TLDR
- Hims & Hers missed Q1 revenue estimates, posting $608.1M vs. the expected $616.8M
- The company swung to a surprise loss of $0.40 per share, versus a $0.03 profit expected
- The revenue miss and loss were driven by write-downs on compounded semaglutide ingredients and one-time legal and merger costs
- Hims raised its full-year revenue forecast to $2.8B–$3B, up from prior guidance of $2.7B–$2.9B
- The stock fell more than 8% in after-hours trading after closing up 3.1% at $29.15
Hims & Hers Health reported first-quarter results after the bell on Monday that caught Wall Street off guard — a surprise loss, a revenue miss, and a stock that dropped fast in after-hours trading.
$HIMS Q1’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $608.1M (Est. $616.9M) 🔴; +4% YoY
🔹 Net Loss: $92.1M
🔹 Subscribers: Nearly 2.6M; +9% YoY
🔹 Monthly Revenue Per Avg. Subscriber: $80; -6% YoYFY Guide:
🔹 Adj. EBITDA: $275M-$350M (Est. $322.8M) 🟡
🔹 Revenue: $2.8B-$3.0B (Est.…— Wall St Engine (@wallstengine) May 11, 2026
The stock fell more than 8% in extended trading after closing regular hours at $29.15. At one point it was down over 12%, trading around $25.55.
Hims & Hers Health, Inc., HIMS
Revenue for the quarter came in at $608.1 million, up 3.7% year-over-year but below the analyst consensus of $616.8 million. The earnings miss was sharper — a loss of $0.40 per share versus the $0.03 profit Wall Street had penciled in.
The loss was tied to write-downs on ingredients used to compound semaglutide, the active ingredient in Novo Nordisk’s Wegovy, along with one-time legal and merger-related costs.
The company ended the first quarter with 2.6 million subscribers, up from 2.5 million at the end of 2025.
CFO Yemi Okupe said the company expects to return to profitability in 2027, with operating cash flow remaining the “North Star” for the business.
The GLP-1 Pivot
The core issue is a strategic shift. Hims has been moving away from compounded GLP-1 medications toward FDA-approved branded drugs like Wegovy, following regulatory pressure and a legal settlement with Novo Nordisk.
In March, Novo Nordisk dropped its patent infringement lawsuit against Hims. In return, Hims agreed to sell branded Ozempic and Wegovy through its platform and stopped advertising its low-cost compounded alternatives.
Monthly revenue per average subscriber dipped to $80 from $85 a year ago. That decline reflects the transition costs of the pivot, not a drop in user engagement — Okupe said traffic and engagement on the platform hit record levels after the switch to branded drugs.
Morningstar analyst Keonhee Kim flagged that it may be too early for the Novo partnership to move the needle on revenue, and that the raised forecast leans on acquisitions rather than organic growth.
Outlook and New Revenue Streams
Despite the miss, the forward-looking numbers were solid. Hims guided Q2 revenue between $680M and $700M, well above the $643M consensus. Full-year guidance was raised to $2.8B–$3B.
Those figures exclude any contribution from the planned acquisition of Eucalyptus, an Australian telehealth provider expected to close mid-2026.
CEO Andrew Dudum said the company is also eyeing the peptide market. Health and Human Services Secretary Robert F. Kennedy Jr. said last month that regulations on roughly a dozen peptides would be loosened. Dudum said Hims plans to enter that space “at scale” once restrictions ease.
The peptides in question were banned from use in compounding pharmacies in 2023. A regulatory reversal would open up new revenue lines for Hims.
The stock has had a volatile run. It bottomed at $14.52 in late February, then surged more than 100% through early May, including a 31% jump in April on peptide-related news flow.
HIMS is down about 8% year-to-date heading into Tuesday’s session.
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