economy
Hims & Hers Plummets 13% After First-Quarter Loss, Weak Earnings Guidance
Hims & Hers reached a deal with Novo Nordisk in March to sell its GLP-1 weight loss drug Wegovy on its platform.
TL;DR
- Hims & Hers stock fell 13% after announcing a first-quarter net loss of $92 million and weak earnings guidance.
- Revenue increased 4% to $608 million, but average monthly revenue per subscriber declined.
- The company is shifting away from compounded GLP-1s as part of a deal with Novo Nordisk.
- Novo Nordisk had previously threatened legal action against Hims & Hers for selling cheaper, compounded versions of Wegovy.
- Hims & Hers' stock performance has historically been sensitive to news regarding its profitable weight loss drug offerings.