New York, Feb 24, 2026, 05:07 EST — Premarket.
- HIMS slipped roughly 6.8% in premarket action as its first-quarter guidance came in below what analysts were looking for.
- Newly released SEC filings are putting more heat on compounded semaglutide weight-loss products.
- Investors are eyeing possible regulatory consequences and awaiting management’s next public remarks, expected March 2
Hims & Hers Health Inc (HIMS) shares dropped 6.8% Tuesday before the bell, trading at $14.46 after wrapping up the last session at $15.51.
This decline matters, with the company’s top growth engine—weight-loss—caught up in changing U.S. regulations. GLP-1 drugs, used for diabetes and obesity, have spurred demand, but once branded supply isn’t classified as scarce, “compounded” pharmacy-made versions get hit with stricter restrictions.
Hims disclosed in its annual report Monday that it got a letter from the SEC’s Division of Enforcement, which has launched a probe into the company’s public messaging and disclosures around compounded semaglutide and related business ties. The report also noted the FDA mentioned Hims in a statement about limiting certain GLP-1 ingredients found in unapproved compounded drugs. On top of that, the U.S. Department of Health and Human Services referred the company to the Justice Department. The company said it’s unable to forecast the potential outcomes or financial ramifications.
Hims shares dropped roughly 7% in post-market trading Monday after the company projected first-quarter revenue between $600 million and $625 million, missing the LSEG analyst consensus of $653.11 million. The company also pointed to a $65 million drag from new shipping rules tied to weight-loss prescriptions. Hims, under scrutiny for selling compounded versions of Novo Nordisk’s Wegovy, noted uncertainty around possible regulatory and DOJ actions. CFO Yemi Okupe flagged that a Super Bowl ad would push up first-quarter operating expenses. Chief executive Andrew Dudum said, “It’s important to remember that the majority of our revenue and profitability is driven by offerings outside of weight loss.” Reuters
Hims reported a 59% jump in full-year 2025 revenue, hitting roughly $2.35 billion, while subscriber numbers climbed 13% to more than 2.5 million. Net income landed at $128 million with adjusted EBITDA coming in at $318 million for the year. The company is forecasting first-quarter adjusted EBITDA between $35 million and $55 million, with 2026’s full-year guidance set at $300 million to $375 million. “More than 2.5 million subscribers now rely on us for a healthcare experience that is both accessible and deeply personal,” CEO Dudum said. Hims noted its outlook is based on continued access to compounded semaglutide and excludes any impact from the Eucalyptus deal. Hims
Citi’s Daniel Grosslight flagged the first-quarter adjusted EBITDA guidance as “particularly weak”—suggesting that costs may still weigh on margins in the near term, regardless of how revenue shakes out. Barron’s
Hims keeps touting global growth as a safety net, though investors haven’t budged from concerns over the sustainability of its weight-loss business, especially with compounding restrictions tightening and lawsuits piling up. When the market opens Tuesday, the spotlight will fall less on last quarter’s results and more on what Hims can still move—and at what price.
Last week, the company signed a deal to buy Australian digital health player Eucalyptus, a transaction that could reach $1.15 billion. About $240 million of that will be paid in cash at closing. Hims expects the acquisition to wrap up around mid-2026, pending approvals. Eucalyptus CEO Tim Doyle is lined up for a new role as senior vice president of international at Hims. “Simple, high-quality, personal, and designed to help prevent disease”—that’s how Doyle framed the future of care. Hims
The risk? Simple enough: should regulators clamp down further on compounded GLP-1 sales—or if enforcement picks up—Hims stands to lose a key driver for attracting new subscribers. That scenario puts more pressure on the firm to ramp up marketing or push into fresh categories to keep growth on track, all while investors are demanding clearer profitability.
On Tuesday, eyes turn to whether the stock finds its footing following the earnings-driven drop, and if management sheds light on plans for the weight-loss unit amid regulatory changes. Fresh updates on the DOJ referral or the SEC investigation—if they surface—could spark sharp moves in the shares.
Next up: Dudum heads to the Morgan Stanley Technology, Media & Telecom Conference on March 2, taking the stage at 1:50 p.m. PT. Investors will be looking for clearer answers on GLP-1 exposure, spending plans, and updates to the Eucalyptus timeline.
