Hims & Hers Shares Flat After Testosterone Rollout
Hims & Hers introduced injectable and oral testosterone treatments on October 21, but its shares were nearly unchanged and remain down 10.29% in 2026. Management had promised the launch and expects testosterone to reach a $100 million annual revenue run rate, though telehealth prescribing flexibility is set to expire December 31. Investors are looking to the November 9 report for signs of how the new offerings are performing.
Hims & Hers added three testosterone options on October 21: a compounded injection taken twice weekly, generic testosterone cypionate, and Kyzatrex, an FDA-approved oral product. The compounded injection lacks FDA approval. These join the company’s enclomiphene-based offering, introduced in September 2025.
On its August 10 call, management linked the rollout to a target of $100 million in annual testosterone revenue across coming quarters—less than 3% of analysts’ roughly $3.7 billion 12-month revenue estimate. A temporary DEA telemedicine prescribing rule expires December 31, 2026; the agency’s permanent registration plan remains under White House review.
The rollout could broaden access for patients who prefer at-home treatment for low testosterone, while also increasing reliance on telehealth for controlled substances. If temporary prescribing flexibility lapses, some users may face added travel or in-person evaluation requirements, potentially disrupting care. Clinicians and pharmacies may need to adjust monitoring and dispensing practices. Investors may also watch whether convenience drives uptake without compromising safety, but the actual societal effect depends on regulatory decisions and real-world prescribing patterns.