HIMSSunday, 19 Apr 2026

Weekend review, Q1 preview and the detail of BofA's model

2026 GLP-1 revenue revision: Cut from $577 million to $516 million (revenue lost in the switch to branded drugs)
Peptide blind spot: The model includes no peptide revenue at all. A positive signal from the FDA advisory committee in July would be pure upside to the valuation.
PT: $21
Rating: Neutral

Change: At its Q4 results, management chose to drop legacy metrics such as 'online revenue per user'
Interpretation: Management has a clear view of what the next strategic phase looks like
MerlinTrader view: 'HIMS is no longer a single-product bet but a scaled consumer health engine that has been forced to mature faster'
New framing: An 'integrated revenue platform' (across channels, regions and care models)

Consensus EPS: $0.05 (-75% YoY)
Consensus revenue: $619 million (+5.6% YoY)
Date: 11 May, after the close
Reason for EPS decline: Branded GLP-1 margins are far below those of the compounding era
Key watchpoints: How many GLP-1 users convert to branded drugs (BofA expects 40-50%)
Progress on integrating Eucalyptus (90% of its revenue comes from distributing branded GLP-1s, and it is expected to cut EBITDA margin by 1-2 percentage points)
New subscriber growth (only +2% QoQ in Q4, currently the biggest worry)
Early guidance on Labs and peptides

Sources (3)

A brief is a lead for our research, not a verified conclusion or advice.