Hims & Hers Health reports second-quarter 2026 earnings after the market close today, and all eyes are on whether its pivot from compounded to branded GLP-1 drugs is starting to pay off.
Hims & Hers Health, Inc., HIMS
The stock is trading around $31.59, giving the company a market cap of $7.3 billion. It has had a volatile 12 months, swinging from a low of $13.74 to a high of $65.30.
Wall Street is looking for a loss of $0.05 per share on revenue of roughly $698.9 million. That would be a 28% jump year-over-year and a clear step up from Q1, when HIMS posted a $0.40 per share loss on $608 million in sales and missed expectations.
The Q1 miss was largely blamed on costs tied to the company’s March pivot away from cheaper compounded GLP-1 medications. EPS estimates have since risen 44% over the past two months, though revenue estimates have stayed flat.
Truist analyst Jailendra Singh reiterated a Hold rating with a $27 price target ahead of today’s report. Singh said Truist’s July card data suggests HIMS is “well-positioned to exceed the high end of its Q2 revenue guidance,” with GLP-1 as the main driver.
Singh also flagged a sequential slowdown in GLP-1 growth heading into July. GLP-1 billings on a per-day basis fell 1% month-over-month in July after growing 32% in June. The non-GLP-1 business, however, showed improvement.
That July slowdown may cause management to be cautious when issuing guidance, Singh noted. Still, he expects the company to raise its full-year 2026 outlook to include contributions from the Eucalyptus deal, which is projected to add $450 to $500 million in annual recurring revenue.
Customer retention on branded oral Wegovy is one of the key metrics investors are watching. BofA Securities warned that retention “could be softer than some expect,” pointing to competitor Ro, which launched oral Wegovy earlier and is already seeing declining new customers and a plateauing subscriber base.
BofA also cautioned that churn could rise as subscription pricing steps up from $39 in the first month to $149 in subsequent months.
Truist data tells a somewhat different story. It shows HIMS is still adding branded GLP-1 subscribers faster than it is losing them, and renewal subscribers now make up a growing share of the branded base. Singh said this mix shift is likely driving the EBITDA margin improvement the company expects in the second half of 2026.
In July, the FDA’s Pharmacy Compounding Advisory Committee voted 8-6 to recommend BPC-157 for inclusion on the compounding list, with KPV receiving a similar outcome. Canaccord called the result “unambiguously positive,” though analysts said any real revenue contribution from peptides is unlikely before 2028.
The options market is pricing in a 14.5% swing in either direction when results hit. Wall Street’s current consensus is Moderate Buy, based on four Buys and eight Holds, with an average price target of $30.65.
HIMS stock is down 3% year-to-date.
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