Hims & Hers Stock Increases After GLP-1 Deal Expansion

TLDR

• Shares of Hims & Hers climbed 7% following the announcement of an expanded partnership with Eli Lilly
• Platform-based providers can now prescribe Zepbound vials, KwikPen, and Foundayo, with orders fulfilled through LillyDirect
• This expansion comes after a comparable partnership with Novo Nordisk last month focused on Wegovy access
• Leerink Partners analyst Michael Cherny raised questions about Hims’ exact role beyond acting as a “front door” for patients to access Lilly’s products
• CEO Andrew Dudum drew a parallel between Hims and early-era Netflix to defend the company’s platform transition

---

(SeaPRwire) –   Hims & Hers Health (HIMS) saw a 7% gain on Thursday after revealing it had expanded its platform to allow providers to write prescriptions for Eli Lilly’s weight loss medications directly to consumers.

Hims & Hers Health, Inc., HIMS

Providers using the Hims platform can now submit prescriptions for Zepbound vials, KwikPen, and Foundayo to the LillyDirect pharmacy. Customers will have access to out-of-pocket pricing, and licensed providers can help pair patients with FDA-approved GLP-1 therapies.

This partnership grants Hims what the company refers to as a “full suite of FDA-approved GLP-1 medications” on its platform. The offering includes clinical support and nutrition guidance as part of a subscription plan.

This marks the second major GLP-1 partnership the company has entered in the span of two months. Back in March, Hims finalized a deal with Novo Nordisk, where the drugmaker agreed to drop a patent infringement lawsuit in return for Hims pledging to sell branded Ozempic and Wegovy via its platform.

The Novo Nordisk partnership had specific conditions attached: as part of the agreement, Hims scaled back its large-scale compounding of GLP-1 medications. The new Eli Lilly agreement follows this exact same pattern.

Hims had established a strong foothold during the 2024 GLP-1 shortage, when surging demand and limited supply from major pharmaceutical companies gave the telehealth platform room to expand. Now that supply has normalized, the market dynamics have shifted.

Analyst Raises Questions on Hims’ Role

Leerink Partners analyst Michael Cherny offered a cautious, balanced assessment of the announcement. He recognized that Hims is expanding its platform and “acting as an intermediary to expand patient access to more treatment options” for patients.

However, Cherny also noted that it’s “difficult to discern what additional value Hims provides beyond serving as a front door for patients to access Lilly’s products.” This question has grown harder to ignore as Hims moves away from compounding medications.

CEO Invokes Netflix Comparison

CEO Andrew Dudum pushed back against the notion that these partnerships signal a pullback for the company. In an official statement, he drew a comparison between Hims and Netflix during its early years.

“Netflix wasn’t only in the business of renting DVDs,” Dudum wrote. “It was reshaping consumer behavior by fiercely prioritizing choice and creating new, streamlined pathways for people to access the products they wanted most.”

The company cited its weight loss membership program as proof of its wider value offering. Members gain 24/7 access to care teams, customized nutrition plans, regular clinical check-ins, and peer support via the Hims & Hers Weight Loss community.

According to Hims, the company’s core objective is to pair users with appropriate treatment options tailored to their personal medical history, personal preferences, and health goals.

Investors seemed to accept the CEO’s framing at face value. Later in the trading session, HIMS shares were up 0.4% as the S&P 500 saw a slight decline. Eli Lilly’s stock traded flat for the day.

The Eli Lilly partnership represents the latest step in Hims’ campaign to rebrand itself in the GLP-1 market as an access platform, rather than a provider of compounded GLP-1 medication alternatives.