Hims & Hers Acquires Eucalyptus in $1.15B Deal

Experts say the acquisition positions the company for global expansion and revenue diversification amid U.S. GLP-1 regulatory challenges.

Published on Feb. 22, 2026

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Hims & Hers, a direct-to-consumer health and wellness platform, has announced plans to acquire Australian digital health company Eucalyptus in a deal valued at $1.15 billion. The acquisition will expand Hims & Hers' global footprint into markets like Australia, Japan, the U.K., Germany, and Canada, while also diversifying its customer and revenue base as the company faces legal challenges in the U.S. over its sale of compounded GLP-1 medications.

Why it matters

The deal is seen as a strategic move by Hims & Hers to pivot from its predominantly U.S.-focused telehealth and direct-to-consumer model to a global consumer health platform. This will help the company de-risk its revenue concentration and broaden its patient base, especially as it faces regulatory scrutiny and a lawsuit over its sale of compounded GLP-1 drugs in the U.S.

The details

Hims & Hers, based in San Francisco, provides direct-to-consumer support for a range of health and wellness areas, including sexual health, weight loss, hair, skin, primary care, and mental health. Eucalyptus, on the other hand, operates consumer-focused virtual clinics and brands, such as weight loss platform Juniper, men's health program Pilot, and fertility and reproductive care platform Kin. The acquisition will see Hims & Hers pay $240 million in cash at closing, with the rest of the $1.15 billion deal value paid through deferred and performance-based earnouts through early 2029.

  • The deal is expected to close in the middle of 2026.

The players

Hims & Hers

A direct-to-consumer health and wellness platform that provides support for sexual health, weight loss, hair, skin, primary care, mental health and other areas.

Eucalyptus

An Australian digital health company that runs consumer-focused virtual clinics and brands, including weight loss platform Juniper, men's health program Pilot, and fertility and reproductive care platform Kin.

Michael Abrams

Managing partner of Numerof & Associates, a healthcare consulting firm.

Warren Templeton

Managing director at Health2047, a healthcare innovation company.

Beth Mosier

Healthcare M&A director at West Monroe, a consulting firm.

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What they’re saying

“It seems clear that a prime consideration in Hims & Hers' acquisition is to pivot from a predominantly U.S.-centric telehealth and DTC care model to a global consumer health platform.”

— Michael Abrams, Managing partner of Numerof & Associates

“International expansion in existing product categories will diversify revenue and provide new pipelines for innovation.”

— Warren Templeton, Managing director at Health2047

“Hims & Hers' acquisition of Eucalyptus signals continued expansion across weight loss, anti-aging, mental health, and wellness by extending affordable, personalized, and convenient healthcare to consumers worldwide who are increasingly seeking accessible alternatives to traditional care models.”

— Beth Mosier, Healthcare M&A director at West Monroe

The takeaway

This acquisition positions Hims & Hers for global growth and revenue diversification, which is crucial as the company faces regulatory challenges and legal battles over its compounded GLP-1 medications in the U.S. market. The move signals the company's shift from a U.S.-centric telehealth model to a global consumer health platform.