Key Stats for Hims & Hers Stock
- Current Price: $29.13
- Street Target: ~$31
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What Happened?
Hims & Hers Health (HIMS) has barely moved since it launched injectable and oral testosterone replacement therapy (TRT) on October 21. The company called the launch the largest expansion of its men’s health program to date. Shares closed unchanged at $29.21 that day, then slipped 0.27% to $29.13 on October 22. They are down 10.29% in 2026.
The launch delivers a promise management made in August. How far it scales could depend partly on federal rules that let telehealth clinicians prescribe testosterone without an in-person visit, and those rules are set to expire December 31.
The August Call Promised This Launch, and Sized It
The new options are a compounded twice-weekly injection, generic testosterone cypionate, and Kyzatrex, an FDA-approved oral treatment. The compounded injection is not FDA-approved. All three add to the enclomiphene-based treatment Hims launched in September 2025.
On the August 10 call, Co-Founder and Chief Executive Officer Andrew Dudum said, “Only three quarters after launch, testosterone is scaling faster than any other specialty outside of weight loss.” He said that gave the company confidence to “expand not only into injectable and oral TRT before the end of this year.” The October 21 launch met that timeline.
Chief Financial Officer Yemi Okupe sized the goal: “in the coming quarters, we expect testosterone will become our sixth U.S. specialty to reach a $100 million annual revenue run rate.” That would be under 3% of the roughly $3.7 billion in revenue analysts expect over the next 12 months. Okupe also named injectable testosterone among the “higher complexity offerings” that require added operational capabilities and clinical oversight.
The value sits in the connections. Okupe said lab testing can surface conditions like low testosterone that customers may not know they have, turning the weight-loss base into a potential pipeline. Dudum told Needham he sees “very low-hanging fruit” in taking categories such as testosterone into “at least 5 or 6 markets overseas.”
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A December 31 Deadline Hangs Over the Rollout
Testosterone is a Schedule III controlled substance. Temporary DEA rules let clinicians prescribe such drugs by telemedicine without an in-person visit, and the current extension ends December 31, 2026. The DEA’s permanent framework, a special telemedicine registration, has been under White House review since August 25, and its text is not public. The outcome could be a workable registration, another extension, or stricter in-person requirements. The August call did not address the rule.
Peptides are the other regulatory swing factor, with no set deadline. The White House regulatory office received an HHS interim access policy for compounding certain peptides on October 14. Its text is unpublished, but people familiar with the plan told the Associated Press it would let pharmacies temporarily compound popular peptides such as BPC-157. Shares rose nearly 6% on October 15.
Management gave two different triggers in August. Dudum said Hims could “move extremely quickly” if the FDA moves the recommended peptides to its Category 1 list. Later on the same call, he told Needham, “Our operating model today is that we are waiting on full and final rule making from the FDA.” Whether an interim policy clears that bar is unclear. Meanwhile, Hims planned to add already-allowed peptides such as sermorelin and NAD+ by year-end.
November 9 Is the First Test
- Street Mean Target: ~$31 (about 7% above the October 22 close)
- Street Target Range: $23 to $42
- Analyst Ratings: 1 Buy, 2 Outperform, 12 Hold, 1 Underperform
- NTM EV/EBITDA: ~20x (~26x on June 30, 2026)
- Q3 2026 Revenue Guide: $880 million to $900 million
- Q3 2026 Revenue Consensus: ~$893 million
Guidance adds context. In August, Hims raised its 2026 revenue outlook to $3.1 billion to $3.3 billion from $2.8 billion to $3.0 billion. It also cut the top of its adjusted EBITDA range to $325 million from $350 million. The FTC lawsuit over billing and privacy practices, which the company is contesting, remains open.
Hims reports after the close on November 9. Two answers matter more than headline revenue: any update on testosterone’s path to a $100 million run rate, and how Hims plans to prescribe it after December 31. Revenue at or above the ~$893 million consensus with a clear DEA plan would support the launch thesis. A miss, or no plan, leaves the thesis resting on a rule Hims does not control.
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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!
