Down 70% over the past year -- and down 60% over just the last three months -- Hims & Hers Health (HIMS +0.38%) stock is in a funk, and Monday night's earnings report didn't help.
Shares of the telemedicine company have slid steadily since the FDA announced early last year that Novo Nordisk's (NVO 0.42%) Wegovy and Ozempic GLP-1 weight loss drugs are no longer in shortage. Since that news came out, the writing has seemed to be on the wall for Hims & Hers Health and its business of compounding copycat weight loss drugs for direct sale to patients.
Throw in a bit of price competition from branded manufacturers of GLP-1 drugs, Novo Nordisk and Eli Lilly (LLY +1.26%), who have cut prices as much as 80%, and Hims' growth slowed significantly in the fourth quarter of 2025.
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Hims & Hers 2025 earnings
Hims & Hers reported its earnings for Q4 and all of 2025 Monday night. The company "beat earnings," with quarterly profit of $0.08 per share but missed slightly on sales, reporting $617.8 million. (Wall Street wanted to see $618.7 million.)
Sales for the quarter grew 28%, which sounds like a lot -- but relative to a full-year sales growth rate of 59%, it appears quarterly growth got cut in half. What's more, the slowdown may be spilling into 2026. While on the one hand, Hims insists it will beat forecasts for the year, generating about $2.8 billion in sales, management said its Q1 2026 sales will come in between $600 million and $625 million -- missing analyst forecasts of $654 million.
Investors were underwhelmed by the report, selling off Hims' stock by more than 8% Monday night. Given there are also worries the FDA may ban Hims & Hers from continuing to sell GLP-1 compounds, it's understandable investors are nervous.
But here's the thing: While selling copycat Ozempic is a big part of Hims & Hers Health's business, it's far from the only thing this healthcare stock does.
NYSE: HIMS
Key Data Points
Hims & Hers & not just GLP-1 copycats
In its 10-K filing accompanying the earnings report, Hims & Hers confirmed it grew sales 59% in 2025, from $1.5 billion to $2.3 billion. 40% of sales came from the company's Hers brand, and GLP-1 sales drove the growth at Hers. But even so, "The majority of our total United States Revenue came from non-GLP-1 offerings."
In a post-earnings conference call, investor relations head Bill Newby went so far as to say that "the vast majority of the revenue is made from the non-GLP-1 business" and "we expect that trend to continue."
What does this mean for investors? Management's being coy about exactly how much of its sales come from copycat Ozempic. Whatever the number is, however, management seems confident it can still do $2.8 billion in sales this year, even without much help from GLP-1 sales. But the more sales Hims got from GLP-1s last year, which may disappear this year, the more impressive the growth rate would have to be to still hit $2.8 billion.
Despite the GLP-1 fiasco, Hims & Hers stock is growing like a weed. The younger you are as an investor, the longer you'll have to profit from this growth.
