Hims & Hers grew revenue 49% to $890 million, lost $33 million, and cut its 2026 profit outlook a third time

Hims & Hers▼−17.22% — Hims & Hers, down 17.22 percent today, the US telehealth company that sells prescription-drug subscriptions online, cut its 2026 profit outlook for the third time this year on Monday, guiding to $257–277 million of adjusted EBITDA↗, its main profit measure ¹³. The cut is the cost of a deliberate rebuild: management is trading subscribers bought with marketing for a branded-drug funnel it expects to keep.

Revenue grew 49% to $890 million while the profit side went the other way ¹³. In the week since the drugmaker Eli Lilly▲+1.51% — Eli Lilly, up 1.51 percent today put its weight-loss drugs on the platform, investors had taken about a quarter of the company's value off by midday Tuesday ⁵⁷.

Full-price bookings inflate revenue, not profit

The rebuild is a channel deal. Wegovy, from the drugmaker Novo Nordisk·−1.69% — Novo Nordisk, down 1.69 percent as of its last quote, has anchored the US weight-loss business since March, and on November 6 Eli Lilly, its chief rival in obesity drugs, added Zepbound, its weight-loss injection, at $299 a month and Foundayo, its daily pill, at $149, at Lilly's own self-pay prices ¹⁷. Neither company said how each sale is split ⁷.

Hims books the branded drugs at full price and keeps a reseller's cut, so growth now arrives thinner. Gross margin fell to 57% from 74% a year earlier, and the year-ago quarter's profit became a $33 million loss↗ ¹³⁴. Eucalyptus, the European telehealth group bought in June, quadrupled international sales on the same lower-margin mix ¹². September ended with 2.8 million subscribers, about 100,000 fewer than June, though still 13% more than a year earlier ¹²³.

The economics sit with the drugmakers

Lilly sold $5.3 billion of Zepbound in the US last quarter, up 48%, and raised its full-year revenue outlook↗ while Hims was cutting its own ⁶. Next to that volume, Hims is a small channel, and it cannot undercut anyone: the branded drugs sell at self-pay prices the drugmakers, not the platform, set ⁷. Chief executive Andrew Dudum called the subscriber trade-off one "we will make every time" ¹³.

The refill is the test, and it starts next quarter

Chief financial officer Yemi Okupe flagged "an additional quarter of subscriber count headwinds" and expects Hims "to start to realize some of the benefits in Q1," with retention gains continuing into 2027 ¹⁵. Wall Street's 2026 consensus of $294 million↗ sits above the top of the new range ¹³. The $400 million expected for 2027 needs about 50% growth from the new midpoint ¹.

At about 18 times forward earnings, a share price equal to 18 years of expected profit, the stock sits at the bottom of its three-year range, and that is not a floor until the subscribers return or the estimates fall ¹. Dudum pitched the platform's next act as an artificial-intelligence-led customer experience ⁴, the one layer here that Hims rather than the drugmakers can build. The refill is the bet, and nothing in this quarter shows it yet.