Key Points
- HIMS releases Q1 2026 financial results Monday, May 11, following market close
- Analyst projections place revenue between $616M and $619M, representing 5.2% annual growth — a dramatic slowdown from Q1 2025’s 111% expansion
- The company secured an agreement with Novo Nordisk during March, obtaining rights to distribute branded Wegovy and Ozempic products — though sales commenced March 26, limiting Q1 contribution
- Earnings per share forecasts range from 3 to 4 cents, marking approximately a 90% decline compared to the prior year
- Shares have climbed nearly 50% during the past 30 days while facing short interest exceeding 35% and a consensus Hold recommendation across 17 Wall Street analysts
Hims & Hers Health (HIMS) enters Monday’s quarterly report trading at $28.46, reflecting a roughly 32% gain over the previous month and approximately 77% above its February 27 low point. The stock remains down more than 23% for the year despite recent momentum.
Hims & Hers Health, Inc., HIMS
Financial analysts anticipate what many characterize as a transitional period. Revenue projections cluster around the $616M to $619M range, translating to merely 5.2% year-over-year expansion. This marks a significant deceleration from the 111% growth rate HIMS delivered during the first quarter of 2025.
The dominant narrative surrounding this earnings release centers on the company’s strategic shift from compounded GLP-1 weight-loss medications toward branded Novo Nordisk offerings. Following Novo Nordisk’s decision to withdraw its patent infringement litigation on March 9, both companies formalized an arrangement granting HIMS authorization to distribute Wegovy and Ozempic via its digital platform.
Timing presents a complicating factor. These branded products became available on the platform starting March 26. Given that Q1 concluded on March 31, meaningful revenue contribution will likely appear in Q2 reporting instead.
Subscriber Metrics Draw Attention
Wall Street will scrutinize subscriber expansion figures closely. HIMS surpassed 2.5 million subscribers toward the conclusion of 2025 — representing a 16% increase from the 2.2 million recorded at year-end 2024, and substantially higher than the 1.5 million reported at the close of 2023.
Customer persistence proves equally important. Approximately 82% of platform users continue their subscriptions past the three-month mark, while roughly 90% of recurring revenue originates from the established customer base. Demonstrating stable or expanding subscriber counts would strengthen confidence in full-year projections.
Earnings per share forecasts remain modest — consensus estimates settle at 3 to 4 cents, representing roughly a 90% year-over-year contraction. Market participants may have already incorporated this expectation, though falling short could trigger additional selling pressure in a stock already experiencing substantial short activity.
Wall Street Maintains Reserved Outlook
Among the 17 analysts tracking HIMS, four maintain Buy ratings, 12 assign Hold ratings, and one recommends Sell. The mean 12-month price target stands at $31.86 — approximately 12% above Friday’s closing price of $28.46.
Short interest persists at elevated levels, exceeding 35% of available float, equivalent to nearly 70 million shares. With a beta measurement of 2.43, this equity demonstrates pronounced volatility in either direction.
Institutional accumulation increased during Q1, with selling activity running 88% below buying volume — representing a complete reversal from the substantial outflows observed throughout Q4 2025.
The FDA has additionally proposed removing semaglutide, tirzepatide, and liraglutide from its 503B bulks registry, potentially validating HIMS’s earlier strategic decision to withdraw from the compounded GLP-1 marketplace.
HIMS has fallen short of Wall Street revenue projections on multiple occasions during the previous two years. Financial results arrive after Monday’s closing bell on May 11.
