TLDR
- HIMS fell ~6.4% in premarket Tuesday after Q4 revenue missed and Q1 guidance disappointed
- Q4 EPS of $0.08 beat estimates, but revenue of $617.8M came in below expectations
- Q1 2026 revenue guidance of $600M–$625M missed the ~$653M analyst consensus by a wide margin
- FDA referred Hims to the Justice Department over potential violations tied to its GLP-1 products
- Stock is down more than 52% in 2026, pressured by the Novo Nordisk lawsuit and regulatory action
Hims & Hers Health reported Q4 earnings Monday after the close. The bottom line beat, but the guidance that followed put the stock under pressure.
Q4 EPS came in at $0.08, ahead of the $0.04–$0.05 analyst estimate. Revenue reached $617.8 million, narrowly missing the expected $618.7–$619.2 million. The stock slid roughly 6.4% in premarket Tuesday, trading around $14.48.
Hims & Hers Health, Inc., HIMS
Subscriber count grew 13% year-on-year to 2.5 million. CEO Andrew Dudum pointed to the launch of Labs, a new diagnostic and health monitoring platform, as a key development heading into 2026.
Guidance Missed the Mark
Q1 2026 revenue guidance of $600 million to $625 million landed well below the ~$653 million consensus. That gap was hard to overlook.
Adjusted EBITDA for Q1 is projected at $35 million to $55 million. Citi Research analyst Daniel Grosslight described the figure as “particularly weak,” suggesting the company is banking on a steep ramp in the back half of the year driven by new product launches.
Full-year 2026 revenue is guided at $2.7 billion to $2.9 billion, roughly in line with the $2.74–$2.75 billion consensus. Full-year adjusted EBITDA is projected at $300 million to $375 million.
Truist Securities said the outlook implies a meaningful sequential ramp through the year, noting that limited visibility beyond Q1 likely drove the negative after-hours reaction.
None of these figures include any contribution from the planned acquisition of Australian telehealth provider Eucalyptus, announced last week and expected to close in mid-2026.
Legal and Regulatory Pressure
Beyond the numbers, Hims has been dealing with a steady stream of legal and regulatory challenges this year.
Novo Nordisk sued the company earlier this month, alleging patent infringement over compounded versions of Wegovy. Hims said it would pull its $49 semaglutide pill but continues selling compounded GLP-1 injections at prices well below brand-name alternatives from Novo and Eli Lilly.
The FDA then issued a statement pledging to act against non-FDA-approved GLP-1 products. FDA general counsel Mike Stuart confirmed the agency had referred Hims to the Justice Department over potential violations of the Food, Drug, and Cosmetic Act.
Where the Stock Stands
Short interest in HIMS climbed to its highest point in at least a year in January, according to Reuters.
The stock is now down more than 52% in 2026 and over 69% over the past 12 months.
Citi’s Grosslight estimates that GLP-1 products represent around one-third of total company revenue and flagged that the segment faces growing competitive and regulatory pressure in the near term.
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