A dense run of catalysts in June

Catalysts to watch

• 2 Jun, Evercore TMT Conference: a fireside chat with management (San Francisco, 10:50 AM PT). It is their first public appearance since the Q1 results and could bring updates on the Q2 operating pace (adding 100,000+ weight-loss subscribers a month), Eucalyptus regulatory progress, the peptide product timeline and the margin impact of branded drugs.
• 11 Jun, annual shareholder meeting: a vote on CEO pay (with controversy over a 272:1 pay ratio) and the nomination of Kofi Amoo-Gottfried, a former DoorDash CMO, as a director. If the pay package is rejected, it could cause short-term selling pressure.
• 29 Jun, FDA 503B public comment period closes: a proposal made on 30 Apr would remove semaglutide, tirzepatide and liraglutide from the 503B bulk compounding list. HIMS uses the 503A route, so the impact is limited, but the market may over-read it.
• The window for closing the Eucalyptus acquisition is now open: the official expectation is mid-2026, $240 million of cash and $318 million from the convertible notes are in place, and closing will bring in revenue with ARR of more than $450 million in one go.
• 23-24 Jul, FDA PCAC peptide review meeting: whether seven peptide substances (BPC-157, KPV, TB-500, MOTs-C and others) can join the 503A compounding list. If they pass, HIMS's peptide product line is legitimised.