Analyst: Hims & Hers itself will not profit from Novo Nordisk's GLP-1s drugs.

Truist analysts say that Hims & Hers will not profit from Novo Nordisk's GLP-1 drugs themselves, but will instead collect medical service fees from customers. These analysts say, "We expect the drug portion of revenue to be seen as pass-through revenue, with Hims & Hers recognizing the medical service fees as revenue." However, this does not mean that the partnership is without benefits. These analysts say that the company is likely to achieve significantly higher gross profit margins from these medical service fees, especially in cases where medical services are provided asynchronously.