Hims & Hers Health (NYSE:HIMS) shares are up 9% in early trading Monday, climbing from $28.82 to $31 and change as investors pile into the stock ahead of a May 11 earnings report. The move caps a stunning week: HIMS stock has surged 49% in the past five trading sessions, making it one of the market’s most explosive movers heading into a quarterly print.
Two catalysts are driving the enthusiasm. Renewed FDA interest in peptide drugs has reignited optimism about Hims & Hers’ evolving product pipeline, and a favorable deal with Novo Nordisk (NYSE:NVO | NVO Price Prediction) has given bulls a concrete partnership narrative to rally around. The stock remains down 3% year-to-date, so some of this week’s move looks like a recovery trade. Yet, the speed of the run-up raises a fair question: has the market gotten ahead of itself before we see the actual numbers?
The Novo Nordisk Partnership Changes the Story
The relationship between Hims & Hers and Novo Nordisk has been anything but smooth. The company reported active discussions with Novo Nordisk to distribute Wegovy injections and oral Wegovy through its platform as of Q3 2025, though it cautioned that no definitive agreement may ever be executed. A favorable deal now in place changes that calculus meaningfully.
Why does this matter so much? Hims & Hers has built over 1 million square feet of U.S. facility space and has been constructing sterile injectable capacity specifically for weight loss and hormonal support. Pairing that infrastructure with branded Wegovy distribution would give the company a legitimate, differentiated position in the GLP-1 market rather than relying solely on compounded alternatives. For investors watching the compounding regulatory risk, a Novo Nordisk relationship is a meaningful hedge.
Novo Nordisk itself is navigating a rough patch. NVO shares are down 21% year-to-date, pressured by pricing headwinds and compounding competition. A telehealth distribution partnership helps Novo Nordisk reach patients directly, which explains why both sides have a strategic incentive to make something work.
FDA Peptide Tailwind Adds Fuel
As we covered last week, Wall Street’s growing optimism on the peptide angle has been building for several days. Renewed FDA interest in peptide drugs is broadly bullish for Hims & Hers, which has been investing in a California-based peptide manufacturing facility and plans to launch a longevity specialty in 2026 featuring peptides, coenzymes, and GLP/GIP treatments.
Hims & Hers already confirmed “peptide” as a central topic on its November 2025 earnings call, with prediction market traders generating over $24,000 in volume betting on whether the word would be mentioned. That resolved as a “yes.” Regulatory clarity around peptide therapeutics could unlock a meaningful new revenue stream for a platform that already serves more than 2.5 million subscribers.
The Earnings Tension Bulls Can’t Ignore
Hims & Hers guided for revenue of $600 million to $625 million for the upcoming quarter, which is solid. But analysts expect quarterly EPS of $0.06, representing a 70% decline year-over-year, and adjusted EBITDA is expected to decline from prior-year levels.
The profitability pressure isn’t a surprise in isolation. Hims & Hers’s capital expenditures rose 138% year-over-year in Q4 2025, and free cash flow turned negative at -$2.57 million after generating $59.5 million in the prior-year period. The company is spending aggressively to build out its manufacturing footprint and international presence, including a pending acquisition of Eucalyptus with annual recurring revenue north of $450 million. Growth-mode spending compresses near-term margins. That’s the bear case in plain terms.
What to Watch on May 11
Hims & Hers’s May 11 earnings call will be the first real test of whether this week’s rally is justified or premature. Watch for whether revenue lands within the $600 million to $625 million guidance range and how management frames the EBITDA trajectory. Any commentary on the Novo Nordisk partnership’s structure or timeline could move the stock sharply in either direction.
The bulls see Hims & Hers executing a strategic pivot toward branded GLP-1 distribution and peptide-based longevity care, with a subscriber base growing at 13% year-over-year and monthly revenue per subscriber rising to $83. The bears see a stock that has already run up in a week on narrative momentum, heading into a quarter where profitability is expected to deteriorate sharply.
Both sides have a point. The May 11 print could determine who’s right.
Top Gaining Stocks
Top Losing Stocks