Hims & Hers Charts an Aggressive Path to Become a Global Telehealth Leader

Backed by surging revenue, Hims & Hers is acquiring firms like Eucalyptus to expand globally and into complex care verticals, aiming to become a worldwide digital healthcare leader by 2030.

Following the resolution of its legal dispute with Novo Nordisk, Hims & Hers Health is deploying a bold acquisition-led strategy to transform into a worldwide digital healthcare enterprise by 2030. The company is rapidly entering new geographic markets and clinical specialties through a series of targeted purchases.

Financial Performance Underpins Expansion Drive

This ambitious growth agenda is supported by robust operational results. For the 2025 fiscal year, revenue surged 59% to $2.35 billion. The company's subscriber base now exceeds 2.5 million users, with monthly revenue per subscriber climbing to $83. Looking ahead to 2026, management has provided guidance forecasting revenue between $2.7 and $2.9 billion, alongside an adjusted EBITDA of $300 to $375 million.

Market analysts are taking note of the company's trajectory. Barclays analyst Glen Santangelo raised his price target from $25 to $29 per share after the Novo Nordisk settlement, reaffirming an "Overweight" rating. However, Citi pointed out that Hims & Hers is not included on Novo's current list of Wegovy distribution partners, which names CVS Health, Costco, LifeMD, and GoodRx. This observation suggests that underlying tensions related to semaglutid compounding strategies may not be entirely resolved.

Strategic Acquisitions Build a Comprehensive Platform

The cornerstone of the international push is the planned acquisition of Australian digital health firm Eucalyptus for up to $1.15 billion. Approximately $240 million of this sum will be paid in cash upon deal closure, which is anticipated for mid-2026. Eucalyptus operates five virtual clinics focusing on weight management, men's health, and reproductive medicine, and has served over 775,000 customers to date. The business is far from a speculative startup; it achieved triple-digit annualized revenue growth every quarter in 2025 and currently operates at an annual revenue run rate exceeding $450 million. This transaction grants Hims & Hers immediate market access in Australia, Japan, the United Kingdom, Germany, and Canada.

Eucalyptus is not an isolated move. Hims & Hers has been actively consolidating its position through other recent purchases. These include the European telehealth platform Zava, providing direct entry into Germany, France, Ireland, and the UK; the Canadian weight management platform Livewell; and Boston-based YourBio Health.

The YourBio acquisition brings a pivotal proprietary technology to the portfolio: the TAP device. This instrument uses ultra-fine microneedles to collect capillary blood painlessly within seconds. Leveraging this technology, Hims & Hers plans to launch a new laboratory service capable of testing for up to 120 biomarkers. The service aims to deliver personalized treatment plans based on results covering heart health, hormones, and metabolic metrics.

Broadening the Clinical Horizon

Concurrently, the company is expanding into adjacent and complex healthcare verticals such as cancer screening and longevity medicine. The strategic objective is clear: to evolve from a platform focused on single categories into a full-spectrum digital health provider.

The Road to 2030: Integration and Execution Challenges

Hims & Hers remains committed to its long-term 2030 targets of at least $6.5 billion in revenue and $1.3 billion in adjusted EBITDA. Achieving these goals presents a significant execution challenge. The company must successfully integrate multiple acquisitions simultaneously, establish a foothold in heavily regulated markets like Germany and Japan, and compete in clinically complex fields where established players such as Teladoc and traditional hospital systems already operate. Whether profit margins can keep pace with this rapid growth will become clearer when the company reports its mid-2026 financial results.