Hims & Hers Stock Drops After Amazon Says It Will Offer Hair-Loss Treatments -- WSJ
Shares of Hims & Hers slid after Amazon.com said it would offer cheap treatments for concerns like hair loss, skin care and erectile dysfunction, directly competing with the telehealth startup.Amazon on Thursday launched the treatments through its One Medical telehealth service, and Amazon Prime members are eligible for free shipping, the company said.Hims & Hers's stock is down 25% in Thursday trading. Shares have more than doubled this year, due in part to the company's introduction of weight-loss treatments in May. Amazon's online pharmacy partnered with Lilly in March to fill prescriptions for the weight-loss drug Zepbound.Hims & Hers gained popularity as one of the first companies to directly ship hair and skin treatments to telehealth patients. The company said this month it had more than 2 million subscribers in the third quarter, a 40% boost from a year ago.Amazon's push into low-cost treatments follows its launch of Haul, a budget online storefront similar to Temu or Shein.Ama