New York, Feb 24, 2026, 05:07 EST — Premarket.
- HIMS was down about 6.8% before the open after the company’s first-quarter outlook missed Street estimates
- A fresh SEC disclosure adds to scrutiny around compounded semaglutide weight-loss products
- Investors are watching for regulatory fallout and management’s next public update on March 2
Shares of Hims & Hers Health Inc (HIMS) fell 6.8% in premarket trading on Tuesday to $14.46, after closing at $15.51 in the previous session. (Public)
The drop matters because the company’s fastest-growing offering — weight-loss — sits in the crosshairs of shifting U.S. rules. GLP-1 drugs are a class of diabetes and obesity medicines; “compounded” versions are pharmacy-made, customized alternatives that face tighter limits when branded supply is no longer deemed short.
In an annual report filed on Monday, Hims said it had received a letter from the SEC’s Division of Enforcement notifying it that the agency had opened an investigation tied to the company’s public statements and disclosures about compounded semaglutide and related business relationships. The filing also said the FDA had named the company in a statement about restricting certain GLP-1 ingredients used in non-approved compounded drugs and that the U.S. Department of Health and Human Services had referred the company to the Justice Department, adding it could not predict outcomes or financial impact. (SEC)
Shares slid about 7% in after-hours trading on Monday after Hims forecast first-quarter revenue of $600 million to $625 million, below the $653.11 million average analyst estimate compiled by LSEG, and flagged a $65 million headwind tied to new shipping requirements for weight-loss prescriptions. The company has drawn scrutiny for selling compounded versions of Novo Nordisk’s Wegovy; it said it is unclear what actions regulators and the DOJ may take, and CFO Yemi Okupe said a Super Bowl ad would lift first-quarter operating costs. 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 said full-year 2025 revenue rose 59% to about $2.35 billion and subscribers grew to over 2.5 million, up 13% from a year earlier. It posted net income of $128 million and adjusted EBITDA of $318 million for 2025, and guided to first-quarter adjusted EBITDA of $35 million to $55 million and full-year 2026 adjusted EBITDA of $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,” Dudum said; the company added that its outlook assumes continued access to compounded semaglutide and excludes any contribution from the proposed Eucalyptus acquisition. (Hims)
Citi analyst Daniel Grosslight called the first-quarter adjusted EBITDA outlook “particularly weak,” a sign that spending could keep pressure on near-term margins even if revenue holds up. (Barron’s)
Hims has pitched international expansion as a buffer, but the market’s focus has stayed on how durable the weight-loss line really is when compounding rules tighten and lawsuits stack up. That makes Tuesday’s open less about the quarter that just ended and more about what the company can still sell, and at what cost.
The company last week agreed to acquire Australian digital health firm Eucalyptus in a deal valued at up to $1.15 billion, with roughly $240 million payable in cash at closing. Hims said it expects the deal to close in the middle of 2026, subject to approvals, and Eucalyptus CEO Tim Doyle is set to become its senior vice president of international. Doyle described the future of care as “simple, high-quality, personal, and designed to help prevent disease.” (Hims)
But the downside case is straightforward: if regulators further restrict compounded GLP-1 sales — or enforcement escalates — Hims could lose a demand lever it has used to bring in new subscribers. That would leave the company leaning harder on marketing and new categories to replace growth, just as investors are pressing for cleaner profit lines.
For Tuesday’s session, traders will watch whether the stock can stabilize after the post-earnings slide and whether management adds clarity on how it will operate its weight-loss business under the new rules. Any new signal on the DOJ referral or the SEC probe could move the stock fast.
The next scheduled catalyst is Dudum’s appearance at the Morgan Stanley Technology, Media & Telecom Conference on March 2 at 1:50 p.m. PT, where investors are likely to push for more detail on GLP-1 exposure, spending and the Eucalyptus timeline. (Hims)
