Truist Now Expects Compounded GLP-1s to Drive Most of Hims’ 2026 U.S. GLP-1 Revenue

Truist has materially changed its view on Hims & Hers’ GLP-1 business.
The firm now expects compounded GLP-1s to generate the majority of $HIMS’ U.S. GLP-1 revenue in 2026.
That is a reversal from its previous assumption that branded drugs would contribute more.
Truist now estimates roughly $1.2 billion of U.S. GLP-1 revenue for the year:
About $625 million from compounded GLP-1s.
About $578 million from branded GLP-1s.
For comparison, Truist estimates Hims generated roughly $802 million of GLP-1 revenue in 2025.
That would imply another major year of growth.
The firm is also projecting about $3.16 billion in total company revenue for FY2026, meaning U.S. GLP-1s alone could represent roughly 38% of the entire business.
The biggest takeaway is not just the growth.
It is the mix.
Compounded GLP-1s are becoming even more important to Hims’ near-term earnings story than Truist previously expected.