How We’re Building the Customer Relationship in Health
At Hims & Hers, we aren’t building around a single product or category. We’re building an everyday digital health platform, and the goal is a relationship with customers that lasts and deepens, not a one-time transaction.
We believe whoever owns that relationship wins. That’s easy to say and very hard to do. Most companies in our industry are built around a single transaction: a treatment, a condition, a moment in time. They win it, but then lose the thread. People want something different – something better. A place that knows them and grows with them as their needs change, and that’s the platform we’re building in three key ways:
We’re building to win metabolic health.
For many people, their relationship with us starts with weight loss. It’s one of the largest categories in healthcare, and we believe it’s still in the earliest days of adoption. A strong customer relationship there is what lets us help with the other needs that matter to them. The category is also changing. In Canada, where generics arrived earlier this year, average monthly orders have grown more than 50% following their launch. We saw a similar pattern in sexual health and hair, where it brought more people into care. As that happens, customers will be able to find every option in one place, with a care team to help them choose what’s right for them.
We’ve built strong relationships with Lilly and Novo that underpin our ability to provide a broad assortment to our customers, alongside an AI-native experience that will be rolled out to every weight loss customer on our platform.
We’re building to win the major global markets.
International revenue grew more than 4x year-over-year to $233 million in our first full quarter with Eucalyptus, and the business is on track to reach a $1 billion annual run rate revenue in 2027, a sign that a connected, affordable model of care resonates well beyond the US.
We’re transitioning the Eucalyptus brands to Hims & Hers, so our infrastructure, technology, and breadth of specialties can reach new markets faster. Since August, we’ve introduced both Hims and Hers to Australia, Hers Hair to the UK, and Hims to Germany.
We’re building to stay at the forefront of category expansion.
Our platform is designed to let testing, treatment, and ongoing care work together, so a customer’s next need doesn’t mean starting over somewhere else.
That foundation is what allowed us to expand our already-popular testosterone offering to include TRT. It’s built around an at-home blood test and provider-guided treatment that adapts over time, and this comprehensive, accessible approach is why our testosterone specialty continues to progress towards a $100 million annualized revenue run rate.
But this isn’t just a testosterone story. Our approach is built to support any complex health challenge that requires ongoing monitoring and a consistent care team relationship. Next is Peptides+, with clinician-led treatment plans and access to regular blood testing to monitor progress.
Our ability to continue moving into more and more complex health concerns all rests on years of earned trust, a real understanding of what each customer needs, and the operational rigor to run our own pharmacies and labs. As that infrastructure scales, it gets more efficient, and we intend to pass those savings on to customers, either through lower prices or with more included for the same price.
People come to Hims & Hers for all kinds of reasons. Because of nine years of investment in these capabilities, they’re learning they can rely on us for the entire journey. We’ve built a brand that close to 3 million people trust, and what they come to us for – and where they come from – keeps expanding.
That’s possible because we bring scale to a personal experience with assortment at the foundation. Every customer we serve makes the experience better for the next. This is how we’re building the platform that will redefine how people access healthcare. I can’t wait for you to see what comes next.
Cautionary Note Regarding Forward-Looking Statements
This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “anticipates,” “expects,” “intends,” “plans,” “decides,” “may,” “will,” “likely,” “potential,” “future,” “over time,” “coming,” “hope,” or “should,” or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, statements regarding our strategy to build an everyday digital health platform, including the expected growth of our metabolic health offerings and the anticipated effects of generic availability, our relationships with Lilly and Novo, and the rollout of our AI-native experience; our international expansion, including the transition of the Eucalyptus brands to Hims & Hers, the launch of our brands in new markets, and our expected international annual run rate revenue; our category expansion, including our testosterone and Peptides+ offerings and our expected annualized revenue run rate for testosterone; and the anticipated efficiencies from scaling our infrastructure, including our pharmacies and labs, and our intention to pass those savings on to customers. These statements are based on management’s current expectations, but actual results may differ materially due to various factors.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, the forward-looking statements contained in this communication are based on our current expectations, assumptions and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the timing and logistical considerations related to the rollout of our AI-native experience, new offerings, and international launches, and the related customer response; our ability to maintain our relationships with key partners, including Lilly and Novo, and changes in the availability, pricing, and competitive dynamics of weight loss and other treatments, including generics; our ability to successfully transition the Eucalyptus brands, integrate operations, and expand into new international markets; and changes in the application, interpretation, and enforcement of healthcare, pharmacy, consumer protection, or privacy laws or regulations applicable to our business in the United States and internationally, including those relating to AI and digital health tools, and other factors described in the Risk Factors and other sections of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and other current and periodic reports we file from time to time with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The forward-looking statements contained in this communication are made only as of November 9, 2026. We undertake no obligation (and expressly disclaim any obligation) to update or revise any forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those made in or suggested by the forward-looking statements contained in this communication.