Hims & Hers Health Inc (HIMS) stock plunged 5.56% in the pre-market trading session on Friday, following Citi's downgrade of the stock rating to "sell" from "neutral" and lowering of its GLP-1 revenue estimates for the company.
Citi analysts cited concerns that the market is overvaluing HIMS' GLP-1 revenue stream, as Novo Nordisk's semaglutide, the active ingredient in weight-loss drug Wegovy, could be removed from the FDA's shortage list in the next 12 months. This would significantly constrain HIMS' weight loss market, as they would only be able to compound GLP-1s by changing the formulation for specific clinical benefits.
HIMS currently sells compounded versions of semaglutide. Citi now expects HIMS' GLP-1 revenue to be $135 million in FY25, down from its previous estimate of $400 million. The brokerage's analysts believe that if semaglutide is removed from the shortage list, HIMS' weight loss market would be substantially limited.
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