Sales trends improve, while read-throughs from Ro create questions on retention

研报英文原文证据摘录

Sales trends improve, while read-throughs from Ro create questions on retention

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Hims & Hers

Sales trends improve, while read-throughs

from Ro create questions on retention

Reiterate Rating: NEUTRAL | PO: 36.00 USD | Price: 34.67 USD

BSM trends modestly positive considering y/y comparable 01 July 2026

Bloomberg Second Measure (BSM) card data has improved in recent months, suggesting Equity

solid early traction for HIMS’ branded GLP-1 franchise. Observed sales trends flipped

from y/y declines earlier in the year to MSD-to-low-teens growth in early June and

Key Changesobserved customers also inflected starting in April. We view this as modestly positive

given 2Q’26 BSM data faces a meaningful y/y headwind from the mix shift away from (US$) Previous Current

upfront prepaid compounded GLP-1 plans toward monthly branded billing. However, peer Price Obj. 25.00 36.00

data from Ro suggests oral Wegovy retention may be challenging, and HIMS’ relatively

high subscription fee could create pricing risk. Any reduction in the subscription price Allen Lutz, CFA

Research Analyst

would meaningfully impact GLP-1 profitability as branded weight-loss profit contribution BofAS

is primarily driven by the high-margin telehealth fee. Overall, HIMS’ oral Wegovy launch +1allen.lutz@bofa.com646 855 4380

is trending well, but it’s too early to tell if HIMS can capture and retain enough GLP-1 Dev Weerasuriya

subscribers to achieve the significant 2H EBITDA ramp embedded in guidance. We Research Analyst

maintain our Neutral rating and raise our PO to $36 on 33.5x CY26 EV/EBITDA (23.5x BofAS+1 646 855 5707

prior) to reflect peer group multiple expansion. dev.weerasuriya@bofa.com

Hanna Lee

Compounded vs. branded plan structure impacts card data ResearchBofAS Analyst