I can report after over three months on oral minoxidil, that the circles under my eyes vary depending upon the day, which makes me think that one might be more susceptible to sleep effects but that it isn't something that happens every day. Based upon the reported hair growth effects, I might recommended concealer to those worried about "under the eyes". Hair matters much more to appearance generally than some bagginess under the eyes in my estimation but I guess that depends on the person and the extent of the interference with the normal appearance under the eyes. This is an area that ages in general though. Lot's of things happen at once: hair loss, beard growth, dandruff, aging in general so it is perhaps presumptuous to blame minoxidil.