• Kayak for prescription drug prices
• Honey for pharmacy discounts

• Prescription Savings Platform: GoodRx provides free access to discount coupons and real-time price comparisons for prescription medications across various pharmacies.
• Telehealth Services (GoodRx Care): This service offers online consultations with licensed healthcare providers for common conditions, often including prescription fulfillment.
• Subscription Savings Programs: GoodRx offers premium memberships, such as GoodRx Gold, that provide deeper prescription discounts and additional health benefits for a monthly fee.
• Other Healthcare Services Marketplace: The platform helps users find and compare prices for medical procedures, lab tests, and other healthcare services.

GoodRx (GDRX) primarily serves individuals by providing tools and services to help them afford and access prescription medications and healthcare services. While GoodRx generates revenue through fees paid by Pharmacy Benefit Managers (PBMs) when its coupons are used, the ultimate beneficiaries and drivers of its business are individual consumers seeking lower healthcare costs.

Based on this, here are up to three categories of individual customers that GoodRx serves:

• Uninsured or Underinsured Individuals: This category includes people without health insurance, those on high-deductible plans who haven't met their deductible, or individuals whose insurance plans do not cover specific medications. GoodRx provides a crucial lifeline for these customers to access necessary prescriptions at a significantly reduced cost.
• Insured Individuals Seeking Optimal Pricing: Even with health insurance, many people find that GoodRx's discounted prices for certain generic or even brand-name drugs are lower than their insurance co-pay or out-of-pocket costs. These customers actively compare prices to ensure they are getting the best deal on their prescriptions, optimizing their healthcare spending.
• Individuals Utilizing Telehealth Services (GoodRx Care): GoodRx also serves individuals seeking convenient and affordable access to telehealth consultations for common medical conditions, often including the prescription of necessary medications. These customers value the ease of online appointments and the ability to receive care without an in-person doctor's visit.

• CVS Health (CVS) - Parent company of CVS Caremark
• The Cigna Group (CI) - Parent company of Express Scripts
• UnitedHealth Group (UNH) - Parent company of OptumRx

Wendy Barnes, President and Chief Executive Officer

Wendy Barnes was appointed President and Chief Executive Officer of GoodRx, effective January 1, 2025. She brings over 30 years of leadership experience in the pharmacy and medical benefit industry. Prior to joining GoodRx, Ms. Barnes served as CEO of RxBenefits from 2022 to 2024, an optimizer that consults with self-insured employers on pharmacy benefits. She was also the President of Express Scripts Pharmacy, overseeing operations for 100 million beneficiaries. Her career also includes roles at Rite Aid, Premier Inc., and a 10-year tenure as a Medical Service Corps Officer in the U.S. Air Force.

Chris McGinnis, Chief Financial Officer

Chris McGinnis was appointed Chief Financial Officer of GoodRx, effective February 4, 2025, and has over 30 years of financial leadership experience in the healthcare industry. Before GoodRx, he was CEO at CitizensRx, a pharmacy benefits manager, from 2021 to 2024. From 2017 to 2021, he served as Chief Financial Officer and Executive Vice President of Operations at Lumeris / Essence Healthcare, a Medicare Advantage plan and value-based healthcare operator. He also held various executive roles, including Chief Accounting Officer, at Express Scripts from 2008 to 2017.

Trevor Bezdek, Co-Founder and Chairman

Trevor Bezdek co-founded GoodRx in 2011 and has served as a member of its board of directors since its founding. He was appointed Chairman of the Board in April 2023, having previously served as Co-Chief Executive Officer from 2015 to 2023. Before GoodRx, Mr. Bezdek was a Managing Partner at Tryarc, LLC, an information technology consulting firm, from 2001 to 2007. He also co-founded Biowire, a bioinformatics software provider.

Douglas Hirsch, Co-Founder and Board Member

Douglas Hirsch is a co-founder of GoodRx, established in 2011, and has been a board member since its inception. He served as the Chief Executive Officer of GoodRx from September 2011 to April 2023, and then as Chief Mission Officer until October 2024. Before co-founding GoodRx, Mr. Hirsch founded and was CEO of DailyStrength, Inc., a provider of healthcare-focused online support groups, from 2005 to 2008, which was acquired by HSW International in 2008. He also held senior roles at Facebook, Inc., including Vice President of Product, and was an early employee at Yahoo! Inc., where he managed communities like GeoCities and Yahoo! Groups.

Romin Nabiey, Chief Accounting Officer

Romin Nabiey has served as GoodRx's Chief Accounting Officer since April 2022, having joined the company in 2017. Prior to his current role, he was the Senior Vice President, Corporate Controller. Mr. Nabiey's previous experience includes management-level accounting and finance positions at Doctor Evidence, LLC and NantWorks, LLC, the latter being described as a pharmaceutical technology company and a private equity firm in the life science industry. He also worked as an auditor at Ernst & Young.

Key Risks to GoodRx (GDRX)

1. Regulatory Scrutiny and Evolving Healthcare Policies: GoodRx has faced significant regulatory challenges, including an enforcement action by the Federal Trade Commission (FTC) resulting in a $1.5 million fine for sharing sensitive health information with advertisers without user consent. This action, a first of its kind under the Health Breach Notification Rule, prohibits GoodRx from further sharing user health data for advertising purposes and mandates deletion of previously shared data. The company is also subject to ongoing scrutiny regarding data privacy and consumer protection laws. Furthermore, potential changes in healthcare laws and regulations, such as government-sponsored platforms or initiatives to increase transparency in prescription drug pricing, could directly disrupt GoodRx's business model and its ability to offer competitive pricing. GoodRx has also been named in lawsuits alleging anticompetitive practices and price fixing with pharmacy benefit managers (PBMs).
2. Intense Competition and Dependence on Pharmacy Benefit Managers (PBMs): The market for prescription discounts and digital health services is highly competitive, with numerous existing and emerging players like SingleCare, Optum Perks, Amazon Pharmacy, and various retail pharmacy discount programs challenging GoodRx's market share. GoodRx's revenue model is significantly reliant on pharmacy benefit managers (PBMs) and pharmacies, which manage formularies, negotiate drug prices, and pay GoodRx commissions. PBMs wield substantial influence, processing a large majority of prescription claims, which can create indirect competitive pressure. This dependence exposes GoodRx to vulnerabilities if relationships with key industry participants change or if PBMs and pharmacies implement efficiency programs that reduce third-party costs, thereby impacting GoodRx's revenues.
3. Slower Revenue Growth and Operational Challenges: GoodRx has experienced slower revenue growth, with projections trailing the broader US market. Challenges in the US pharmaceutical market, such as pharmacy chains reducing third-party costs and potential shifts in pharmacy pricing models, could further dampen GoodRx's revenues. The company has also faced a decline in monthly active consumers and revenue impacts from changes in partnerships, including the end of a subscription partnership with Kroger and the bankruptcy of Rite Aid. These operational headwinds and strategic uncertainties regarding the company's future direction contribute to a cautious outlook and can affect investor perception.

Clear Emerging Threats for GoodRx (GDRX):

• Amazon Pharmacy: Amazon's entry and expansion into the online pharmacy space, offering prescription delivery and discount programs (such as RxPass), represents a significant threat. Amazon leverages its vast customer base, logistical capabilities, and brand trust to provide convenience and competitive pricing, potentially siphoning away GoodRx users who value a one-stop-shop for health needs and discounts.
• Mark Cuban Cost Plus Drug Company: This company directly challenges the traditional prescription drug pricing model by offering transparent, near-wholesale prices with a fixed markup. By bypassing Pharmacy Benefit Managers (PBMs) and traditional supply chains, Cost Plus Drugs aims to provide significantly lower baseline prices, potentially diminishing the value proposition of finding discounts within the existing system, which is GoodRx's core business.

GoodRx (GDRX) operates in several key addressable markets within the U.S. healthcare sector:

• Prescription Discount Card Market (U.S.): The drug discount card market in North America is projected to be valued at approximately $1,956.2 million (USD 1,956.2 Mn) in 2025. This market is expected to grow to $3,374.4 million by 2032, exhibiting a compound annual growth rate (CAGR) of 8.1% from 2025 to 2032. GoodRx holds a significant position in this market, accounting for 46% of discount card claims in 2021. The growth in this market is primarily driven by the high cost of prescription drugs and a substantial population of uninsured and underinsured individuals in the U.S.
• Telehealth Market (U.S.): The U.S. telehealth market is estimated to reach nearly $150 billion in value by 2030, with a projected compound annual growth rate (CAGR) of 23.8% through 2030. McKinsey estimates that up to $250 billion of U.S. healthcare spending could potentially shift to virtual platforms. GoodRx entered this market by launching its telemedicine marketplace in March 2020.
• Pharmaceutical Manufacturer Solutions Market (U.S.): While a specific overall market size for pharmaceutical manufacturer solutions was not provided, GoodRx's revenue in this segment demonstrates its addressable market. GoodRx's pharmaceutical manufacturer solutions revenue increased by 26% to $107.2 million in 2024. This segment is projected to achieve approximately 35% revenue growth in 2025, driven by expanding market penetration with pharma manufacturers and growth in point-of-sale discount programs.

Here are 3-5 expected drivers of future revenue growth for GoodRx (GDRX) over the next 2-3 years:

1. Growth in Pharma Manufacturer Solutions: GoodRx anticipates continued significant growth in its Pharma Manufacturer Solutions segment. This segment experienced 54% year-over-year revenue growth in Q3 2025 and is projected to grow approximately 35% for the full year 2025. This growth is driven by new pharmaceutical partnerships, expansion of brand affordability programs, and an increased focus on direct-to-consumer pricing initiatives.
2. Expansion of Integrated Savings Programs and Retail Pharmacy Partnerships: GoodRx is concentrating on strengthening its relationships with retail pharmacies and accelerating its hybrid model, which combines retailer direct and Pharmacy Benefit Manager (PBM) contracting. The company expects its Integrated Savings Programs (ISP) to contribute to incremental revenue, particularly during patients' deductible phases.
3. Launch and Growth of New Condition-Specific Subscription Products: GoodRx has been launching new condition-specific subscription services to diversify its revenue streams and leverage its large audience. Examples include new subscription products for erectile dysfunction (launched in June 2025) and hair loss (launched in October 2025), which are expected to generate more stable revenue.
4. Organic Growth in Prescription Transactions and Monthly Active Consumers: Despite recent headwinds such as Rite Aid store closures, GoodRx aims for organic growth in its Monthly Active Consumers (MACs) and prescription transaction revenue. The company plans to achieve this through improving unit economics, favorable changes in sales mix, and expanding its integrated savings programs to help more patients beat co-pays.
5. Enhanced Direct-to-Consumer Initiatives and Brand Awareness: GoodRx is investing in direct-to-consumer strategies and brand building to drive engagement and usage. This includes forming partnerships, such as the collaboration with Novo Nordisk to offer Ozempic and Wegovy at a reduced price, and launching marketing campaigns like the "Savings Wrangler" to boost brand visibility and search volumes.

Share Repurchases

• In February 2022, GoodRx authorized a share repurchase program for up to $250 million of its Class A Common Stock, which was effective immediately and expired on February 23, 2024.
• In February 2024, the board approved a new stock repurchase program, authorizing the repurchase of up to $450 million of Class A common stock with no expiration date.
• During Q4 2023, the company repurchased $77.8 million in Class A common stock. In Q1 2025, approximately $84.9 million was used for repurchases (including from related parties), followed by $46.4 million in Q2 2025 and $61.6 million in Q3 2025. As of September 30, 2025, $81.4 million remained available under the $450 million program.

Outbound Investments

• GoodRx acquired VitaCare Prescription Services in March 2022 for $150 million.
• The company has made a total of 4 acquisitions, with activity peaking in 2021 (2 acquisitions) and 2022 (1 acquisition).
• GoodRx prioritizes M&A that aligns with its strategic goals as part of its capital allocation strategy.

Capital Expenditures

• GoodRx reported capital expenditures of approximately $55.77 million in 2023 and $70.35 million in 2024.
• The company's capital allocation priorities include investing for profitable growth.
• The primary focus of capital expenditures is on platform, product, user experience, brand, and e-commerce innovation to fuel growth.