Hims & Hers posts a $92 million first-quarter loss on the branded pivot

Hims & Hers posted a $92 million net loss in the first quarter of 2026, a reversal from a $49.5 million profit in the same period last year, as the telehealth company completed its shift away from self-compounded semaglutide toward branded GLP-1 medications ^[1]. Revenue rose 4% year-over-year to about $608 million, but that figure missed Wall Street estimates, and the stock fell roughly 15% the day results came out ^[1].

The company's chief financial officer, Yemi Okupe, told investors the loss reflected "near-term financial noise" from a "deliberate strategic pivot" away from compounded GLP-1s ^[1]. A big piece of that noise was $33 million in restructuring costs, mostly write-downs on compounding supply-chain investments that Okupe said now face "risk of obsolescence" ^[1]. Gross margin fell to 65% in the quarter, down from 73% a year earlier, and adjusted EBITDA dropped to $44.3 million from $91.1 million ^[1].

The pivot followed a March deal with Novo Nordisk that lets Hims & Hers offer multiple dosages of Ozempic injections along with Wegovy injectable and oral products, and under which Novo agreed to drop its lawsuit against the company ^[1]. That legal fight followed Hims & Hers' earlier plan to launch a copycat version of Novo's oral pill, a plan it abandoned after pressure from the drugmaker and federal regulators ^[1]. In April, the platform expanded further to include prescriptions for Eli Lilly's Zepbound, Mounjaro and oral Foundayo through the LillyDirect pharmacy ^[1].

Despite the loss, the company said early demand for branded products has been strong: within six weeks of adding direct access to Novo's GLP-1s, it filled more than 125,000 shipments of Wegovy products, and it expects to add more than 100,000 new weight-loss subscribers a month ^[1]. Total subscribers grew to nearly 2.6 million, up 9% year-over-year, though monthly online revenue per average subscriber slipped to $80 from $85 a year earlier ^[1]. U.S. revenue fell 8% to $530 million, while international revenue jumped nearly tenfold to $78 million as the company expands into the U.K., Germany, France, Ireland, Spain, Canada and, pending an announced $1.15 billion deal, Australia ^[1].

Why it matters for patients

For people who used Hims & Hers for lower-cost compounded semaglutide, this quarter's numbers show the financial reality behind the company's switch to brand-name drugs. Branded GLP-1s generally cost the company more to source than compounded versions did, which is part of why margins fell and the company posted a loss instead of a profit ^[1]. That cost structure can shape what patients end up paying and which products are offered on the platform going forward.

The shift also means patients on Hims & Hers can now get prescriptions for the full range of FDA-approved GLP-1 medications — Ozempic, Wegovy in both injectable and pill form, Zepbound, Mounjaro and Foundayo — rather than a compounded alternative ^[1]. Whether that broader access offsets any price difference is not addressed in the source material and is not yet known.

Separately, the source notes that Hims & Hers is watching an FDA advisory committee that may reconsider a 2023 decision on which peptides compounding pharmacies can use, which the company's CEO called a potentially important development for future treatments ^[1]. What that could mean for GLP-1 compounding rules specifically is not detailed in the source.

What happens next

Hims & Hers said it expects second-quarter revenue of $680 million to $700 million, up 25% to 28% year-over-year, and raised its full-year 2026 revenue guidance to $2.8 billion to $3 billion ^[1]. The company said it expects to return to net profitability in 2027 and has set a longer-term target of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA by 2030 ^[1].