HIMSThursday, 7 May 2026
Grail's Q1 report names HIMS as an emerging channel partner, alongside Function Health and WHOOP
Key evidence
- Grail Q1
56,000 Galleri tests (+50% YoY) and screening revenue of $39.8 million (+37% YoY); HIMS is named as a channel partner (the financial impact is included in full-year guidance but not quantified separately)
- Foundayo ADR
A single FAERS report: liver failure in a 56-year-old man. Lilly and analysts see no systemic safety problem
- GLP-1 price war
Oral Wegovy and Foundayo are going head to head; Novo's ORION analysis shows 3pp more weight loss; GoodRx price down to $149 a month
- HIMS Q1 preview
EPS consensus $0.03 versus $0.14 90 days ago (revised down 78.6%); revenue consensus $616.9 million; watching subscription growth, the shift to branded drugs and Labs guidance
Key insights
- Grail's Q1 report names HIMS as an emerging channel partner, alongside Function Health and WHOOP. Galleri test volume rose 50% year on year to 56,000, and screening revenue rose 37% year on year to $39.8 million, but the financial impact of the partnership is not quantified.
- Foundayo (Lilly's oral GLP-1): FAERS discloses one serious adverse event, liver failure in a 56-year-old man. LLY shares fell at one point but pared the drop later, and it remains a single reported case.
- Oral GLP-1 competition: oral Wegovy delivers about 3 percentage points more weight loss than Foundayo. Novo's subscription pricing saves $1,200 a year, and the GoodRx channel price has dropped to $149 a month. Foundayo's advantage is that it can be taken with meals.
- HIMS reports Q1 on 11 May after the close. Consensus EPS is $0.03 (versus $0.14 90 days ago, a downward revision of 78.6%) and consensus revenue is $616.9 million. Expectations have been cut sharply, so the bar for a beat is low.
Catalysts to watch
- Q1 results on 11 May after the close: guidance on subscription growth, the shift to branded drugs, and progress in Labs and peptides
- The Grail-HIMS partnership confirmed for the first time in a partner's public earnings report
- HIMS's strategic value as the platform integrating both GLP-1 giants (Lilly and Novo)
Risks
- If doubts about Foundayo's safety persist, they would hurt the narrative around HIMS's oral GLP-1 channel
- A price war in branded oral GLP-1s squeezes the price advantage of compounded injectables
- Q1 EPS is down 85% year on year, and without positive guidance the market could be disappointed
A brief is a lead for our research, not a verified conclusion or advice.