Hims & Hers acquires Eucalyptus in $1.15B push into Australia and Japan

Hims & Hers Health (HIMS) has agreed to buy Australian digital health firm Eucalyptus for up to $1.15 billion. The deal will push the company into new markets, including Australia and Japan, while strengthening its footprint in the UK, Germany and Canada. Completion is expected by mid-2026, pending regulatory approvals and standard closing terms.

Eucalyptus operates a fast-growing digital health business with annual revenue of around $450 million. Its brands, such as Juniper and Pilot, serve over 775,000 customers. The acquisition will broaden Hims & Hers' reach across key international markets.

The purchase price includes roughly $240 million in cash at closing, with additional deferred payments spread over 18 months. Performance-based earnouts could extend into early 2029. Most of the funding will come from Hims & Hers' existing cash reserves and U.S. operating cash flows.

Once the deal closes, Eucalyptus CEO Tim Doyle will take charge of Hims & Hers' international operations. His leadership is expected to help integrate the newly acquired business into the wider group.

The transaction marks a major expansion for Hims & Hers, adding scale in Australia, Japan and Europe. Regulatory checks and closing conditions must still be met before the deal finalises around mid-2026. The combined business will aim to leverage Eucalyptus' customer base and revenue streams.