Hims & Hers Health, Inc. agreed to acquire Australian-based telehealth platform Eucalyptus in a deal valued at up to $1.15 billion, marking a significant step in the company’s international expansion strategy.

The transaction is designed to broaden Hims & Hers’ global footprint by adding local operational infrastructure, regulatory expertise and established consumer brands across multiple markets.¹

The company expects the acquisition to allow it to scale it’s U.S.-developed model internationally while partnering with regional experts to tailor offerings to local healthcare systems.¹

“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,” said Andrew Dudum, founder and CEO of Hims & Hers. “We believe this puts us on the path to becoming the leading global consumer health platform.”

Eucalyptus operates several direct-to-consumer healthcare brands, and serves more than 775,000 customers across several markets, including Australia, Canada, Germany and the U.K.¹

The company has published more than 20 peer-reviewed studies examining outcomes, adherence and safety under its care model, and was the first Australian telehealth provider to receive accreditation from the Australian Council on Healthcare Standards.

What are the details of the acquisition agreement?

Following closing, Eucalyptus CEO Tim Doyle is set to become senior vice president of International at Hims & Hers. Doyle will oversee global operations outside the United States.

As part of the agreement, Eucalyptus’ portfolio of brands is expected to transition under the Hims & Hers umbrella over time.

“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,” Doyle said.

The deal includes upwards of $240 million in cash payable at closing, with the remaining considerations consisting of deferred payments over 18 months and additional earn out payments tied to financial performance targets through early 2029.¹

Hims & Hers may settle most deferred and earn out payments in cash or stock at its discretion and expects to finance the acquisition primarily through existing cash and operating cash flow.

The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in mid-2026.

Why did Hims & Hers acquire Eucalyptus?

Eucalyptus currently reports an annual revenue run rate exceeding $450 million and posted triple-digit year-over-year ARR growth in each quarter of 2025, according to Hims & Hers. The acquisition is expected to strengthen the company’s presence in Australia and accelerate expansion in Canada and Europe, with ambitions to establish leadership positions in markets including the UK and Germany within two years.¹

The company also identified Japan as a longer-term growth opportunity.

Hims & Hers’ acquisition of Eucalyptus comes on the heels a controversial period where the company announced a new compounded GLP-1 pill, which was swiftly meet with legal action from Novo Nordisk.

Just days after announcing the launch of this new oral compounded GLP-1, the company removed access to the semaglutide pill following regulatory warnings from FDA and mounting legal pressure from Novo Nordisk.²

Sources

1. Hims & Hers Announces Agreement to Acquire Eucalyptus, Accelerating Its Vision to Become the Leading Global Consumer Health Platform Hims & Hers February 19, 2026 https://investors.hims.com/news/news-details/2026/Hims--Hers-Announces-Agreement-to-Acquire-Eucalyptus-Accelerating-Its-Vision-to-Become-the-Leading-Global-Consumer-Health-Platform/default.aspx
2. Hims & Hers GLP-1 pill gambit backfires, accelerating crackdown on drug compounders Reuters February 19, 2026 https://www.reuters.com/legal/litigation/hims-hers-glp-1-pill-gambit-backfires-accelerating-crackdown-drug-compounders-2026-02-19/