GoodRx (NASDAQ:GDRX) executives said the company ended 2025 with what it called “disciplined execution” across strategic priorities, while preparing investors for near-term pressure on revenue and profitability in 2026 as it pivots further toward pharmaceutical manufacturer partnerships and newer subscription offerings.
On the company’s fourth-quarter and full-year 2025 earnings call, CEO Wendy Barnes said affordability pressures, shifting policy dynamics, and rising consumer expectations for transparency and direct access are reshaping how prescriptions are priced and accessed. Barnes emphasized that while GoodRx’s prescription marketplace remains foundational, the company is increasingly orienting around its Pharma Manufacturer Solutions business—now rebranded as GoodRx Pharma Direct—as a key growth driver.
Pharma Direct growth and “digital storefront” strategy
As an example, Barnes highlighted Novo Nordisk’s launch of a Wegovy pill offering select doses for $149 per month. GoodRx said it offered that price “from day one” and, based on Novo Nordisk’s public commentary and internal data, believes GoodRx accounted for nearly 20% of all Wegovy pill self-pay fills during a single week in January.
The company said it now has more than 100 brand self-pay programs live, with many integrated into TrumpRx to broaden reach. Barnes also said GoodRx serves as an integrated pricing source for Pfizer and other manufacturers at TrumpRx launch, including “over 30” Pfizer essential brand medications across multiple therapeutic areas.
Chief Commercial Officer Laura Jensen, who joined GoodRx from Amazon Pharmacy in August 2025 and now serves as President of Pharma Direct, said GoodRx has about 200 manufacturer partnerships and roughly 100 point-of-sale cash programs. She noted that while GLP-1s are a meaningful concentration of volume from a dollar perspective, the company is seeing growth in other brands as well.
Rx Marketplace efforts and expanding retail footprint
On the core Rx Marketplace, Barnes said the fourth quarter showed “important progress” in stabilizing the prescription marketplace and deepening relationships with retail pharmacies, even as the broader retail pharmacy environment remains challenged.
She said GoodRx expanded its e-commerce ecosystem during the quarter, tripling its retail footprint through an accelerated rollout of new partners and exiting the year with six of its top 10 retail pharmacies live on the platform. Barnes said order volume rose 83% quarter-over-quarter.
The company also said it now has direct contracts with nine of its top 10 retail pharmacies nationwide, which management described as a foundation for attractive retail margins. Barnes said GoodRx also saw “strong RxSmartSaver momentum” and continued scaling Community Link with expanding direct contracting among independent pharmacies.
Condition-based subscriptions and Employer Direct
GoodRx said it is pursuing a condition-based subscription strategy in areas where affordability and access are primary barriers. Barnes cited erectile dysfunction, hair loss, and weight loss as 2025 focus areas and said early launch and subscriber activations exceeded expectations.
On weight loss, Barnes said most GLP-1 weight-management prescriptions are not covered by insurance, leaving consumers paying out of pocket. She described GoodRx for weight loss as combining virtual consultation, prescription, and fulfillment at “nearly every pharmacy nationwide,” using FDA-approved therapies alongside “transparent” discounted cash prices powered through direct manufacturer relationships.
Management also introduced Employer Direct, which Barnes said is designed to help employers address gaps in coverage by pairing existing benefits with integrated cash pricing. She outlined two engagement models:
- Medication-specific programs where employers contribute directly to the cost of individual brand drugs not covered (or inconsistently covered) under health plans, applied at the pharmacy counter; the company said it launched with its first employers at the start of the year with an initial GLP-1 focus.
- An employer-specific version of GoodRx’s condition-specific telemedicine solutions, including weight loss, erectile dysfunction, and hair loss.
Barnes said GoodRx’s brand recognition is supporting efficient customer acquisition and that the company plans to continue investing in brand and performance marketing where unit economics are strong.
Financial results and 2026 outlook
CFO Chris McGinnis reported fourth-quarter revenue of $194.8 million and adjusted EBITDA of $65 million. Full-year 2025 revenue was $796.9 million, up 1% year-over-year, while full-year adjusted EBITDA was $270.5 million, up 4%.
Breaking down 2025 revenue, McGinnis said:
- Prescription Transaction Revenue declined 6% to $544 million, with the Rite Aid bankruptcy and lower volume through an Integrated Savings Program partner totaling about $35 million to $40 million of impact for the year.
- Subscription revenue decreased 3% to $83.8 million, though management said condition-specific subscriptions—particularly weight loss—began late in 2025 and are expected to contribute more meaningfully in 2026.
- Pharma Direct revenue increased 41% to $151.4 million, driven by deeper manufacturer sell-through and growth in consumer direct pricing.
GoodRx ended 2025 with $261.8 million in cash and about $80 million of unused revolving credit capacity. McGinnis said the company repurchased about 48.9 million shares for $217.4 million at an average price of $4.45 per share.
For 2026, GoodRx guided revenue to $750 million to $780 million and adjusted EBITDA to at least $230 million. McGinnis said the outlook reflects trade-offs to invest more heavily in Pharma Direct and subscriptions, and “deliberate choices” favoring long-term durability and predictability that will negatively impact near-term unit economics. He added the company expects Pharma Direct revenue to grow at least 30% in 2026.
Management also discussed pressure in Prescription Transaction Revenue driven by lapping impacts (including non-recurring revenue tied to Rite Aid and other partner programs), a shift of certain high-cost brand claims from core operations to Pharma Direct, and renegotiation of lower fees across multiple ecosystem partners in exchange for longer-term predictability. McGinnis said Monthly Active Consumers fell 14% in 2025, but the company expects that metric to flatten sequentially from Q4 2025 through Q4 2026.
Barnes said 2026 will reflect a transition as the company works to improve the durability of its prescription transactions business while leaning into Pharma Direct and subscription growth, arguing the strategy aligns with a healthcare market becoming more consumer-driven and more focused on direct pricing and access.
About GoodRx (NASDAQ:GDRX)
GoodRx Holdings, Inc (NASDAQ: GDRX) operates a digital healthcare platform designed to help consumers compare prescription drug prices at retail pharmacies across the United States. Through its website and mobile applications, GoodRx aggregates pricing and discount information from a wide network of pharmacies, enabling users to access coupons and savings programs on both generic and brand-name medications. The platform also features price transparency tools that inform patients about cost variations and available discounts to alleviate the financial burden of prescription medications.
In addition to its core drug pricing service, GoodRx offers telehealth services under the GoodRx Care brand, providing virtual consultations for a range of non-emergency conditions and prescription needs.
