Key Takeaways
- Hims & Hers Health releases Q1 2026 financial results after market close Monday, May 11
- Analyst consensus points to revenue between $616M and $619M, reflecting only 5.2% annual growth compared to 111% expansion in the prior-year quarter
- The company partnered with Novo Nordisk in March for branded Wegovy and Ozempic distribution, but sales commenced March 26, limiting first-quarter contribution
- Earnings per share forecast ranges from 3 to 4 cents, representing approximately 90% decline year-over-year
- Shares have climbed almost 50% in the last 30 days while maintaining over 35% short interest and a consensus Hold recommendation across 17 Wall Street analysts
Trading at $28.46 ahead of Monday’s quarterly announcement, Hims & Hers Health (HIMS) has rallied approximately 32% during the past month and recovered roughly 77% from its February 27 low point. However, the stock remains more than 23% below its year-to-date starting price.
Hims & Hers Health, Inc., HIMS
Financial analysts anticipate what many are calling a “transition quarter.” Revenue projections cluster around the $616M–$619M mark, suggesting merely 5.2% annual expansion. This represents a dramatic deceleration from the triple-digit 111% growth rate HIMS delivered in the first quarter of 2025.
The dominant narrative surrounding this earnings release centers on the company’s strategic transition from compounded GLP-1 weight management medications to branded Novo Nordisk products. Following Novo Nordisk’s withdrawal of its patent litigation on March 9, both companies executed an agreement granting HIMS authorization to distribute Wegovy and Ozempic via its telehealth platform.
Timing presents an important consideration. The branded products became available on the platform starting March 26. Given that the first quarter concluded March 31, meaningful revenue contribution will likely materialize in the second quarter rather than the current reporting period.
Subscriber Metrics Under Close Watch
Investor attention will focus intensely on customer growth figures. HIMS reached 2.5 million subscribers toward the conclusion of 2025 — representing 16% growth from the 2.2 million subscriber base at year-end 2024, and substantially higher than the 1.5 million reported at the close of 2023.
Customer retention provides additional insight. Approximately 82% of platform users continue their subscriptions past the three-month mark, while roughly 90% of recurring income originates from established customers. Demonstrating stable or expanding subscriber counts would bolster confidence in the company’s full-year projections.
Profitability forecasts remain modest — analysts anticipate earnings of just 3 to 4 cents per share, marking roughly a 90% annual decrease. Market participants may have factored in this decline, though any shortfall could trigger additional downward pressure on a security already facing substantial short positioning.
Wall Street Maintains Reserved Outlook
Among 17 sell-side 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% higher than Friday’s closing price of $28.46.
Short positioning remains significant at more than 35% of available shares, equivalent to nearly 70 million shares sold short. With a beta coefficient of 2.43, the stock demonstrates pronounced volatility in either direction.
Institutional accumulation accelerated during Q1, with selling activity 88% below buying levels — a notable shift from the substantial net outflows recorded in Q4 2025.
Regulatory developments have also worked in the company’s favor. The FDA has put forward a proposal to eliminate semaglutide, tirzepatide, and liraglutide from its 503B bulks list, which would retrospectively validate HIMS’s strategic decision to abandon the compounded GLP-1 segment.
HIMS has fallen short of Wall Street revenue projections on several occasions during the previous two years. Financial results are scheduled for release after Monday’s closing bell on May 11.
