HIMS Expands Into Menopause Care But Amazon’s GLP-1 Program Weighs On Stock

• HIMS to offer treatment options for perimenopause and menopause via its platform
• Rising U.S. demand for hormone therapy strains supplies of estrogen patches.
• BofA raises HIMS price target but maintains caution over revenue strain.

Shares of Hims & Hers Health (HIMS) dropped nearly 5% on Wednesday despite the company’s expansion into perimenopause and premenopause care, as analysts raised concerns over lower 2026 revenues following Amazon’s launch of its GLP-1 program.

HIMS stock is set to end its second consecutive session lower after analysts at Bank of America (BofA) raised revenue growth concerns. “Amazon's (AMZN) new offering in the GLP-1 market appears well suited for long-term GLP-1 subscribers that may opt to minimize ongoing costs, pressuring HIMS' GLP-1 revenue in 2026 and beyond,” BofA wrote in a note. 

The telehealth company on Wednesday ventured into menopause and perimenopause care by launching estrogen patches amid an acute shortage in the U.S.

A surge in demand since last year for estrogen patches to ease menopause symptoms has strained supplies and led to shortages, sparking a scramble for medicines that industry sources say could last up to three years, according to a Reuters report.

The U.S. Food and Drug Administration (FDA) last year removed safety warnings and publicly promoted hormone replacement therapy for some patients at a time when over a million women in the U.S. hit menopause each year. 

HIMS said it has secured sufficient inventory of estrogen patches and will be available immediately to eligible users through its Hers platform, with patch kits starting at $134 per month. Treatment plans may also include progesterone, where clinically appropriate.

What does BofA and other analysts say?

BofA raised the firm's price target on Hims & Hers (HIMS) to $30, which was almost at par with Tuesday’s closing price of $29.76, and kept a ‘Neutral’ rating on the shares.

While BofA anticipates prolonged revenue constraints for HIMS due to Amazon’s new GLP-1 program, analysts at Citi noted that Amazon’s new low-cost GLP-1 renewal option has limitations that could reduce the revenue risk to the telehealth firm’s subscription-based model.

Citi noted that patients who are already One Medical subscribers - Amazon’s telehealth subscription service -  can obtain GLP-1 prescriptions through their primary care providers on the platform. However, for non-subscribers, the newly introduced on-demand telehealth option, which starts at about $29 per visit, applies only to prescription renewals, not new prescriptions.

Amid these mixed views, 11 out of 15 analysts had a ‘hold’ rating on the stock and three with a ‘buy’ rating with one analyst rating the stock a ‘strong sell’. The average 12-month share price target was $24.7 per share, marking a potential 13.5% drop. 

The Retail Investor View

One user raised concerns about Amazon’s GLP1 program eating into HIMS’ market share. 
https://stocktwits.com/TrendAnnihilator/message/651030134

Another user highlighted HIMS’ extremely high institutional ownership. 

The stock has dropped near 12% year-to-date. 

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