Amazon's One Medical GLP-1 Rollout Pressures Hims & Hers Despite Strong Fundamentals

Amazon's launch of an integrated GLP-1 prescription program via One Medical's 200+ offices and Amazon Pharmacy has ramped up competition, triggering an intraday drop in Hims & Hers shares before a partial rebound. Hims & Hers posted stellar 2025 results: $2.35B revenue (up 59% y/y), 2.5M active subscribers, and $128M net income, with 2026 guidance of $2.7B–$2.9B revenue at ~72% gross margins. The subscription model, Novo Nordisk partnership, and international growth offer resilience against rivals like Amazon, Walmart, and Eli Lilly, positioning the weakness as a potential buying opportunity if guidance holds.