Hims & Hers weight loss solution ‘will be welcomed,’ says Citi

Citi says Hims & Hers (HIMS) this morning formally launched its weight loss program, which consists of medication management, educational and motivational content, and digital tracking tools. As previously indicated, GLP-1s will not be available on the program as Hims & Hers awaits more consistent access to affordable supply and more details on longer term side effects, the analyst tells investors in a research note. Citi notes that patients will be prescribed a personalized basket of other drugs including Bupropion, Metformin, Naltrexone, and Topiramate with Vitamin B12. It tried the Hims & Hers service out, and says for $79 per month for five months or $99 per month for three months, it was prescribed 500mg of Metformin, 300mg of Bupropion XL, 28mg of Naltrexone, 110mg of Topiramate, and 2mg of Vitamin B12. The firm replicated this basket using GoodRx (GDRX) and an Amazon (AMZN) virtual visit for $57, or a 27% discount to the Hims & Hers price. While Hims & Hers’ customized price is a premium to a basket of drugs one could purchase individually, this is warranted given the company’s ease of use, access to educational and motivational content and tracking tools, ongoing check-ins, and unlimited provider messaging, contends the analyst. It thinks Hims & Hers’s solution “will be welcomed.”