Hims & Hers (HIMS) Drops 12% After Lilly Partnership Deal
As seen on the 24/7 Wall St. homepage on November 9, 2026.
Hims & Hers is down 12.35% to $22.79 after announcing its expanded-access deal with Eli Lilly, with partner Eli Lilly up 3.36%. Traders are pricing the agreement as a margin concession rather than a volume win.
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Press release
Hims & Hers Lilly deal press release
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Nov 6, 2026 · Press release
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Feb 23, 5:20 PM ET · SEC 10-K
Moves: Nov 9, 3:40 PM ET · Alpha Vantage quote
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Hims & Hers settled near $22.79, a decline of about 12.35% on the session.
The catalyst is a newly announced expanded-access deal with Eli Lilly. While the partnership gives Hims & Hers a path to distribute FDA-approved Lilly medicines, traders are treating the agreement as a margin concession, essentially concluding that the cost of access outweighs the near-term revenue opportunity.
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Eli Lilly itself moved in the opposite direction, rising 3.36% on the same news. The market is reading Lilly as the party extracting value, while Hims & Hers gives it up to secure a supply relationship.
What to watch next is whether Hims & Hers management offers any clarification on deal economics, specifically on pricing terms or volume commitments that would reframe the market's initial read. Until that clarity arrives, the stock carries the stigma of an agreement that the buy side has not yet found a way to model as profitable.