Hims & Hers Acquires Eucalyptus for $1.15 Billion

Hims & Hers Health, Inc. (NYSE: HIMS), a prominent health and wellness platform, has entered into a definitive agreement to acquire Eucalyptus, a leading digital health provider, for $1.15 billion. This strategic move, announced on February 19, 2026, is designed to enhance Hims & Hers’ ability to deliver high-quality, personalized healthcare globally.

Eucalyptus, founded in 2019, operates in Australia, the UK, Germany, and is expanding into Japan and Canada. The acquisition will allow Hims & Hers to leverage Eucalyptus’s established market presence and expertise, facilitating a deeper penetration into these regions. Upon completion of the acquisition, expected by mid-2026, Hims & Hers plans to integrate Eucalyptus’s operations and expand its offerings.

The deal structure is designed to maintain Hims & Hers’ financial flexibility, with approximately $240 million payable in cash at closing. The remaining amount will consist of deferred payments and earnouts tied to specific financial targets through early 2029. Hims & Hers intends to finance the acquisition primarily through existing cash and future operating cash flows.

Andrew Dudum, founder and CEO of Hims & Hers, emphasized the importance of this acquisition, stating, “Healthcare challenges are global, and so is the demand for simpler, transparent, and more personalized healthcare. With Eucalyptus, we will not only enter new markets but also expand our ability to serve customers globally.”

Eucalyptus has a strong track record, having served over 775,000 customers and published more than 20 peer-reviewed articles on its healthcare model. The company is recognized for its customer-first approach and has achieved significant growth, with an annual revenue run-rate exceeding $450 million.

This acquisition positions Hims & Hers to enhance its market share in the digital health sector and expand its product offerings, including telehealth services and personalized healthcare products. The integration of Eucalyptus is expected to create synergies in revenue through cross-selling opportunities and shared marketing expenses.

As the healthcare landscape evolves, this acquisition is anticipated to strengthen Hims & Hers’ competitive position, prompting potential responses from competitors in the digital health space. The company is committed to navigating regulatory approvals and ensuring a smooth integration process.

In conclusion, the acquisition of Eucalyptus marks a significant step for Hims & Hers in its mission to become the leading global consumer health platform, providing accessible and personalized care to a broader audience.