--- title: "Hims & Hers grew revenue 49% to $890 million, lost $33 million, and cut its 2026 profit outlook a third time" description: "Revenue grew 49% and the quarter still lost money, because selling Lilly's and Novo's branded weight-loss drugs books the full price without keeping it. Hims shareholders are paying for the pivot; Lilly gains a channel it barely needs." publisher: "The Inference" section: "Health" published: 2026-11-10T20:30:50.842Z modified: 2026-11-10T20:30:50.842Z canonical: https://theinference.org/article/hims-hers-grew-revenue-49-to-890-million-lost-33-million-and-cut-its-2026-profit-outlook-a-third-time language: en keywords: "Hims & Hers, Eli Lilly, Novo Nordisk, Telehealth, Weight Loss, Earnings" --- # Hims & Hers grew revenue 49% to $890 million, lost $33 million, and cut its 2026 profit outlook a third time > Revenue grew 49% and the quarter still lost money, because selling Lilly's and Novo's branded weight-loss drugs books the full price without keeping it. Hims shareholders are paying for the pivot; Lilly gains a channel it barely needs. [Hims & Hers](https://theinference.org/markets/companies/hims-hers-health), 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](https://finance.yahoo.com/markets/stocks/articles/hims-hers-sinks-9-ebitda-145733149.html), its main profit measure [1][3]. 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 [1][3]. In the week since the drugmaker [Eli Lilly](https://theinference.org/markets/companies/eli-lilly) put its weight-loss drugs on the platform, investors had taken about a quarter of the company's value off by midday Tuesday [5][7]. ## Full-price bookings inflate revenue, not profit The rebuild is a channel deal. Wegovy, from the drugmaker [Novo Nordisk](https://theinference.org/markets/companies/novo-nordisk), 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](https://theinference.org/article/eli-lilly-puts-foundayo-at-149-a-month-and-zepbound-at-299-on-hims-hers-and-lifemd-self-pay), at Lilly's own self-pay prices [1][7]. 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](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001773751) [1][3][4]. Eucalyptus, the European telehealth group bought in June, quadrupled international sales on the same lower-margin mix [1][2]. September ended with 2.8 million subscribers, about 100,000 fewer than June, though still 13% more than a year earlier [1][2][3]. *Chart: **Revenue grew 49% in a year; gross profit rose 15%** Line chart of Hims & Hers quarterly revenue and gross profit in millions of dollars from Q4 2024 to Q3 2026: revenue climbs from $481 million to $890 million while gross profit lags, rising from $370 million to $509 million.* *Quarterly revenue and gross profit, US$ millions, as reported in SEC filings. [8]* ## 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](https://www.finanznachrichten.de/nachrichten-2026-10/69974904-eli-lilly-and-company-lilly-reports-third-quarter-2026-financial-results-raises-full-year-guidance-and-highlights-regulatory-progress-across-the-por-008.htm) 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](https://theinference.org/markets/people/andrew-dudum) called the subscriber trade-off one "we will make every time" [1][3]. ## 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 [1][5]. [Wall Street's 2026 consensus of $294 million](https://247wallst.com/investing/2026/11/10/hims-hers-just-warned-investors-for-the-third-time-this-year-ceo-andrew-dudum-calls-the-subscriber-losses-a-trade-hell-make-every-time/) sits above the top of the new range [1][3]. The $400 million expected for 2027 needs about 50% growth from the new midpoint [1]. *Chart: **The 2026 profit plan shrank at every report this year** Bar chart of Hims & Hers 2026 adjusted EBITDA guidance midpoints: $337.5 million in February, $312.5 million in May, $300 million in August and $267 million in November, with a reference line at the $294.3 million consensus.* *Adjusted EBITDA guidance midpoints as given at each report, US$ millions; the November figure is live guidance. [3][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. ## Takeaway Hims is buying subscriber losses with a lower-margin branded-drug funnel, and the refill test starts with Q1 results ## Sources 1. [Yahoo Finance, David Hanson: Hims & Hers Sinks 9% on EBITDA Guidance Cut as CEO Says He'd Take Subscriber Losses "Every Time", 10 November 2026](https://finance.yahoo.com/markets/stocks/articles/hims-hers-sinks-9-ebitda-145733149.html) 2. [Yahoo Finance (GuruFocus), Faizan Farooque: Hims & Hers Stock Plunges Despite 49% Revenue Surge, 10 November 2026](https://finance.yahoo.com/markets/stocks/articles/hims-hers-stock-plunges-despite-145305187.html) 3. [24/7 Wall St., Jeremy Phillips: Hims & Hers Just Warned Investors for the Third Time This Year, 10 November 2026](https://247wallst.com/investing/2026/11/10/hims-hers-just-warned-investors-for-the-third-time-this-year-ceo-andrew-dudum-calls-the-subscriber-losses-a-trade-hell-make-every-time/) 4. [Proactive via Yahoo Finance: Hims & Hers cuts 2026 earnings outlook despite 49% revenue growth, 10 November 2026](https://finance.yahoo.com/healthcare/articles/hims-hers-cuts-2026-earnings-152400701.html) 5. [24/7 Wall St. via MSN, Ryne Mauck: Hims & Hers celebrated its Eli Lilly deal, then lost a quarter of its value in a week, 10 November 2026](https://www.msn.com/en-us/money/economy/hims-hers-celebrated-its-eli-lilly-deal-then-lost-a-quarter-of-its-value-in-a-week/ar-AA2ha994) 6. [Eli Lilly and Company, PR Newswire via FinanzNachrichten: Lilly reports third-quarter 2026 financial results, raises full-year guidance, 29 October 2026](https://www.finanznachrichten.de/nachrichten-2026-10/69974904-eli-lilly-and-company-lilly-reports-third-quarter-2026-financial-results-raises-full-year-guidance-and-highlights-regulatory-progress-across-the-por-008.htm) 7. [Yahoo Finance, Michael Douglass: Hims & Hers Rises 4% as Eli Lilly Deal Brings Zepbound to Its Platform, 6 November 2026](https://finance.yahoo.com/markets/stocks/articles/hims-hers-rises-4-eli-143931098.html) 8. [Hims & Hers Health, quarterly figures from its SEC filings, retrieved 10 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001773751) --- Hims & Hers grew revenue 49% to $890 million, lost $33 million, and cut its 2026 profit outlook a third time — The Inference. Canonical: https://theinference.org/article/hims-hers-grew-revenue-49-to-890-million-lost-33-million-and-cut-its-2026-profit-outlook-a-third-time