Hims & Hers to buy Eucalyptus for up to $1.15B in global telehealth expansion

What's the deal? Hims & Hers Health has agreed to acquire Australian telehealth group Eucalyptus in a deal worth up to $1.15 billion. The acquisition expands the US-listed company’s push to become a global consumer health platform.

Founded in 2018 by chief executive Tim DoyleDealroom has a profile for this one. Try Dealroom →, Eucalyptus operates digital health brands including Pilot, Juniper, Kin, and Software across Australia, the UK, and Germany. The company generated $160 million (A$248.1 million) in revenue in 2025, more than double the previous year, driven largely by demand for GLP-1 weight-loss drugs.

Hims & Hers, founded by chief executive Andrew DudumDealroom has a profile for this one. Try Dealroom →, is valued at roughly $3.6 billion and is tracking toward $2 billion in annual revenue.

Why now? Demand for GLP-1 drugs such as Ozempic and Wegovy has transformed digital health economics, turning weight management into a powerful customer acquisition channel. For Hims & Hers, the deal provides immediate scale outside the US and a foothold in fast-growing UK and Australian markets.

Eucalyptus had been preparing a new capital raise at a reported valuation above $1 billion, but Doyle paused that process in late 2025 after renewed talks with Dudum led to a sale agreement.

What could go wrong? The model remains exposed to regulation and drug supply. Australian authorities have restricted compounded versions of GLP-1 drugs, and Novo NordiskDealroom has a profile for this one. Try Dealroom → has taken legal action in the US against Hims & Hers over copycat offerings.

GLP-1 products account for about 31% of Hims & Hers’ revenue, increasing reliance on a single therapy class. Policy shifts, pricing pressure, or supply constraints could affect margins and growth.

The signal: Digital health platforms are consolidating as they race for scale, international reach, and recurring revenue. Weight-loss drugs have become both a growth engine and a strategic vulnerability.

By combining marketing-led telehealth brands across continents, Hims & Hers is betting that preventative care, diagnostics, and subscription services can extend beyond a single blockbuster category and build a durable global platform.

Sources:
Hims & Hers Health
The Wall Street Journal
CNBC
Reuters
The Australian Financial Review
The Australian Financial Review

J.V.