San Francisco, May 8, 2026, 12:58 PDT
Shares of Hims & Hers Health jumped 9.3% to $28.03 on Friday, as options activity suggested traders were bracing for a significant move tied to the company’s first-quarter earnings next week. Pricing on an at-the-money straddle — where both a call and a put at the same strike are purchased — pointed to expectations of a roughly 14.8% swing after results.
Investors will get their next read on Hims after markets shut on Monday, May 11, with the company set to report results as shifting regulations for compounded weight-loss drugs come into sharper focus. Hims plans to host its earnings call at 5 p.m. ET that evening.
Hims now stands in as a bellwether for two elusive themes on Wall Street: the direct-to-consumer healthcare play and the surging GLP-1 drug wave—those hormone-based meds that have caught fire for diabetes and weight loss. According to its latest annual report, more than 70% of Hims’ U.S. revenue in 2025 came from personalized products, potentially involving compounded formulations. Still, Hims clarified that most domestic revenue was generated outside GLP-1 offerings.
Friday’s surge sent Hims past a technical mark flagged by analyst Anton Kharitonov of Traders Union. Earlier, Kharitonov had noted, “Unless HIMS can break above $27.22, I remain defensive and expect sideways action near support.” The stock’s move above that level came later. Traders Union
Views on Hims are all over the board. TipRanks data shows analysts are looking for first-quarter EPS of $0.03, revenue coming in at $616.88 million. Over at Deutsche Bank, George Hill trimmed his target down to $25 from $28, sticking with a Hold on concerns—he pointed to FDA compounding rule risks, litigation with Novo Nordisk, and the winding down of the semaglutide shortage. Meanwhile, Allen Lutz at BofA lifted his target up to $32 (from $30), describing the expansion tied to LillyDirect as “neutral-to-positive.” TipRanks
Hims, aiming to make its case as more than a single-product story, rolled out Testosterone Rx+ on April 30. The new daily pill features enclomiphene and additional nutrients. According to Hims’ own data, 95% of users experienced increased testosterone, and 80% hit optimal levels within 60 days. Still, Hims points out the product hasn’t been cleared or reviewed by the FDA for safety, effectiveness, or quality.
This week, the company rolled out a new offering: Labs AI. Described as an AI care agent, the tool is designed to help customers make sense of their lab results—though it stops short of delivering diagnoses. Hims said Labs AI is already reaching a significant portion of Labs customers, with broader access planned down the line.
Hims is putting more focus on FDA-approved weight loss drugs. Providers using its platform now have the option to prescribe Eli Lilly’s Zepbound, both vials and KwikPen, along with Foundayo, and route those prescriptions to LillyDirect. The company emphasized that this access doesn’t amount to any partnership or affiliation with Lilly.
Regulators may squeeze the old business model’s margins faster than new drugs can step in. On April 30, the FDA proposed dropping semaglutide, tirzepatide and liraglutide from the 503B bulks list—a move that would restrict compounding from bulk substances for these drugs. FDA Commissioner Marty Makary called for a “clear clinical need” for compounding when FDA-approved options are on the market. U.S. Food and Drug Administration
If the proposal goes through, it might curb mass production at outsourcing facilities and hit telehealth companies that depend on those suppliers, according to Reuters. Novo Nordisk and Eli Lilly—makers of obesity drugs up against compounded alternatives—backed the FDA’s position.
Hims has its own bar set for the reaction to Monday’s results. The company laid out first-quarter revenue guidance between $600 million and $625 million, and adjusted EBITDA in the $35 million to $55 million range. That forecast hinges on uninterrupted access to compounded semaglutide via its platform, plus stable business relationships—no changes factored in.
The options market isn’t pricing in a quiet move around earnings. If the report comes in strong, it could help shore up the bigger platform narrative. On the other hand, a disappointing number would pile on concerns tied to the FDA, Novo, and Lilly—pressures that have already left Hims among the year’s most volatile names in healthcare.
