Hims & Hers Goes Global With Eucalyptus Buy

Hims & Hers moves to acquire Eucalyptus for $1.15 billion, cementing its status as a global powerhouse in the rapidly evolving telehealth market

20 Feb 2026

Hims & Hers Health announced on Feb. 19 a definitive agreement to acquire Eucalyptus, an Australian-founded digital health company serving markets across Europe and the Asia-Pacific region, in a deal valued at up to $1.15 billion. Pending regulatory approvals, the transaction is expected to close in mid-2026 and would significantly expand the American telehealth company's footprint in the United Kingdom and Germany while establishing new positions in Australia and Japan.

Eucalyptus operates a portfolio of direct-to-consumer digital health clinics reaching more than 775,000 customers through brands spanning weight management, men's health, reproductive care and dermatology. According to company statements, it reported triple-digit year-over-year revenue growth in each quarter of 2025, with an annualized revenue run-rate exceeding $450 million at the time of the announcement. That clinical breadth closely mirrors categories Hims & Hers has developed in the United States.

A second major European move in roughly a year, the acquisition follows Hims & Hers' purchase of Zava, a telehealth platform serving patients in Germany, France, Ireland and Britain, completed in 2025. Officials said the Eucalyptus deal is designed to accelerate category leadership across those same markets, with combined European operations expected to position Hims & Hers as a leading telehealth provider in the U.K. and Germany within two years of closing.

Structured to preserve financial flexibility, the deal places approximately $240 million payable in cash at closing, with remaining consideration tied to guaranteed deferred payments and earnout-based equity, most of it settleable in either cash or stock. Eucalyptus chief executive Tim Doyle is expected to join Hims & Hers as senior vice president of international, overseeing global expansion efforts.

Broader consolidation is reshaping European telehealth, where fragmented markets and rising demand for personalized virtual care have drawn strategic buyers toward platforms with established regulatory relationships and local clinical infrastructure. As European health systems face mounting capacity constraints, analysts said acquisitions of this scale are likely to define competitive positioning for years ahead.