Hims & Hers Health stock was falling on Monday ahead of the telehealth company's third-quarter earnings report.

Shares were down about 10% at $23.39 in late-afternoon trading on Monday, reversing an 8% gain on Friday, when it announced an agreement with pharmaceutical giant Eli Lilly to sell the popular GLP-1 weight loss drugs Zepbound and Foundayo through Hims' consumer platform. The stock is down 28% this year and down 43% over the past 12 months.

Analysts expect Hims to report third quarter earnings of 6 cents a share and revenue of $893 million, according to FactSet. Wall Street is also expecting the telehealth platform to show growth in subscribers to over 3 million, from 2.89 million in the second quarter.

The agreement with Lilly allows users to complete a consultation, receive a prescription if their provider agrees it is appropriate, and have the Lilly treatments shipped straight to their home.

Self-pay pricing starts at $149 a month for Foundayo, an oral medication, and $299 a month for injectable Zepbound.

"Millions of people turn to Hims & Hers for their care, and through this agreement, those patients now have a simple, more direct way to get FDA-approved Lilly medicine at an affordable price if prescribed," Eli Lilly executive Ilya Yuffa said Friday.

Hims & Hers management will discuss results today during a conference call at 5 p.m. Eastern time.