HIMS - The Story Continues to Evolve: Novo’s Growing Role in HIMS’ Revenue Outlook; Follow-up Call Takeaways

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HIMS - The Story Continues to Evolve: Novo’s Growing Role in HIMS’ Revenue Outlook; Follow-up Call Takeaways

Truist Securities

Equity Research Report May 11, 2026

HEALTHCARE: DTC HCIT Hims & Hers Health, Inc. (HIMS)

HIMS - The Story Continues to Evolve: Novo’s Growing Role in Jailendra Singh

212-401-4406 HIMS’ Revenue Outlook; Follow-up Call Takeaways

Jailendra.Singh@truist.com

Payton Engdahl We provide key takeaways from our post earnings follow-up call with Hims and Hers. For

212-319-5476 reference, HIMS posted 1Q26 results which fell short of consensus. HIMS also raised its

Payton.Engdahl@truist.com 2026 revenue outlook by $100 million while lowering its adjusted EBITDA outlook by $25

million. Similarly, HIMS’ 2Q26 guidance compares favorably with consensus on revenue but

Eduardo Ron fell short on adjusted EBITDA. Reiterate Hold. Our model is under review.

212-326-3152

Eduardo.Ron@truist.com

Incremental Takeaways from Our Follow-up Call

Unit Economics on Branded vs Compounded. HIMS highlighted that contribution dollars

on the branded GLP-1 subscribers are similar to the dollars on the compounded GLP-1

Stock Rating HOLD subscribers. However, due to the gross-versus-net revenue dynamic with branded products,

Unchanged branded GLP-1s have a lower gross margin relative to what the company is seeing with

Price Target compounded GLP-1s. The company clarified that the majority of the profit dollar contribution $18.00 from its branded GLP-1 offering is coming from the membership fee.

Unchanged

Difference in Economics between Novo and Lilly Products. With Eli Lilly's (LLY, Buy,

Devarakonda) branded products, HIMS does not partake in the fulfillment. HIMS only

writes the prescription for a LLY product and LLY's pharmacy partner(s) handles fulfillment.