HIMS - Truist Card Data Analysis Points to Meaningful Beat on Revs in 2Q26; Thoughts Heading Into PCAC Meeting

Research evidence excerpt

HIMS - Truist Card Data Analysis Points to Meaningful Beat on Revs in 2Q26; Thoughts Heading Into PCAC Meeting

, 2026) $36.07 of these peptides, several additional regulatory steps would still be required before the

52-Wk Range $66.18-$14.52 compounding is legalized. Moreover, consistent with its approach to other offerings, we

Market Cap ($M) $8,237 would expect HIMS to proceed cautiously with any rollout. As a result, we see limited

ADTV 16,862,586 likelihood of a meaningful revenue contribution before 2028. Therefore, while we remain

Shares Out (M) 228 constructive on HIMS’ 2Q26 setup, we do not view the near-term risk/reward as particularly

Short Interest Ratio/% Of Float 31.9% attractive heading into the PCAC meeting. Notably, the FDA recommended against changing

the status of these peptides in its initial proposal, which adds to some uncertainty around Dividend/Yield $0.00/0.0%

the ultimate outcome, in our view. From a valuation perspective, HIMS shares are already Enterprise Value ($M) $8,497 trading at roughly 20-23x 2027 adjusted EBITDA (proforma), assuming a range of 15-30%

Cash & Equivalents ($M) $1,155 Y/Y growth above the high end of 2026 EBITDA guidance. We reiterate our Hold rating.

Total Debt ($M) $1,416

Our June Card Data Analysis Indicates 2Q26 Revenues Could Come In Meaningfully

Ahead of Quarterly Outlook... Based on 2Q Truist Card Data and adjusting for revenue

8 Page Document recognition, we estimate that HIMS 2Q26 revenues will come in closer to $800 mln (before

contribution from the Eucalyptus deal, which closed in early June), above the high end

Reasons for this report of its quarterly guidance of $680-$700 mln and ahead of consensus of $692 mln, primarily driven by strong GLP-1 trends with non-GLP-1 trends also staying stable. Specifically,