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Exclusive Story
Amazon Takes a Bite Out of Hims: What Its GLP-1 Entrance MeansAuthor: Leo Miller. Posted: 4/28/2026. 
Key Points
- After Hims reached a key deal with Novo Nordisk, Amazon rained on the company's parade.
- Amazon is launching its own weight management platform, offering popular GLP-1s.
- Amazon's cost and delivery advantages put Hims in a difficult competitive position.
- Special Report: Elon’s “Hidden” Company
GLP-1 seller Hims & Hers Health (NYSE: HIMS) has seen significant volatility in its stock price lately. Despite a 41% single-day surge in early March, HIMS remains down nearly 10% in 2026. That jump followed a new collaboration between Hims and Novo Nordisk A/S (NYSE: NVO), the maker of Wegovy. With that deal, Hims no longer needs to sell copycat versions of Novo’s weight loss and diabetes drugs. Novo will allow Hims to sell branded versions of its Ozempic and Wegovy injectables, as well as the Wegovy pill. Novo also dropped its lawsuit against Hims. With Novo’s revenues moving in the wrong direction, Hims will serve as a sales channel for the company.
However, Hims now faces competition from one of the largest consumer companies in the world: Amazon.com (NASDAQ: AMZN). In mid-April, Amazon added a weight management offering to its One Medical platform, sending HIMS shares down 4%. Here’s how Amazon is positioning itself, and what it could mean for Hims going forward. Amazon Enters the GLP-1 Market Through One MedicalAmazon says the Wegovy pill and the Foundayo GLP-1 pill will be available through One Medical. Foundayo is Eli Lilly and Company’s (NYSE: LLY) recently approved oral GLP-1, also known by the clinical name orforglipron. Cash-pay prices for the drugs start as low as $149 per month, which is in line with Hims. Amazon will also offer injectables for Wegovy and Zepbound, Lilly’s highly popular weight-loss drug. Cash-pay prices for these drugs start as low as $299 per month. While Zepbound prices are equal to Hims, Hims offers Wegovy injectables starting at $199. Customers who use Hims or One Medical also have to pay a membership fee. On this front, Amazon has a clear advantage. Amazon Prime members can add a One Medical membership for just $9 a month or $99 per year. That compares favorably with Hims, whose membership fee is $39 for the first month and $149 thereafter. Amazon is also offering same-day GLP-1 delivery to nearly 3,000 cities, with plans to expand that to 4,500 cities by the end of 2026. Meanwhile, Hims notes delivery times of “as early as two days to a week.” Amazon’s Lower Cost and Faster Delivery Could Pressure HimsWhile Amazon may not be trying to undercut Hims on drug pricing, its lower membership fee and faster delivery clearly give it an edge for consumers. For Amazon Prime members, an injectable Wegovy prescription would cost around $3,700 per year before taxes. On Hims, the total price would be above $4,000. For injectable Zepbound, the math is even worse: roughly $3,700 annually on One Medical, compared with more than $5,000 at Hims. At the same time, Amazon’s delivery speed could be much faster. This poses a real competitive challenge for Hims. At the end of the day, the two companies are offering similar products and services at very different price points. Capital One estimates that there are approximately 180.1 million Amazon Prime members in the United States. For around half the U.S. population, it would not make economic sense to choose Hims over One Medical. Additionally, an Amazon Prime membership costs just $139 per year. So, if a consumer only wanted an Amazon Prime membership to access GLP-1s through One Medical, they could still pay less overall than they would with Hims. However, whether consumers recognize this and decide to switch to Amazon is far from certain. Hims has built a significant customer base of more than 2.5 million subscribers and continues to grow quickly. Sales reached $2.35 billion in 2025, up 59% year over year, but analysts expect growth to slow sharply in 2026 to around 16%. Hims is no stranger to competition, with many similar companies entering its market over the past several years. However, none of those competitors has matched the size and reach of Amazon. Hims Faces More Competition, With Mixed Analyst SupportOverall, it will likely take several quarters to determine whether Amazon’s entry into this market significantly hurts Hims's growth. Hims’s next earnings report covers Q1 2026, before One Medical’s GLP-1 launch. Given Amazon’s position as arguably the most powerful consumer company in the world, the long-term risks to Hims are very real. Analysts continue to take a highly mixed view of Hims stock. MarketBeat currently tracks 13 Hold ratings, four Buys, and one Sell. The MarketBeat consensus price target near $32.50 implies about 10% upside in the shares. However, targets updated after the company’s February earnings report are far less optimistic. They average approximately $26.30, which implies around 10% downside. |
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