SAN FRANCISCO, May 9, 2026, 07:20 PDT
Hims & Hers Health surged 10.2% Friday to finish at $28.27, ahead of first-quarter earnings set to drop after Monday’s closing bell. Despite the pop, shares remain lower on the year. Investors are zeroed in on Monday as a clearer barometer for the telehealth firm’s shift into weight loss.
Subscriber growth isn’t the only question hanging over Hims. What’s on investors’ minds: can the company move away from lower-cost compounded weight-loss meds and pivot to FDA-approved GLP-1 drugs—a group of diabetes and obesity treatments targeting appetite and blood sugar—without giving up the growth that’s made the stock one of healthcare’s wilder rides?
Hims is projected to bring in around $616.88 million in first-quarter revenue, with earnings pegged at 3 cents a share, according to TipRanks. Wall Street’s stance? The stock sits at a “Moderate Buy,” based on five buys and 10 hold calls. Over at Deutsche Bank, analyst George Hill maintained his Hold, trimming his price target to $25 from $28. Hill flagged FDA regulations, Novo Nordisk’s lawsuit, and the conclusion of the semaglutide shortage as key factors. TipRanks
Hims kicked off the quarter with heft, though the narrative has gotten trickier. For 2025, the company posted revenue of roughly $2.35 billion, a 59% climb, net income at $128 million, and adjusted EBITDA of $318 million. Subscriber count topped 2.5 million, marking a 13% increase.
Back in March, the company moved to clear a major cloud, announcing a deal with Novo Nordisk that would make Ozempic and Wegovy available through its platform. Novo agreed to drop its lawsuit, though without prejudice. CEO Andrew Dudum described the partnership as an opportunity to create “a new model that works for everyday people.” The company also emphasized it would offer compounded GLP-1s only to a small group of patients who couldn’t be helped by existing, approved medications. Hims Inc.
Hims expanded its offerings not long after. April brought news that providers on the Hims platform could now prescribe Eli Lilly’s Zepbound—both vials and KwikPen—alongside Foundayo, directing prescriptions to LillyDirect. Hims made clear, however, that offering access to Zepbound and Foundayo didn’t mean there’s any partnership or official tie-up with Lilly.
That lands Hims right between obesity-drug heavyweights Novo and Lilly, at a moment when pills are just hitting the scene. In its fourth U.S. week, Lilly’s Foundayo reached 7,335 prescriptions—a slow entry next to Novo’s Wegovy pill. RBC Capital Markets analyst Trung Huynh noted that investors seem to be looking beyond short-term weekly prescription data when sizing up Foundayo’s long-range prospects.
Regulations are still tough here. On April 30, the FDA moved to remove semaglutide, tirzepatide and liraglutide from the 503B bulks list, arguing there’s no clinical reason for outsourcing facilities to compound these drugs from bulk ingredients. The agency is taking public comments through June 29 before making a final call. FDA Commissioner Marty Makary emphasized that outsourcing facilities must show a “clear clinical need” when approved drugs exist. U.S. Food and Drug Administration
Hims is downplaying any potential fallout. A spokesperson told Reuters the FDA proposal shouldn’t hit its business, saying, “there are no GLP-1s compounded by 503B facilities accessible through our platform.” Reuters, for its part, pointed out that a number of telehealth firms source individualized compounded doses from 503A pharmacies. Reuters
One potential upside: peptides. Back in April, Reuters noted the FDA was considering loosening restrictions on 12 peptides—these are short amino acid chains found in certain health products. Leerink Partners analyst Michael Cherny described the move as a “clear positive” for Hims, though he cautioned it wouldn’t drive immediate revenue. Still, as the personalized GLP-1 compounding story loses steam, peptides might open up a fresh growth path. Reuters
The risks here aren’t trivial. Hims flagged in its annual filing that tighter rules on compounding or how it can market compounded GLP-1s could squeeze its finances and cash flow, and potentially hit margins, pricing, demand, or even trigger customer cancellations. The same filing revealed the SEC opened an investigation in February, focused on company statements and disclosures about compounded semaglutide and its business ties.
Hims is putting cash behind expansion moves. Back in February, it struck a deal to acquire Eucalyptus, an Australian digital health player, for as much as $1.15 billion. That buyout puts Hims in front of more consumers in Australia, Japan, the UK, Germany, and Canada. Leerink’s Cherny, commenting at the time, flagged that questions around compounded GLP-1s would keep driving the stock until management resolves them.
The task for Monday’s report is specific: Hims has to prove that branded obesity meds, subscription sales, and fresh health lines are enough to drive revenue forward, even as regulators, investors, and drugmakers continue to scrutinize the compounding approach.
