Hims & Hers Health 1Q Review — Wegovy Demand Drives Higher Revenue, But Strategic Shift Impacts EBITDA Outlook; Remain Overweight

研报英文原文证据摘录

Hims & Hers Health 1Q Review — Wegovy Demand Drives Higher Revenue, But Strategic Shift Impacts EBITDA Outlook; Remain Overweight

J P M O R G A N North America Equity Research

11 May 2026

Hims & Hers Health

1Q Review — Wegovy Demand Drives Higher Overweight

Revenue, But Strategic Shift Impacts EBITDA Outlook; HIMS, HIMS US

Remain Overweight Price (11 May 26):$29.14

▼Price Target (Dec-26):$33.00

Prior (Dec-26):$35.00

HIMS reported mixed 1Q results and updated its 2026 outlook to reflect the

strategic GLP-1 shift from compounded to branded. The last time HIMS Internet SMID & Video Games

reported earnings, the company was facing a lawsuit from Novo over its oral Cory A Carpenter AC

semaglutide offering. A lot has changed since then, and we knew that the shift from (1-212) 270-8125

compounded to Novo-branded GLP-1s was going to create noise in the near-term cory.carpenter@jpmorgan.com

financials. Most investors we spoke to following our initiation expected HIMS to Daniel Pfeiffer

miss 1Q results due to weak credit card data, and for the strategic GLP-1 shift to (1-212) 622-0161

daniel.pfeiffer@jpmchase.com

result in a lower 2026 outlook. 1Q revenue was indeed soft, but we’d characterize

Andrew Watts

it as no worse than feared, and strong Novo demand (125k+ Wegovy shipments in

(1-212) 622-9400

the first 6 weeks) resulted in a $100M increase to the 2026 revenue outlook — andrew.watts@jpmorgan.com

which none of the investors we talked to expected. Given this dynamic, we’re a bit J.P. Morgan Securities LLC

surprised to see shares trading lower after hours, but bears are pointing to the $25M

decrease to the 2026 EBITDA outlook, which is also second-half weighted and

includes 1x add-backs. This arguably validates the concern that the shift to branded Key Changes (FYE Dec)