In earnings call, Hims CEO addresses scrutiny of GLP-1 compounding

Katie Palmer covers telehealth, clinical artificial intelligence, and the health data economy — with an emphasis on the impacts of digital health care for patients, providers, and businesses. You can reach Katie on Signal at palmer.01.

In the last year and a half, direct-to-consumer telehealth company Hims & Hers has become a leading voice in the debate over compounded GLP-1 weight loss medications. On Monday, it announced earnings from the last quarter of 2025 after a whirlwind month that raised questions about the regulatory risks of the company’s compounding model and the threat of an investigation. 

In the call, Hims & Hers CEO Andrew Dudum addressed the increased scrutiny on compounded GLP-1s and its impact on the business’s bottom line, emphasizing Hims’ other medications, including for weight loss. “We believe there’s a really durable weight business,” said Dudum, “even if you think you’re kind of in a draconian scenario of compounding GLP-1s not being there.”

But investors see the company’s short-term prospects as tightly linked to the GLP-1 weight loss drugs that it began prescribing in May 2024. The company reported it had 2.5 million subscribers at the end of 2025, an increase of 282,000 from the same time in 2024. In the full year, it generated $2.35 billion in revenue — up from $1.5 billion in 2024 — but net income was nearly flat at $128 million. The company projected 2026 revenue of $2.7 billion to $2.9 billion.