Hims & Hers Health (HIMS) Q2 FY26 earnings call: guidance and Q&A

Given the recent PCAC recommendations for peptides, what is the go-to-market timeline once FDA guidance is provided? Is the company ready to launch quickly, or will it take longer? Has the July recommendation changed the calculus on letting others go first?

Andrew Dudum expressed excitement about the peptide category and the PCAC meeting results. He stated that the company has made significant progress on clinical guidelines and supply chain, giving confidence to move quickly if the FDA moves peptides to the Category 1 list. Dr. Anant Vinjamoori is building clinical protocols, and the Menlo Park API facility is conducting stability and validation testing for BPC-157. In the meantime, the company will offer already allowed peptides like sermorelin, glutathione, and NAD+ by year-end.

“We've made incredible progress in the last couple of quarters on the clinical guidelines as well as the supply chain that gives me confidence that if and when the FDA does decide to move these peptides to the Category 1 list, we'll be able to move extremely quickly.”

asked by William Newby · answered by Andrew Dudum

With labs, wearables, and treatment data, is there a plan to integrate all this for a real-time health score, flagging issues early and recommending next steps? How far away is this vision, and is it actively being built?

Andrew Dudum confirmed that this vision is actively being built. The goal is to integrate all health elements (wearable data, lab testing, preventative screening, genetics) into an ecosystem of doctors, specialists, coaches, agents, and pharmacists, actively monitoring and assisting individuals. He envisions this as a concierge-level care experience, currently costing $50,000-$150,000 annually, made affordable and universally accessible globally, potentially through a membership or freemium offering in the coming year or two.

“The vision really is to be able to bring together all of the elements with 360 person's health, whether that's wearable data, our own devices, external devices, lab testing data, our own labs, external labs, all the way to preventative screening and genetics to be able to have an ecosystem of doctors, specialists, coaches, agents, pharmacists, on call for you, 24/7 actively monitoring how best we can assist you with living the healthiest and best life.”

asked by Tom T. · answered by Andrew Dudum

How does retention and engagement for branded weight loss cohorts compare to historical products? How does the company plan to deepen the Novo Nordisk relationship?

Andrew Dudum highlighted the strong, collaborative relationship with Novo Nordisk, especially regarding the Wegovy pill, which has expanded access. He noted strong international relationships from the Eucalyptus acquisition. Opportunities exist for collaboration on market expansion, data sharing, and bringing new therapies to market. Yemi Okupe added that retention is meeting expectations, and the immersive experience with AI tools and physical scales is leading to lower cancellation rates, with further improvements expected as prices become more affordable.

“Perhaps what's even more exciting for us is that we see the experience continue to get better. And in the prepared remarks, we spoke around how with a more immersive experience through the next evolution of the app and some of the AI tools as well as physical tools like the scale of the consumers are getting, that enables more connectivity with their providers. And ultimately, we're already seeing signs of lower cancellation rates for the cohorts of users that are receiving that.”

asked by Maria Ripps · answered by Yemi Okupe

What key specialty areas are seeing the most success in international markets, and where are the low-hanging fruit for expanding assortment, particularly for Eucalyptus, which is strong in the U.S.?

Andrew Dudum stated that Eucalyptus has built dominance in weight loss in the U.K., Australia, Germany, Japan, and Canada. The opportunity lies in bringing core Hims & Hers specialties like testosterone replacement therapy, menopause therapy, dermatology (hair), sexual and reproductive health, and peptides (where regulatory opportunities allow) to these overseas markets. He emphasized that there is low-hanging fruit in expanding these high-performing and fast-growing categories internationally.

“The opportunity is actually bringing some of the core specialties that the Hims & Hers business have gotten very good at here domestically overseas. And so these include things like testosterone replacement therapy, menopause therapy for women. This is basic assortment in the dermatology categories such as men's and women's hair, men's and women's sexual health and reproductive health as well as categories like peptides in some of these markets where actually there are different regulatory opportunities to expand and allow patients to have some of these more cutting-edge longevity therapies.”

asked by Ryan MacDonald · answered by Andrew Dudum

For the 6 approved peptides, is the company waiting for full formal FDA guidance (6-12 month process) or would the proposed rule-making process kicking off be enough of a signal for a nearer-term launch?

Andrew Dudum clarified that the company's operating model is to wait on full and final rule making from the FDA. He emphasized the importance of the FDA completing its process before bringing these specific peptides to market.

“Our operating model today is that we are waiting on full and final rule making from the FDA. And so that could come in a lot of different forms and factors, that could come on different time lines. But we think it's really important for them to complete that process before we bring this to market.”

asked by Ryan MacDonald · answered by Andrew Dudum