Key Takeaways
- Eli Lilly now sells Zepbound and Foundayo directly on Hims & Hers at its own self-pay prices, joining Novo Nordisk on the platform.
- Volume rose 53% in the third quarter while realized prices fell 15%, yet gross margin still improved to 83.9%.
- The FDA ordered a vision warning for every GLP-1, and about $900 million of one-time benefits helped Lilly’s third quarter.
- The fourth-quarter report, expected in early February, should show whether Foundayo picks up speed and U.S. price declines stay near 7%.
Eli Lilly (LLY) now sells Zepbound and Foundayo directly on the Hims & Hers Health (HIMS) platform. The deal, announced November 6, lets Hims patients buy at Lilly’s own self-pay prices without leaving the site.
Novo Nordisk (NVO) was already there. It has sold Wegovy and Ozempic through Hims since March. Wegovy also still claims more than half of U.S. branded obesity new patient starts.
Three days later, the FDA ordered a new warning on every GLP-1 label, including Mounjaro and Zepbound. So Lilly’s week brought a wider sales funnel and a fresh safety caveat at once.
Hims becomes a Lilly storefront
Until now, Hims patients had to leave the site and finish their purchase on LillyDirect. Now consultation, prescription and home delivery all happen in one place.
The terms are simple:
- Foundayo starts at $149 a month, and Zepbound at $299.
- Those prices match what any self-pay patient already pays.
- Hims has committed never to offer compounded copies of Lilly’s GLP-1s.
Ilya Yuffa, who runs Lilly USA, said the company wants to reach patients “where they already are.” For Lilly, that means more volume at no extra discount.
Volume is what carries the business now, and it keeps pushing the top line higher…
Revenue rose 39% to $24.4 billion in the third quarter, and U.S. revenue rose 34% to $15.1 billion.
Price cuts buy the volume
Lilly keeps trading price for reach. Company-wide, volume jumped 53% in the third quarter while realized prices fell 15%. U.S. prices dropped 7%, mostly on Zepbound. Outside the U.S., they fell 29% after Mounjaro joined China’s national reimbursement list.
So did cheaper pricing dent profitability?
Not yet. Gross margin rose 1.0 point to 83.9% on a better product mix and lower production costs.
Foundayo is the product Hims could help most. The pill sold $184 million in the third quarter, nearly double its second-quarter total. Novo’s Wegovy pill brought in DKK 5.4 billion, about $810 million, over the same stretch. So telehealth reach could help Lilly close that gap.
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A class warning and a tougher 2027
Monday’s FDA action covers nonarteritic anterior ischemic optic neuropathy, a rare cause of sudden vision loss. The agency found 6.4 cases per 100,000 person-years among GLP-1 users, against 3.8 on placebo or other diabetes drugs.
Lilly said the FDA communication “does not reference any findings specific to Lilly medicines.” Because the warning covers the whole class, it shouldn’t shift share toward Novo.
The quarter itself carries a caveat. About $900 million of revenue came from one-time benefits, including $410 million of Jardiance milestones that won’t recur. Lilly still lifted 2026 revenue guidance to $91 billion to $92 billion, from $85 billion to $87 billion.
Even so, investors already pay far more for Lilly’s earnings than for Novo’s.
That premium rests on growth. Lilly’s revenue rose 39% last quarter, while Novo’s adjusted sales grew 4% at constant currency.
My take: The Hims deal is cheap distribution at Lilly’s own prices, and the eye warning looks like a class issue. Still, I’d hold off on adding here. Next year’s comparisons get harder once the one-time items roll off and prices keep sliding.
The fourth-quarter report, expected in early February, is the next checkpoint. It should show whether Foundayo picks up speed and whether U.S. price declines stay near 7%.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
