TLDR
- Hims & Hers Health (HIMS) is acquiring Australian digital health company Eucalyptus for up to $1.15 billion.
- ~$240 million is payable in cash at closing, with deferred payments and earnouts running through early 2029.
- Eucalyptus operates at nearly $450 million in annual revenue and has served over 775,000 customers.
- The deal expands HIMS into Australia and Japan, while strengthening its position in the UK, Germany, and Canada.
- Eucalyptus CEO Tim Doyle will take over international operations at Hims & Hers post-closing.
Hims & Hers Health announced Thursday it has agreed to acquire Australian digital health company Eucalyptus in a deal worth up to $1.15 billion.
Hims & Hers Health, Inc., HIMS
The transaction includes roughly $240 million in cash at closing, followed by deferred payments over 18 months and performance-based earnouts through early 2029. Hims & Hers can settle most deferred and earnout obligations in cash or stock.
The company plans to fund the deal primarily through existing cash and U.S. operating cash flows. Closing is expected around mid-2026, pending regulatory approvals.
What Eucalyptus Brings to the Table
Eucalyptus is no small pickup. The company is running at nearly $450 million in annual revenue and has served more than 775,000 customers across its brand portfolio.
That portfolio includes Juniper, a weight-loss program, and Pilot, a men’s telehealth service — both operating across multiple international markets.
Post-closing, Eucalyptus CEO Tim Doyle will lead international operations at Hims & Hers. Its brands will be gradually integrated into the Hims & Hers platform over time.
New Markets, Deeper Presence
The deal gives Hims & Hers its first direct foothold in Australia and Japan. It also strengthens the company’s existing presence in the UK, Germany, and Canada through partnerships with established regional operators.
Management said the combined business is expected to support category leadership in Australia and position HIMS as a major telehealth player in Europe.
Domestic Headwinds
The international push comes as Hims & Hers navigates a difficult stretch at home. The company is facing a lawsuit from Novo Nordisk after the FDA forced it to pull its $49 compounded copy of Wegovy from the market.
That regulatory setback removed a key growth driver, making the global diversification angle of this deal particularly relevant for investors watching the stock.
HIMS shares were up 2.65% in after-hours trading on Thursday following the announcement, after closing the regular session down 2.64%.
The most recent analyst rating on HIMS is a Buy with a $30.00 price target.
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