Shares of Hims & Hers Health snapped back $26.71, up 4.1%, on May 8 after tumbling 4.6% the prior session — a whipsaw that captures Wall Street's confusion over how much damage Amazon can actually inflict on the telehealth darling's weight-loss business. With Q1 earnings due Monday, May 11, the timing could hardly be worse — or more revealing.
Amazon Is Building a One-Stop Weight-Loss Shop That Hims Can't Match on Logistics
Amazon Pharmacy on May 7 expanded same-day delivery of oral Ozempic pills and in-office kiosk pickup, targeting over 36 million Americans with type 2 diabetes.
Same-day delivery already covers nearly 3,000 cities, expanding to 4,500 by year-end.
Through One Medical, Amazon bundles screening, prescriptions, monitoring, and pharmacy delivery in one place — a vertically integrated model Hims simply cannot replicate without massive capital.
The Street Already Expects Earnings to Crater — and the Bar May Still Be Too High
Wall Street expects a sharp earnings deceleration, with 11 analysts projecting just $0.03 EPS on $616.9 million in revenue.
Ninety days ago, analysts were modeling $0.14 EPS — a 78.6% cut to current expectations.
Hims itself guided Q1 revenue at $600–$625 million with roughly a $65 million GLP-1 headwind from its shift away from compounded drugs, which the FDA has cracked down on.
Hims Has 2.5 Million Subscribers, but Margins Are the Real Vulnerability
The company reported $2.35 billion in 2025 revenue — 59% growth — with 2.5 million active subscribers and $128 million in net income. That subscriber base is its defense. But Citi projects a sharp decline in GLP-1 revenue from roughly $400 million to $135 million as FDA restrictions tighten. Bank of America predicts a 31% hit to the company's GLP-1 business from Amazon's competitive pressure alone. The company's 72% gross margin target must be defended; if Amazon's aggressive pricing forces Hims to match, margin pressure could materialize quickly.
Diversification Is the Escape Hatch — If It Works Fast Enough
Non-GLP-1 categories still drive the majority of revenue and cash flow, providing a buffer.
Hims has been aggressively expanding into hormone health, launching testosterone treatments and women's menopause care , while investing in AI-driven diagnostics. But none of its prior competitors has had the size and scope that Amazon does, and it will likely take several quarters to determine whether Amazon's entry significantly harms growth.
Today's bounce is the market catching its breath before the real test: Monday's earnings call. The question isn't whether Amazon is a threat — it clearly is. It's whether 2.5 million paying subscribers and a care-first model are enough to justify a stock still trading at roughly 55× trailing earnings.