Key Takeaways
- Hims & Hers shares jumped 4% after Eli Lilly agreed to sell Zepbound and Foundayo on the Hims & Hers platform at Lilly’s self-pay prices.
- With Novo Nordisk’s Wegovy already there, Hims & Hers now offers branded obesity drugs from both leading GLP-1 makers.
- Branded drugs have cost it margin: gross margin fell to 63.8% in the second quarter of 2026 from 76.4% a year earlier.
- Third-quarter results on Nov. 9 should show whether profit can keep up.
Hims & Hers Health (HIMS) stock is up 4% today after Eli Lilly (LLY) agreed to let patients buy Zepbound and Foundayo without leaving the Hims & Hers platform.
The platform already sells Wegovy from Novo Nordisk (NVO), so Leerink Partners analyst Michael Cherny called the deal “a clear positive,” Reuters reported: it completes Hims & Hers’ push for access to both leading GLP-1 makers.
The details
Zepbound starts at $299 a month and Foundayo, Lilly’s daily pill, at $149.
For Lilly, that’s another storefront at its own prices. US Zepbound revenue rose 48% to $5.3 billion in the third quarter of 2026. Lilly’s next report should show whether Hims & Hers’ 2,891,000 subscribers add to that volume.
Novo gets a rival on the same shelf. It said Wednesday that Wegovy holds more than 50% of US branded obesity new patient starts. Can it keep that lead on Hims & Hers with Zepbound one click away?
Bigger sales, thinner margins
Analysts expect Hims & Hers’ revenue to nearly double from 2025 to 2028:
Another leading drug on the platform should only help that top line.
Profit is harder. Gross margin has fallen in every quarter but one since the third quarter of 2024:
The company blames this year’s slide on branded weight loss and international sales. At Lilly’s prices, Hims & Hers can’t undercut anyone on Zepbound, and neither company said how the money from each sale is split.
Before today’s jump, the stock traded at about 20x forward earnings, in the lower part of its 17x to 79x range at quarter-ends since 2023.
TIKR tracks 15 analysts on Hims & Hers. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Hims & Hers, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Hims & Hers’ Analyst Ratings
What to watch on Nov. 9
The way I see it, Cherny is right: this closes Hims & Hers’ biggest product gap. But the stock still needs profit to follow revenue.
Third-quarter results come after the close on Nov. 9. Watch gross margin against 63.8%, adjusted EBITDA against the $75 million to $95 million guide, and what management says about the Lilly deal’s economics.
So what is Hims & Hers stock actually worth?
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Disclaimer:
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