JPMorgan Initiates Coverage of Hims & Hers Health
JPMorgan has begun coverage of Hims & Hers Health (ticker HIMS) with a Neutral rating and a December 2027 price target of $32 per share, according to analyst Bryan Smilek.
The company serves approximately 2.9 million subscribers across weight‑loss, women’s health and hair‑loss specialties. It announced in March that it will prioritize branded, FDA‑approved GLP‑1 medications and cease advertising compounded GLP‑1 products.
Under its partnership with Novo Nordisk, Hims & Hers has already fulfilled more than 125,000 Wegovy shipments in the first six weeks after launch. JPMorgan projects 2026 GLP‑1 revenue of $1.1 billion, representing a 46 % increase year‑on‑year, driven by a decline in compounded sales offset by a surge in branded volumes.
JPMorgan estimates that U.S. cash‑pay GLP‑1 users could exceed 8 million by 2030, up from roughly 2.8 million today. The company is targeting total revenue of over $6.5 billion and adjusted EBITDA above $1.3 billion by 2030, supported by international expansion, entry into new specialties such as peptides, and AI‑driven efficiency improvements.
While the analyst is positive about Hims & Hers’ vertical integration, brand scale and geographic expansion, he cautions that execution of the branded GLP‑1 transition, sustained growth in newer specialties and margin expansion remain key risks.