San Francisco, May 11, 2026, 01:07 (PDT)
Investors eye Hims & Hers Health Inc. as it approaches Monday’s first-quarter results, with attention locked on the future of its weight-loss segment—especially after the company pulled back from widely promoted compounded GLP-1 drugs. Earnings will post after the U.S. markets close, followed by a 5 p.m. ET conference call, according to Hims & Hers.
That’s suddenly important, with forecasts tightening up. Wall Street’s consensus sits around $617 million for first-quarter revenue, and EPS is pegged between 3 and 4 cents, according to public estimate trackers. Hims shares finished Friday’s regular session at $28.46, ticking up to $29.07 in after-hours trading.
There’s more to the story than just hitting a target. Back in February, Hims put out Q1 revenue guidance of $600 million to $625 million, projecting adjusted EBITDA in the $35 million to $55 million range. By the end of 2025, revenue climbed to $2.35 billion—a 59% jump—with the subscriber base topping 2.5 million.
Weight loss is trickier. GLP-1 drugs—typically prescribed for diabetes and obesity—had fueled growth at online health platforms. But in March, Hims said it would halt ads for compounded GLP-1s and instead shift U.S. users to a wider selection of FDA-approved meds, starting with options from Novo Nordisk. Compounded drugs, made by pharmacies to fit patient needs, aren’t identical to branded, approved medicines.
Novo Nordisk has settled its lawsuit with Hims, striking a deal to make Wegovy and Ozempic available on the Hims platform at self-pay rates. Reuters noted Novo is locked in a tight race with Eli Lilly for the weight-loss drug market. CEO Mike Doustdar pointed out the price gap has narrowed—the “authentic products” are now much closer to compounded alternatives. Hims CEO Andrew Dudum, speaking to Reuters, called the move to branded drugs a key growth driver: “That’s where we see growth in the business.” Reuters
Views are split among analysts. Over at TipRanks, Deutsche Bank’s George Hill trimmed his price target to $25 from $28 but stayed at Hold, pointing to FDA compounding restrictions, ongoing Novo litigation, and the close of the semaglutide shortage. On the other hand, BofA’s Allen Lutz nudged his target up to $32 from $30, maintaining Hold, and described a LillyDirect update as “neutral-to-positive.” TipRanks
It’s a patchwork picture for the sector. According to StockStory, healthcare tech stocks climbed 6.1% on average in the past month, but Hims surged 49.6% in that stretch going into its earnings release. GoodRx topped revenue forecasts last quarter; Tandem Diabetes also beat estimates yet still slipped, underscoring how digital-health names are being weighed on guidance and profitability, not just top-line growth.
Hims is looking to reduce its reliance on U.S. weight loss, and in February moved to acquire Australia’s Eucalyptus for as much as $1.15 billion. The purchase extends Hims’ reach into Australia and Japan, while strengthening its footprint in the UK, Germany, and Canada. But Leerink’s Michael Cherny pointed out the “dominant theme” is still the uncertain outlook for compounded GLP-1s. Reuters
The concern is straightforward: branded GLP-1s might not catch up to the profitability of compounded versions anytime soon—particularly if marketing expenses remain elevated or input costs don’t come down. Cherny told Reuters international growth could give the company a boost, but emphasized, “the more important component for the stock is how Hims progresses with its weight-loss business.” Reuters
Monday’s focus falls on subscriber growth, monthly revenue per user, gross margin, plus any fresh details about the Novo transition. Just hitting the revenue mark probably won’t cut it. What Hims has to prove is that its next growth phase isn’t as vulnerable to regulator pressures, pharma suppliers, or the escalating price battle around obesity treatment.
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