GoodRx

Overview

GoodRx Holdings (NASDAQ: GDRX) operates the largest U.S. digital platform for prescription price comparison, serving approximately 30 million annual users across 70,000+ pharmacy locations. Founded in 2011 and headquartered in Santa Monica, the company went public in September 2020 at $33/share, reaching a peak market cap of ~$13B before a prolonged decline that has left it trading at $2.05/share ($702M market cap) as of April 2026 — down ~94% from its all-time high.

The company is in the midst of a strategic pivot. Its legacy prescription discount card business — still 68% of revenue — is in secular decline, losing 20% of its monthly active consumers (MACs) in 2025 alone (from 6.6M to 5.3M) due to Rite Aid’s bankruptcy, retail pharmacy closures, and volume reductions in integrated savings programs. Meanwhile, its Pharma Direct segment (formerly Pharma Manufacturer Solutions) surged 41% in 2025 to $151.4M and is now management’s declared growth engine, guided to grow at least 30% in 2026.

GoodRx’s business model is asset-light with ~93% gross margins. The company achieved GAAP profitability in 2025 ($30.4M net income) and generated $168M in annual operating cash flow, but guided 2026 revenue to $750-780M — an outright decline of 2-6% — significantly missing analyst expectations of ~$815M and sending the stock to all-time lows.

Services & Capabilities

Prescription Marketplace (Core)

• Price comparison engine across 70,000+ U.S. pharmacies with real-time pricing
• Digital discount coupons delivering up to 80% savings on generic and brand medications
• GoodRx Gold subscription ($9.99/month individual, $19.99/month family) for deeper discounts
• Condition-specific subscriptions: weight loss program (launched June 2025), erectile dysfunction program (launched mid-2025)

Pharma Direct (Growth Engine)

• Rebranded from “Pharma Manufacturer Solutions” to signal the DTC pivot
• 80+ brand cash-pay programs launched on the platform
• Integrated manufacturer pricing into consumer search results (41% average redemption rate)
• Enables pharma brands to promote copay cards, cash-pay programs, and patient access directly to high-intent consumers
• Pharma partners include Novo Nordisk (Ozempic/Wegovy at $499/mo), Eli Lilly (Zepbound at $449), Amgen (Repatha at ~60% off retail), Viatris (17 brands at $0-$4), and Pfizer (30+ brands via TrumpRx)

Employer Direct (New — Feb 2026)

• B2B offering for self-insured employers to subsidize manufacturer-negotiated cash prices
• Real-time employer contributions applied at pharmacy counter
• Launch partners include Hy-Vee; starting with GLP-1 medications
• Designed to complement rather than replace traditional health plans

Telehealth & Other

• GoodRx Care telehealth services
• GoodRx for Pets (launched January 2025) for pet medication savings and home delivery
• GoodRx Community Link: cost-plus pricing program for independent pharmacies based on NADAC
• ScriptDrop pharmacy delivery technology (acquired) for same-day/next-day medication delivery

Competitive Position

vs. SingleCare

SingleCare, founded in 2014 by Rick Bates, is GoodRx’s closest direct competitor in the prescription discount card space. SingleCare is privately held and independently operated (not owned by Cigna — GoodRx itself acquired RxSaver from Vericast/Perelman for $50M in 2021). SingleCare partners with major pharmacy chains including Walgreens, Walmart, CVS, and Kroger, covering over half of U.S. pharmacy outlets. SingleCare differentiates by working directly with retail pharmacies, minimizing intermediaries to deliver lower consumer prices. It has invested heavily in television advertising (Martin Sheen campaigns) to build brand awareness, though GoodRx’s consumer mindshare and 30M annual users still significantly exceed SingleCare’s reach.

vs. Amazon Pharmacy / RxPass

Amazon Pharmacy represents a fundamentally different model: a full-service online pharmacy with direct dispensing, insurance integration, and Prime-linked convenience. RxPass offers unlimited eligible generics for $5/month to Prime members, now available in 48 states. Amazon is expanding same-day delivery to ~4,500 U.S. cities by end of 2026. However, Amazon addresses a different population (insured Prime members wanting convenience) while GoodRx primarily serves uninsured, underinsured, or high-deductible consumers seeking price transparency across local pharmacies. RxPass is restricted to a narrow generic formulary and cannot match GoodRx’s breadth of 70,000+ locations. The structural threat is longer-term: if Amazon negotiates aggressively on branded drugs or leverages its Blue Shield of California/Eli Lilly partnerships to build a broader cash-pay offering, GoodRx’s model becomes more vulnerable.

vs. Mark Cuban Cost Plus Drugs

Cost Plus operates as a mail-order pharmacy with transparent pricing (manufacturer cost + 15% markup + $3-$5 dispensing fee). A JMIR Dermatology study found Cost Plus was significantly cheaper than GoodRx for dermatology medications ($17 avg. vs. $31.21 avg., p<.001), with Cost Plus delivering 81% savings vs. GoodRx’s 70% off retail. The competitive dynamic is segmented: Cost Plus wins on price and transparency for its ~2,000 generic medications but requires mail-order with 7-14 day delivery and carries no brand drugs. GoodRx wins on breadth (generics and brands), convenience (70,000+ locations, same-day pickup), and its expanding manufacturer partnership ecosystem. They overlap primarily on generic maintenance medications for price-sensitive consumers.

vs. Manufacturer Copay Cards / Hub Programs

GoodRx increasingly complements rather than substitutes for manufacturer programs. 65% of patients report discovering manufacturer savings programs through GoodRx. With 80+ brand cash-pay programs on its platform, GoodRx serves as a distribution layer for manufacturer DTC pricing — a fundamental shift from competing with copay cards to powering them. One diabetes brand saw a 12x lift in cash claims and a 46% reduction in reversal rates after launching on GoodRx.

Recent Developments

2026

• Apr 2026: Eli Lilly Zepbound KwikPen at $449 via Employer Direct; GoodRx named as Lilly Employer Connect independent program administrator
• Feb 2026: Launched GoodRx Employer Direct for self-insured employers (launch partner: Hy-Vee)
• Feb 2026: Pfizer partnership via TrumpRx — GoodRx powers pricing for 30+ Pfizer brand medications with discounts averaging 50%, up to 85%
• Feb 2026: Reported FY 2025 results; guided 2026 revenue to $750-780M (below consensus ~$815M); stock hit all-time low of $1.87
• Mar 2026: Viatris partnership — 17 brand medications at $0-$4 for commercially insured patients
• Mar 2026: Board Director Ian T. Clark resigned (no stated disagreements); Chief Accounting Officer Romin Nabiey also resigned effective April 2026

2025

• Aug 2025: Novo Nordisk collaboration — Ozempic and Wegovy pens at $499/month for self-pay patients (first time at this price point)
• Mid-2025: Launched condition-specific subscriptions (weight loss, erectile dysfunction)
• Jul 2025: Laura Jensen appointed President, Pharma Solutions
• Feb 2025: Christopher McGinnis appointed CFO
• Jan 2025: Wendy Barnes assumed President & CEO (succeeding co-founder Scott Marlette)
• Jan 2025: GoodRx for Pets launched
• Oct 2025: Acquired ScriptDrop pharmacy delivery technology platform

2024

• Jul 2024: Kroger Savings Club sunset
• Dec 2024: $25M class action settlement over health data sharing practices (tracking technology lawsuit)
• FY 2024: Revenue of $792.3M (+6% YoY), Adj. EBITDA $260.2M (32.8% margin)

2023

• Feb 2023: FTC enforcement action — $1.5M civil penalty for violating Health Breach Notification Rule (sharing health data with Meta, Google, Criteo). Ongoing consent order restricts health data sharing for advertising.

Client & Partner Ecosystem

Pharma Manufacturer Partners

• Novo Nordisk: Ozempic, Wegovy cash pricing at $499/month
• Eli Lilly: Zepbound KwikPen at $449 via Employer Direct
• Amgen: Repatha at ~60% off retail
• Viatris: 17 brand medications at $0-$4
• Pfizer: 30+ brand medications via TrumpRx platform
• Boehringer Ingelheim: Hadlima (Humira biosimilar)
• Sanofi: Lantus at $35

Employer Partners

• Hy-Vee (Employer Direct launch partner)
• Self-insured employers seeking GLP-1 cost management

PBM & Pharmacy Relationships

• Pharmacy network spanning 70,000+ U.S. locations
• PBM relationships enabling negotiated pricing (though PBM reform may restructure these)
• GoodRx Community Link program for independent pharmacies using NADAC-based pricing

Industry Partnerships

• Asembia (specialty patient support)
• TrumpRx (government-backed drug discount platform — GoodRx powers pricing)

Technology Platform

Consumer-Facing

• GoodRx mobile app and website: real-time prescription price comparison across 70,000+ pharmacies
• Digital coupon distribution integrated at pharmacy point of sale
• Telehealth platform (GoodRx Care)
• Pet medication savings and delivery platform

Subscription Products

• GoodRx Gold: tiered family/individual plans for deeper prescription discounts
• Condition-specific subscriptions (weight loss, ED) launched mid-2025
• 674K total subscription plans as of year-end 2025

Pharma Direct Platform

• Manufacturer self-service tools for DTC cash-pay program distribution
• Integration of brand cash-pay pricing directly into consumer search results
• 41% average redemption rate on manufacturer programs
• Employer Direct B2B module for real-time pharmacy counter subsidy application

Infrastructure

• ScriptDrop acquisition provides pharmacy delivery technology integrating with major pharmacy management systems
• Asset-light platform model (~93% gross margins)

Financial Profile

Revenue (FY 2023-2026E)

Metric	FY 2023	FY 2024	FY 2025	FY 2026E
Total Revenue	$750.3M	$792.3M	$796.9M	$750-780M
YoY Growth	—	+6%	+1%	(2%)-(6%)
Adj. EBITDA	$216.8M	$260.2M	$270.5M	>$230M
Adj. EBITDA Margin	~29%	32.8%	33.9%	~30%
Net Income	($8.9M)	$16.4M	$30.4M	—

Revenue by Segment (FY 2025)

Segment	FY 2024	FY 2025	YoY Change
Prescription Transactions	$577.5M	$544.0M	-6%
Subscription	$86.5M	$83.8M	-3%
Pharma Direct	$107.2M	$151.4M	+41%
Other	$21.0M	$17.7M	-16%

Balance Sheet & Capital Allocation

• Cash: $261.8M (year-end 2025), down from $448.3M (year-end 2024)
• Total debt: $495M
• Market cap: ~$702M (April 2026) — trading below 1x revenue
• Share repurchases: 48.9M shares for $217.4M under $450M buyback program
• Operating cash flow: ~$168M annually
• Gross margin: ~93% (asset-light platform)

Stock Performance

Date	Price / Market Cap	Event
Sep 2020 (IPO)	$33/share; ~$12.7B	IPO
Oct 2020 (ATH)	$57.16/share	Post-IPO peak
Dec 2022	~$1.85B	Amazon Pharmacy/PBM concerns
Feb 27, 2026	$1.87 (all-time low)	Post-Q4 2025 earnings crash
Apr 7, 2026	~$2.05; ~$702M	Current; down ~61% YoY

Analyst consensus is “Hold” with price targets ranging $2.82-$3.89. Wells Fargo cut target from $7 to $3.50 (March 2026) citing structural headwinds but acknowledging Pharma Direct growth. Raymond James and Leerink Partners both set $3.00 targets.

Sources

• Nasdaq press release — FY 2025 results
• TradingView — FY 2024 results
• Drug Channels — Pharma’s DTC Future Runs Through GoodRx
• StockStory — Q4 CY2025 earnings analysis
• Stock Analysis — GDRX market cap
• Intellectia — TrumpRx partnership
• BusinessWire — Employer Direct launch
• JMIR Dermatology — Cost Plus vs. GoodRx study
• HIPAA Journal — $25M settlement
• Wikipedia, GoodRx About
• Internal research: raw/research/goodrx_competitive_analysis.md, raw/research/pharma_vendor_database.json