HIMSWednesday, 3 Jun 2026
Eucalyptus acquisition completed
Eucalyptus acquisition completed, making HIMS the world's largest consumer health platform
Analyst reaction
Leerink maintains its rating and is focused on how the integration is executed
Investment significance
The three-year target of $1 billion in international revenue moves from story to execution. Scale benefits from integration are the thing to watch in Q2-Q3. The international business goes from scattered pieces to a complete picture.
Key facts
- Closing was announced on 2 Jun, a month ahead of what Leerink analyst Michael Cherny had expected (originally expected in mid-2026)
- New markets: Australia, Canada, Germany, Japan and the UK
- Eucalyptus's Juniper brand has served more than 850,000 customers and completed nearly 2 million consultations
- The JPMorgan-led revolving credit agreement was amended early, on 29 May (Amendment No. 3), clearing financing obstacles to closing
- Japan is an entirely new market, with weight-loss care as the entry point
- In Australia, Eucalyptus is the first telehealth platform to receive ACHS EQuIP6 accreditation
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- Eucalyptus's ARR last quarter was above $450 million, with growth of more than 100% in each quarter (Investing.com data, 23 May)
- Generic semaglutide went live in Canada on 22 May
- Shares closed at $27.76 yesterday (up 6.16%), a positive market reaction to the early closing
Catalysts to watch
- 11 Jun: annual shareholder meeting (CEO pay vote and Kofi's director nomination)
- 29 Jun: close of the FDA 503B compounding comment period
- 23-24 Jul: FDA peptide advisory committee
A brief is a lead for our research, not a verified conclusion or advice.