GLP-1 seller Hims & Hers Health (NYSE: HIMS) has seen significant volatility in its stock price as of late. Notably, despite seeing a 41% single-day surge in early March, HIMS remains down nearly 10% in 2026. That single-day surge came as Hims and Novo Nordisk A/S (NYSE: NVO), the maker of Wegovy, announced a new collaboration.
Now, 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 act as a sales channel for the firm.
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. This announcement led HIMS shares to fall by 4%. Here’s how Amazon is positioning itself, and what it means for Hims going forward.
Amazon Enters GLP-1 Game Through One Medical
Amazon notes that 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 under the clinical name orforglipron. Cash-pay prices for the drugs start as low as $149 per month. These prices are in line with Hims's.
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. This compares favorably with Hims, whose membership fee is $39 for the first month and $149 thereafter.
Furthermore, Amazon is offering same-day GLP-1 delivery to nearly 3,000 cities. It plans to expand this number 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, Faster Delivery: A Problem for Hims
While Amazon may not necessarily be trying to undercut Hims on drug pricing, its lower membership fee and delivery times have clear advantages 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, near $3,700 annually on One Medical, while exceeding $5,000 at Hims. At the same time, Amazon’s delivery speed could be massively faster.
This poses a real challenge for Hims competition-wise. At the end of the day, the two firms are offering similar products and services, but at much different prices. Capital One estimates that there are approximately 180.1 million Amazon Prime members in the United States. Thus, for around half the U.S. population, it clearly 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 than Hims overall.
However, whether consumers recognize this and decide to move to Amazon is far from certain. Hims has built up a significant customer base of over 2.5 million subscribers and is growing fast. Sales hit $2.35 billion in 2025, up 59% year over year, but analysts expect growth to moderate sharply in 2026 to around 16%.
Hims isn’t new to competition, with many similar companies having entered its market over the past several years. However, none of its competitors has had the size and scope that Amazon does.
Hims Faces Greater Competition, Mixed Analyst Support
Overall, it will likely take several quarters to determine whether Amazon’s entry into this market significantly harms Hims's growth. Hims’s next earnings cover 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 around 10% upside in shares. However, targets updated after the company’s February earnings report are far less optimistic. They average approximately $26.30, a figure that implies around 10% downside.
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The article "Amazon Takes a Bite Out of Hims: What Its GLP-1 Entrance Means" first appeared on MarketBeat.
