BofA analyst Allen Lutz says Hims & Hers’ 2025 revenue growth guidance embeds “a significant level of optimism” around core revenue growth ex-GLP-1s and a successful handoff between semaglutide and oral/liraglutide subscriptions into the second half of the year, though the firm sees “significant execution risk” as branded Wegovy and Zepbound are ramping capacity. The firm raised its FY25 revenue and EBITDA estimates, but argues that the “beat and raise story is likely over in the near-term.” The firm maintains an Underperform rating and $21 price target on Hims & Hers shares.
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