages as demand for hormone replacement therapy rises. Pricing for the patches through its platform starts at $134 a month, though the amount can vary with the patient’s treatment plan.
There’s a risk that Hims winds up as just an expensive storefront for drugs made, priced, and shipped by other players. Leerink Partners’ Michael Cherny flagged LillyDirect’s launch, saying it might mean Hims is “serving as an intermediary to create more options,” but he also questioned Hims’ exact involvement: “it is hard to tell what role Hims is playing here beyond being the front door to patients accessing Lilly products.” Barron’s
Regulators remain in the picture. The FDA reiterated it does not approve compounded GLP-1 drugs or review them for safety, quality or effectiveness before they hit the market. Hims, for its part, flagged risks from possible shifts in healthcare, privacy and consumer protection laws that could weigh on its operations.
Investors now face a straightforward challenge: can Hims actually convert access, clinical check-ins, nutrition advice, and peer support into loyal, long-term subscribers, instead of simply directing patients toward Lilly, Novo, or Amazon-backed options? On Friday, the market gave some weight to JPMorgan’s take. What matters more, though, is how retention, margins, and prescription flow shape up.
