Hims & Hers Pivots Weight-Loss Strategy, Partners With Novo Nordisk
The telehealth company acquired Eucalyptus, adding 850,000 customers across five countries while overhauling its GLP-1 business.
Hims & Hers Health (HIMS) completed its acquisition of Eucalyptus, a deal that extends the telehealth platform's international reach to four continents and adds more than 850,000 customers to its subscriber base. The move deepens a global expansion strategy that earlier included the acquisitions of ZAVA and Livewell, positioning the company in Australia, Canada, Germany, Japan, and the United Kingdom.
The international push arrived alongside a fundamental repositioning of the company's U.S. weight-loss business. Hims & Hers said it would stop advertising compounded GLP-1 offerings and plans to transition existing patients to FDA-approved medications, restricting compounded semaglutide to a narrow cohort of customers whose clinical needs are not met by approved alternatives. The shift marks a departure from the compounded formulations that had been a central growth driver for the platform.
In place of the compounded strategy, Hims & Hers announced a collaboration with Novo Nordisk that brings Ozempic and Wegovy — spanning multiple injection doses and tablet formulations — onto its platform. Concurrent with the agreement, Novo Nordisk dismissed its lawsuit against Hims & Hers without prejudice. The resolution removes a legal overhang that had shadowed the company's weight-loss ambitions.
The company reiterated its long-term 2030 targets of $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA, saying the Eucalyptus acquisition reinforced its confidence in those goals. Management did not update near-term financial guidance for the current fiscal year.
Hims & Hers acknowledged it cannot predict or estimate the financial impact of the Novo Nordisk partnership or the broader GLP-1 business transition on future revenue or EBITDA. The disclosure introduces a new layer of uncertainty around the weight-loss segment, which had been among the company's fastest-growing categories.
The Eucalyptus deal adds a customer base that had grown to more than 850,000 as of May 2026, broadening the company's geographic footprint beyond North America and Europe into the Asia-Pacific region. Combined with prior acquisitions, the international operations now span markets across four continents.
The convergence of the Novo Nordisk partnership, the compounded-GLP-1 pullback, and the Eucalyptus acquisition represents a simultaneous strategic reset on multiple fronts. Investors will be watching for early signals of how the weight-loss transition affects subscriber retention and whether the international expansion begins to meaningfully contribute to the top line.