CFO Yemi Okupe detailed Hims & Hers' evolution from treating stigmatized conditions to a broader platform focused on personalized treatments and data integration. Key growth drivers include the recent launch of three complex specialties—Low Testosterone, Menopause, and Diagnostics—and aggressive international expansion via the Eucalyptus acquisition. Okupe highlighted a 7.2% year-over-year improvement in marketing efficiency for 2025 and reaffirmed ambitious 2030 targets of $6.5 billion in revenue and $1.3 billion in EBITDA. Additionally, the "Hers" segment is growing triple digits and is on pace to generate $1 billion in revenue this year.

Key Takeaways

• Subscriber Scale: The platform has surpassed "2.5 million subscribers," with the majority now utilizing personalized treatments.
• 2030 Financial Targets: Management reaffirmed long-term goals of "$6.5 billion or more of revenue and the $1.3 billion of EBITDA" by 2030.
• Hers Segment Growth: The Hers vertical is currently growing in the "triple digits" and is on track to reach "$1 billion" in revenue this year.
• International Opportunity: The international business is expected to reach an opportunity of "at least $1 billion in the next few years," bolstered by the Eucalyptus acquisition.
• Operating Cash Flow: The company generated north of "$300 million" in operating cash flow across the entire footprint in 2025.
• Marketing Efficiency: Marketing as a percentage of revenue improved by "7.2% year-over-year" in 2025.
• New Specialties: Leveraging improved tech infrastructure, the company launched three complex specialties (Low Testosterone, Menopause, and Diagnostics) within a six-month span.

Q&A

Craig Hettenbach (Morgan Stanley): How has the platform evolved recently, and what is the strategic vision for the next few years?

• Yemi Okupe: The company has shifted from access for stigmatized conditions to personalized treatments, which now serve the majority of subscribers; future growth will lean aggressively into data, diagnostics, and international expansion to enable "compounding effect" capabilities.

Craig Hettenbach (Morgan Stanley): Regarding new categories like Low Testosterone and Menopause, how do you evaluate and execute on these opportunities?

• Yemi Okupe: Targets must be "recurring in nature," have a large addressable audience, and be "emotionally resonant"; the platform recently launched three complex specialties in six months, a pace enabled by prior technology investments.

Craig Hettenbach (Morgan Stanley): How is the marketing strategy resonating, particularly regarding efficiency metrics?

• Yemi Okupe: The company realized an "immense step up of marketing efficiency," improving marketing as a percentage of revenue by "7.2% year-over-year" in 2025, while positioning to become the "default brand for health and wellness."

Craig Hettenbach (Morgan Stanley): How is the company managing litigation and regulatory risks regarding the compounded pill?

• Yemi Okupe: Hims & Hers utilizes internal and external experts to follow established frameworks, remaining confident in building a "robust offering" for 2026 and beyond while prioritizing consumer trust.