Hims & Hers Falls 12% Ahead of Q3 Earnings, Reversing Its Lilly Deal Pop
Shares closed at $22.94 after an 8% Friday gain on the Zepbound and Foundayo agreement. Results are due after the close, with a conference call at 5 p.m. ET.
Hims & Hers Health ($HIMS) fell 11.8% to $22.94 on Monday, ahead of its third-quarter earnings report, reversing an 8% gain on Friday after it announced an agreement with Eli Lilly ($LLY) to sell Zepbound and Foundayo on its platform. Analysts expect earnings of 6 cents a share and revenue of $893M, according to FactSet.
What to expect
Wall Street expects subscribers to top 3 million, up from 2.89 million in the second quarter. Expected revenue of $893M would be up 49% from a year earlier and up 19% from Q2, and sits $3M above the midpoint of the company's $880M-$900M guidance.
| Metric | Expected or guided | Q2 2026 | Q3 2025 |
|---|---|---|---|
| Revenue | $893M (FactSet) | $753.2M | $599.0M |
| Subscribers | Over 3.0M | 2.89M | 2.47M |
| Adjusted EBITDA | $75M-$95M (guidance) | $60.3M | $78.4M |
| EPS | 6 cents (FactSet) | Net loss of $86.3M | $0.06 (diluted) |
The company's full-year 2026 guidance calls for revenue of $3.1B to $3.3B and adjusted EBITDA of $275M to $325M.
The Lilly agreement
- What it does. Patients complete a consultation on the Hims & Hers platform, and if a provider decides it is appropriate, Zepbound or Foundayo is prescribed and shipped to their home.
- Pricing. Self-pay pricing starts at $149 a month for Foundayo, Lilly's oral medication, and $299 a month for injectable Zepbound.
- Safeguards. Hims & Hers has said it has never offered compounded copies of Lilly's GLP-1 drugs and has committed not to. Both companies committed to protecting independent clinical decision-making.
- Lilly's view. Ilya Yuffa, an executive at Lilly, said the agreement gives the millions of people who use Hims & Hers a simpler, more direct way to get FDA-approved Lilly medicine at an affordable price if prescribed.
- Timing. No start date for the rollout has been announced.
How the shares are trading
| Stock | Price | Change |
|---|---|---|
| Hims & Hers (HIMS) | $22.94 | -11.77% (-$3.06) |
| Eli Lilly (LLY) | $1,411.95 | +4.28% (+$57.95) |
Prices are Monday closing prices, and HIMS was at $22.95 in after-hours trading. Hims & Hers is down 28% this year and 43% over the past 12 months, and has a market value of about $5.35B and a 52-week range of $13.74 to $42.70.
What to watch
- Subscribers. Whether the count clears the 3 million analysts expect, up from 2.89 million.
- Revenue versus guidance. Whether sales land near the $900M top of the range or the $893M consensus.
- Profit. Whether adjusted EBITDA falls inside the $75M-$95M guidance range after $60.3M in Q2.
- Full-year outlook. Whether the $3.1B-$3.3B revenue and $275M-$325M adjusted EBITDA ranges are reaffirmed, raised or cut.
- The Lilly rollout. Whether management gives a launch date, and how it expects the deal to affect margins and subscriber growth.
- Related coverage. See our report on Lilly's Foundayo sleep apnea data and the Nasdaq recap.
Sources: Hims & Hers SEC filings and Lilly's announcement of the agreement. This article is informational only and is not investment advice.
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