Quick Overview
- Hims & Hers (HIMS) is scheduled to release Q1 2026 financial results following Monday’s closing bell on May 11
- Analyst projections point to revenue between $616M and $619M, representing only 5.2% annual growth—a dramatic slowdown from the 111% surge recorded in Q1 2025
- The company announced a partnership with Novo Nordisk in March, securing access to sell branded Wegovy and Ozempic products—however, sales commenced on March 26, suggesting limited Q1 contribution
- Earnings per share forecasts range from 3 to 4 cents, marking an approximately 90% decline compared to the previous year
- Shares have climbed nearly 50% in the last month, though short sellers hold over 35% of available shares and analysts maintain a consensus Hold recommendation across 17 firms
Hims & Hers Health (HIMS) enters Monday’s quarterly report trading at $28.46, reflecting approximately 32% gains over the past month and sitting roughly 77% above its 52-week low established on February 27. Nevertheless, the shares remain more than 23% below their year-to-date starting point.
Hims & Hers Health, Inc., HIMS
The Street anticipates what many are calling a “transition quarter.” Revenue projections cluster around the $616M–$619M threshold, suggesting a modest 5.2% annual increase. This represents a significant deceleration from the impressive 111% expansion HIMS delivered during Q1 2025.
The dominant narrative surrounding this earnings release centers on the company’s strategic shift from compounded GLP-1 weight management medications toward branded Novo Nordisk offerings. Following Novo Nordisk’s decision to withdraw its patent litigation on March 9, both parties reached an agreement enabling HIMS to distribute Wegovy and Ozempic via its digital health platform.
Timing presents a complication, however. These branded products became available on the platform starting March 26. Given that Q1 concluded on March 31, meaningful revenue contributions will more likely materialize in Q2 results.
Subscriber Metrics Under Close Examination
Investors and analysts alike will scrutinize subscriber expansion figures. HIMS surpassed 2.5 million subscribers as 2025 drew to a close—representing a 16% increase from the 2.2 million recorded at year-end 2024, and substantially higher than the 1.5 million subscribers reported at the conclusion of 2023.
Customer retention plays a critical role in the business model. Approximately 82% of platform users continue their subscriptions past the three-month threshold, while roughly 90% of recurring revenue originates from the current subscriber base. Should HIMS demonstrate stable or expanding subscriber counts, it would reinforce confidence in full-year projections.
Earnings per share expectations remain modest—the consensus sits at just 3 to 4 cents, representing roughly a 90% year-over-year contraction. While this decline may already be reflected in current valuations, any disappointment could trigger additional selling pressure in a security already facing substantial short interest.
Wall Street Maintains Reserved Outlook
Among the 17 analysts tracking HIMS, four assign Buy ratings, 12 recommend Hold positions, and one suggests Sell. The mean 12-month price objective stands at $31.86—approximately 12% above Friday’s closing price of $28.46.
Short interest continues at elevated levels, exceeding 35% of the available float and totaling nearly 70 million shares. With a beta coefficient of 2.43, this equity exhibits pronounced volatility in both upward and downward movements.
Institutional accumulation accelerated during Q1, with selling activity 88% below buying volume—a notable shift from the substantial outflows observed throughout Q4 2025.
Regulatory developments have also played a role. The FDA has put forward a proposal to remove semaglutide, tirzepatide, and liraglutide from its 503B bulks registry, which would retrospectively validate HIMS’s earlier strategic decision to discontinue compounded GLP-1 offerings.
HIMS has fallen short of Wall Street revenue projections on several occasions during the previous two years. The company’s quarterly results are scheduled for release after market hours on Monday, May 11.
