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HIMS

GLP-1 platform strategy: Eli Lilly partnership, BofA target raised, rival Ro cuts prices

HIMS has now integrated with both Novo Nordisk and Eli Lilly, making it the only telehealth platform that covers the branded drugs of both GLP-1 giants. Its moat lies in cross-selling multiple products, not in distributing branded drugs as such. The Q1 results (11 May) are the next important checkpoint.

Analyst views

BofA Securities

Action

Target raised from $30 to $32, Neutral maintained

Insight

Raising the target again and again while sticking with Neutral reflects 'having to acknowledge the improving fundamentals, but not yet having worked out how to value the new model'. A move from Neutral to Buy would be the real catalyst.

Note

Third raise in 2 weeks ($21 to $25 to $30 to $32). The consensus target price of 17 analysts is about $31.86.

Leerink (Michael Cherny)

Concern

It is hard to tell what unique value HIMS provides beyond being the entry point for patients

Eli Lilly partnership

Announced

23 Apr 2026

Details

Doctors on the HIMS platform can prescribe Zepbound (vials and KwikPen) and the new oral drug Foundayo directly. Prescriptions are delivered through the LillyDirect pharmacy network, with self-pay pricing supported.

Significance

HIMS integrated Novo Nordisk's Wegovy/Ozempic last month and has now added Lilly's full GLP-1 range. It is the only telehealth platform to integrate the branded drugs of both GLP-1 giants, and its shift from the 'compounding era' to a 'branded-drug supermarket' is largely complete.

Management framework shift

Analogy

Netflix: success comes not from distributing one blockbuster but from steadily widening the choice and changing how users consume content

Caveat

A good narrative, but it needs confirmation from the Q1 results (11 May)

CEO

Andrew Dudum

Positioning

Integrating branded drugs widens the platform's choice rather than making it dependent on the drugmakers

Price action

Close

$29.41 (+1.4%)

Intraday high

+7%

Note

Under pressure for a time in the morning on news of Ro's price cut, but still closed higher

Catalysts to watch

  • Q1 results on 11 May 2026: whether quarter-on-quarter subscriber growth picks up again
  • BofA upgrading its rating from Neutral to Buy
  • Data on cross-selling across products (Labs, menopause, peptides) that validates the moat

Risks

  • Rival Ro is cutting prices aggressively: $39 for the first month, then about $74 a month on annual payment (compared with HIMS at $39 for the first month and $149 a month after that)
  • Branded-drug distribution makes products homogeneous: when every platform distributes the same Novo and Lilly drugs, competition turns to price
  • The moat has to be built on cross-selling multiple products (Labs, menopause, peptides), not on branded-drug distribution itself
  • Q4 subscribers grew only 2% quarter on quarter, so a renewed acceleration in growth is the key test

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