TLDR
- Hims & Hers stock rose 7% after announcing an expanded partnership with Eli Lilly
- Providers on the platform can now prescribe Zepbound vials, KwikPen, and Foundayo, fulfilled via LillyDirect
- The move follows a similar deal with Novo Nordisk last month for Wegovy access
- Leerink Partners analyst Michael Cherny questioned what role Hims plays beyond being a “front door” to Lilly products
- CEO Andrew Dudum compared Hims to Netflix in its early days, justifying the platform shift
Hims & Hers Health (HIMS) climbed 7% on Thursday after announcing it had expanded its platform to let providers prescribe Eli Lilly’s weight loss medications directly to customers.
Hims & Hers Health, Inc., HIMS
Providers on the Hims platform can now send prescriptions for Zepbound vials, KwikPen, and Foundayo to the LillyDirect pharmacy. Customers get access to self-pay pricing, and licensed providers can connect patients with FDA-approved GLP-1 therapies.
The deal gives Hims what the company calls a “full range of FDA-approved GLP-1s” on its platform. It comes bundled with clinical support and nutrition guidance under a subscription model.
This is the second major GLP-1 partnership in as many months. In March, Hims struck a deal with Novo Nordisk, which agreed to drop a patent infringement lawsuit in exchange for Hims committing to sell branded Ozempic and Wegovy through its platform.
The Novo deal came with strings attached. Hims stepped back from large-scale compounding of GLP-1 medications as part of the agreement. The Lilly deal follows the same pattern.
Hims had built a strong position during the 2024 GLP-1 shortage, when high demand and limited supply from major drugmakers gave the telehealth platform room to grow. Now, with supply normalised, the dynamic has shifted.
Analyst Raises Questions on Hims’ Role
Leerink Partners analyst Michael Cherny offered a measured take on the announcement. He acknowledged that Hims is expanding its platform and “serving as an intermediary to create more options” for patients.
But Cherny also said it was “hard to tell what role Hims is playing here beyond being the front door to patients accessing Lilly products.” That question is becoming harder to avoid as Hims moves away from compounding.
CEO Invokes Netflix Comparison
CEO Andrew Dudum pushed back on the idea that these deals represent a retreat. In a statement, he compared Hims to Netflix in its early days.
“Netflix wasn’t just renting DVDs,” Dudum wrote. “It was changing consumer behavior by ruthlessly prioritizing choice and inventing new pathways to the things people wanted the most.”
The company pointed to its weight loss membership as evidence of a broader value proposition. Members get 24/7 access to care teams, personalised nutrition plans, ongoing clinical check-ins, and peer support through the Hims & Hers Weight Loss community.
The goal, Hims said, is to match users with treatment options based on their individual medical history, preferences, and health goals.
Investors appeared to take the CEO’s framing at face value. HIMS stock was up 0.4% later in the session as the S&P 500 dipped slightly. Eli Lilly traded flat on the day.
The Lilly partnership is the latest move in Hims’ effort to reposition itself in the GLP-1 market as a platform for access rather than a supplier of compounded alternatives.
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