Hims & Hers Health announced it has entered into a definitive agreement to acquire Eucalyptus, an international digital health company, in a transaction valued at up to $1.15 billion. The deal is designed to accelerate Hims & Hers’ strategy of becoming the leading global consumer health platform and expand its footprint beyond the United States.
The San Francisco-based company said that as its U.S. business continues to grow, the acquisition will position it to expand into Australia and Japan while deepening its presence in the UK, Germany and Canada. The structure of the transaction is intended to preserve financial flexibility and maintain control over balance sheet management and capital allocation.
With the addition of Eucalyptus, Hims & Hers plans to expand its bench of local expertise and scale infrastructure to reach millions more people globally using the model it has built in the U.S. The company said it remains committed to partnering with regional experts to enter new markets in ways that meet local needs and regulatory requirements. Combined with other recent acquisitions, Eucalyptus is expected to help create a diversified international platform offering services ranging from online pharmacy fulfillment to concierge-style care.
Eucalyptus operates several consumer-facing brands, including Juniper and Pilot, and has served more than 775,000 customers as of February 2026. Founded in 2019, the company has facilitated nearly two million consultations across Australia, the UK, Germany, Japan and Canada. It has published more than 20 peer-reviewed articles examining patient outcomes, adherence, quality and safety, and is the first Australian telehealth provider accredited by the Australian Council on Healthcare Standards.
Following completion of the acquisition, Tim Doyle, current CEO of Eucalyptus, will become SVP of International at Hims & Hers, overseeing the company’s international operations. Hims & Hers said the transaction is expected to strengthen its commercial relationships with biotech innovators, diagnostic companies and pharmaceutical manufacturers seeking scaled distribution partners.
Eucalyptus currently has an annual revenue run-rate north of $450 million, based on unaudited January 2026 gross fulfilled billings. The company delivered triple-digit year-over-year ARR growth in each quarter of calendar year 2025 while operating within line of sight of profitability. Hims & Hers said it expects continued international expansion to support category leadership in Canada, Europe and Australia, and to build a leading telehealth position in the UK and Germany within the next two years.
The transaction includes approximately $240 million payable in cash at closing, subject to customary adjustments. The remaining consideration consists of guaranteed deferred payments over 18 months following closing and additional earnout payments tied to specified financial targets through early 2029. Hims & Hers has the option to settle the majority of deferred and earnout payments in cash or stock and expects to finance most of the deal with existing cash on hand and future operating cash flows from its U.S. operations.
The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the middle of calendar year 2026.
KEY QUOTES
“Healthcare challenges are global, and so is the demand for simpler, transparent, and more personalized healthcare. But how that comes to life looks different for every region and every person. We’ve shown the difference that makes in the US, and the logical next step is working with more international experts to make that difference abroad. 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, where everyone can access the best care for their needs, regardless of where they live.”
Andrew Dudum, Founder and CEO of Hims & Hers
“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, instead of merely treating it. We’ve spent 7 years helping customers around the world find the care that fits them, and we believe today’s news will be part of accelerating the movement towards affordable healthcare for everyone that feels like a luxury. We’re thrilled to join Andrew and the whole Hims & Hers team and work toward this new future together.”
Tim Doyle, Co-Founder and CEO of Eucalyptus
