Hims & Hers (HIMS) Stock: Earnings Beat Couldn’t Stop the Premarket Drop

TLDR

• HIMS stock dropped ~6.4% in premarket Tuesday after mixed Q4 results and a soft Q1 outlook
• Q4 revenue of $617.8M missed expectations; EPS of $0.08 beat estimates
• Q1 2026 revenue guidance of $600M–$625M fell well short of the ~$653M analyst consensus
• The FDA referred Hims to the Justice Department over potential GLP-1 violations
• HIMS is down more than 52% in 2026 under pressure from Novo Nordisk lawsuits and regulatory scrutiny

Hims & Hers Health posted Q4 earnings after the bell Monday, and while the numbers weren’t a disaster, the guidance that followed did the real damage.

EPS came in at $0.08, beating analyst estimates of $0.04–$0.05. Revenue landed at $617.8 million, just under the expected $618.7–$619.2 million. The stock fell roughly 6.4% in premarket Tuesday to around $14.48.

Hims & Hers Health, Inc., HIMS

Subscribers grew 13% year-on-year to 2.5 million by year-end, and CEO Andrew Dudum highlighted the launch of Labs, a new diagnostic and health monitoring platform.

Q1 Guidance Fell Flat

The forward-looking numbers were the real problem. Hims guided Q1 2026 revenue at $600 million to $625 million — well below the ~$653 million analysts were expecting.

Adjusted EBITDA for Q1 is forecast at just $35 million to $55 million. Citi Research analyst Daniel Grosslight called this figure “particularly weak,” pointing to a steep ramp expected later in the year tied to new product launches.

For the full year, Hims guided $2.7 billion to $2.9 billion in revenue, broadly in line with the $2.74–$2.75 billion consensus. Adjusted EBITDA is projected at $300 million to $375 million.

Truist Securities noted the guidance implies a meaningful sequential ramp through 2026, adding that limited visibility beyond Q1 likely drove the after-hours reaction.

Those figures don’t include any contribution from the planned acquisition of Australian telehealth provider Eucalyptus, announced last week and expected to close mid-2026.

Regulatory and Legal Trouble

The guidance wasn’t the only headwind. Hims has been dealing with mounting legal and regulatory pressure throughout 2026.

Novo Nordisk sued the company earlier this month over alleged patent infringement related to compounded versions of Wegovy. Hims said it would stop selling a $49 semaglutide pill but continues to offer compounded GLP-1 injections at a discount to brand-name drugs from Novo and Eli Lilly.

The FDA followed with a statement vowing to act against non-FDA-approved GLP-1 products, and FDA general counsel Mike Stuart confirmed the agency had referred Hims to the Justice Department over potential violations of the Food, Drug, and Cosmetic Act.

Stock Performance

Short interest in HIMS hit its highest level in at least a year in January, per Reuters.

The stock is now down more than 52% in 2026 and over 69% in the past 12 months.

Citi’s Grosslight estimates the GLP-1 business accounts for roughly one-third of total revenue and expects that segment to face continued scrutiny in the near term.

The post Hims & Hers (HIMS) Stock: Earnings Beat Couldn’t Stop the Premarket Drop appeared first on Blockonomi.