The weight-loss drug market is turning into a battlefield, and Hims & Hers finds itself caught between pharmaceutical giants, deep-pocketed tech rivals, and price-slashing competitors. With first-quarter results due on May 11, investors are watching closely to see whether the telehealth company can defend its turf.
Lilly and Novo Partnerships Complete the Arsenal
Hims & Hers has quietly filled a critical gap in its product lineup. Licensed physicians on its platform can now prescribe Eli Lilly’s Zepbound and Foundayo through the LillyDirect pharmacy network. That move, which sent shares up 7% on the announcement, means the company now offers all FDA-approved GLP-1 medications. Novo Nordisk’s Wegovy was already available as both an injection and a pill.
The timing of the Lilly deal is no accident. Amazon recently launched its own GLP-1 program through One Medical, linking prescriptions to primary care across more than 200 clinics. Eli Lilly itself sells Foundayo pills for
But the threat may not be as dire as it first appears. Citigroup notes that Amazon’s $29 telemedicine option applies only to prescription renewals, not new prescriptions. That limitation blunts the immediate pressure on Hims & Hers’ subscription model, where new patients are the lifeblood of growth.
Ro Slashes Prices, Insider Sales Accelerate
The competitive landscape is tightening from another angle as well. Rival Ro has cut prices on its weight-loss subscription by as much as 50%, charging roughly $74 per month after the first month. Hims & Hers, by contrast, charges $149 monthly for its membership, with medication billed separately. Shares slipped 3% in pre-market trading after Ro’s announcement.
Meanwhile, insider activity tells a cautionary tale. Not a single insider has bought shares in the past year, while 73 sales have been recorded. In mid-April, CFO Okupe Oluyemi sold nearly 55,000 shares worth about $1.46 million under a pre-arranged trading plan. Chief Legal Officer Soleil Boughton followed on April 20, offloading another 9,463 shares.
Should investors sell immediately? Or is it worth buying Hims & Hers?
Technical Resistance and Analyst Divisions
The stock closed recently at $30.56, sitting above its 50- and 100-day moving averages — both now acting as support levels. The 200-day average near $38, however, remains a stubborn ceiling. The options market shows some bullish interest, with the put-call ratio at 0.33, slightly below the typical 0.37 level.
Wall Street is split on the outlook. JPMorgan initiated coverage with an Overweight rating and a $35 price target, praising the stability that the Novo Nordisk partnership brings. Bank of America takes the opposite view, warning of market share losses. The 13 analysts covering the stock give it an average Hold rating.
What to Watch on May 11
For the first quarter, analysts expect revenue growth of roughly 6% to $621 million. But earnings per share are forecast to plunge 70% to just $0.06. For context, Hims & Hers generated $2.35 billion in revenue and $128 million in net profit for the full year 2025. Management has guided for $2.7 billion to $2.9 billion in revenue in 2026.
The company is also navigating a strategic shift. It is moving away from cheaper compounded medications toward fully approved treatments, a change that strengthens its legal position but has created a roughly $65 million revenue gap due to supply disruptions.
A potential catalyst lies ahead: the FDA is scheduled to discuss easing restrictions on several injectable peptides on July 23 and 24. If approved, that could open new growth avenues for Hims & Hers. But first, the company must prove that its subscription model can withstand the triple threat of Amazon, Ro, and a painful internal transition.
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