Hims & Hers buys Eucalyptus in deal valued up to $1.15 billion

Hims & Hers Health, Inc. announced it has agreed to acquire Australian telehealth company Eucalyptus in a transaction valued at up to $1.15 billion, including roughly $240 million payable in cash at closing and additional contingent payments tied to future financial targets. The company said the deal, announced Feb. 19, is expected to close in the middle of calendar year 2026.

Eucalyptus, founded in 2019, operates several consumer-focused brands, including Juniper, a women’s weight-management and menopause care program, and Pilot, a men’s telehealth brand. Hims said Eucalyptus has served about more than 775,000 customers across markets that include Australia, Canada, Germany and the United Kingdom. The target has published more than 20 peer-reviewed studies on outcomes, adherence and safety and was the first Australian telehealth provider accredited by the Australian Council on Healthcare Standards, signaling clinical rigor behind its consumer offerings.

Company executives framed the purchase as part of an accelerated international growth strategy. Hims said the acquisition will provide immediate footholds in Australia and Japan while deepening its presence in the U.K., Germany and Canada through partnerships with established regional operators. Hims has already moved into Europe through last year’s acquisition of Zava, and the company intends to fold Eucalyptus’ brands under its umbrella over time.

Andrew Dudum, founder and CEO of Hims & Hers, said, “With Eucalyptus, we will not only enter new markets, we will expand our ability to serve customers globally, trusting local experts to be a key part of how we transform healthcare into a customer-first, personalized industry. We believe this puts us on the path to becoming the leading global consumer health platform.”

Eucalyptus chief executive Tim Doyle will become senior vice president of International at Hims & Hers after closing and will oversee operations outside the United States. Doyle said, “By joining Hims & Hers, we will help more people globally believe in the future of healthcare: simple, high-quality, personal, and designed to help prevent disease.”

Financially, the structure mixes a sizeable immediate cash outlay with performance-based contingent consideration. The roughly $240 million cash payment at close represents about one-fifth of the deal’s maximum value; the remainder could reach roughly $910 million if Eucalyptus hits undisclosed targets over the next several years. Hims has not published the specific earnout metrics or whether contingent payments will be in cash, equity or a mix, and it did not list regulatory approvals required to complete the transaction.

The deal arrives as Hims confronts mounting regulatory and legal pressure in the United States. The company recently withdrew a $49 lower-priced version of a popular weight-loss drug after a U.S. Food and Drug Administration action and is facing a lawsuit from the drug’s manufacturer, Novo Nordisk. Industry analysts say acquisitions that build local expertise and diversify revenue outside the U.S. can help consumer health platforms manage regulatory risk at home.

Strategically, the purchase underscores a broader trend of consolidation in digital health as U.S. telehealth firms seek growth overseas and validated clinical evidence to support scaled care models. For investors and patients, the immediate impact will be measured in integration speed, the ability to convert Eucalyptus’ customer base into cross-border revenue, and whether the company hits the performance thresholds that unlock the bulk of the purchase price.