GoodRx NASDAQ: GDRX reported first-quarter 2026 results that management said showed “continued momentum across our strategic growth priorities,” driven by growth in its Pharma Direct business and condition-specific subscriptions, while its core prescription transactions business continued to face year-over-year pressure.
Quarterly results and raised outlook
Chief Financial Officer Chris McGinnis said the company delivered revenue of $194 million and Adjusted EBITDA of $58.3 million, representing an Adjusted EBITDA margin of 30%.
By revenue category, McGinnis said prescription transactions revenue was $113.7 million, down 24% year-over-year, which he attributed to “the continued lapping impacts from 2025 as well as the unit economics pressure we previously discussed.” Monthly active consumers were 5.3 million, flat sequentially, which management cited as a sign that volume trends had stabilized.
Pharma Direct revenue grew to $52.2 million, up 82% year-over-year, driven by manufacturer partnerships and the expansion of self-pay pricing programs, including the launch of the Wegovy pill, McGinnis said. Subscription revenue increased 16% year-over-year to $24.4 million, supported by adoption of condition-specific offerings.
For full-year 2026, McGinnis said GoodRx raised guidance and now expects:
- Revenue of $765 million to $785 million
- Adjusted EBITDA of at least $235 million
He said the higher outlook was “driven primarily by stronger than expected performance in Pharma Direct,” even as the company expects “continued pressure on prescription transactions revenue in 2026.” GoodRx now expects Pharma Direct revenue to grow more than 50% year-over-year, with subscription revenue expected to build through the year as condition-specific programs scale.
Pharma Direct growth and manufacturer programs
Chief Executive Officer Wendy Barnes said Pharma Direct continues to be a key growth engine. She reported Pharma Direct grew 82% year-over-year in Q1 and said GoodRx now has “more than 125 self-pay programs live.” Barnes highlighted demand tied to GLP-1 therapies, noting GoodRx helped enable access to Ozempic pill, Wegovy HD, Wegovy pill, Zepbound, and Zepbound KwikPen since the start of the year.
Barnes cited third-party data indicating GoodRx accounted for “approximately one-third of all Wegovy pill transactions in the first two months post-launch.” She said the launch underscored the impact of “a cash strategy or point-of-sale buydown” approach, including coordination around timing, marketing and supply availability.
Beyond GLP-1s, Barnes described expansion across therapeutic areas and program types, including a collaboration with Viatris to support savings availability for 17 established brand medications and “significant discounts from Pfizer on more than 30 of its essential medications,” made available through a Pfizer-branded storefront on GoodRx and on TrumpRx as part of the integration referenced on the call.
Barnes said the company is developing new ways for manufacturers to engage patients, pointing to branded storefronts as a “simple, trusted entry point” where consumers can explore a manufacturer’s savings portfolio in one place. She also said GoodRx is seeing “encouraging traction” from TrumpRx, with early demand concentrated in GLP-1 therapies and volume that appears incremental rather than shifting existing demand.
In response to a question about economics, Barnes said GoodRx does not have a contractual relationship with TrumpRx and that activity reflects GoodRx’s direct deals with manufacturers. “There is no distinction in the economic model to us,” she said, describing it as the same point-of-sale deal flow as if consumers came through GoodRx directly.
Rx Marketplace trends and direct contracting
On Rx Marketplace, Barnes said Q1 delivered steady prescription transaction performance “in line with internal expectations.” She reiterated that monthly active consumers were flat quarter-over-quarter, and said that after the company’s e-commerce retail network expansion late last year, Q1 showed scalability with order volume and total claims “more than doubling quarter-over-quarter.”
Barnes also said the company continues to advance direct retailer agreements and pricing capabilities. She noted GoodRx has direct contracts in place with nine of its top 10 retail pharmacies nationwide and highlighted partnerships intended to enable Pharma Direct net pricing claims to be delivered at the pharmacy counter.
During Q&A, McGinnis said GoodRx has modeled “some continued erosion” in monthly active consumers, but “much more flatlined relative to last year’s trajectory,” adding that he expects the metric to remain “a little bit under pressure” and that the company is taking a conservative approach for the rest of the year.
Barnes said the company works with all top retail players and is “somewhat indifferent” to where consumers choose to fill prescriptions, while acknowledging economics can vary by partner. She also referenced efforts to strike fair direct deals so that shifts in consumer volume would not create an outsized impact similar to what the company experienced with Rite Aid previously.
Subscription momentum and GoodRx for Weight Loss
Barnes said subscriptions are a key growth priority, and in Q1 the number of subscription plans returned to year-over-year growth. She said GoodRx for Weight Loss is the primary driver, and noted the platform has expanded to support all available FDA-approved GLP-1 therapies, with Wegovy pill performing particularly well since launch.
In discussing differentiation in the competitive market, Barnes pointed to GoodRx’s brand recognition with consumers, “high NPS and brand recognition with prescribers,” and connectivity to a broad retail pharmacy network. She said GoodRx does not require consumers to use a specific home delivery provider, emphasizing consumer choice between home delivery and retail fulfillment.
McGinnis added that subscription momentum has been achieved without a significant increase in marketing spend. He said marketing spend was down slightly year-over-year in Q1, reflecting organic traffic to the platform, but he expects the company to spend more on marketing through the rest of the year, particularly toward condition-specific offerings. Later, he said GoodRx has pivoted marketing budgets in 2026 to focus more heavily on condition-specific subscription advertising, compared with prior brand-general spend.
McGinnis also clarified subscription revenue recognition, confirming that the $39 monthly fee for unlimited online care is booked to subscription revenue. He said revenue associated with point-of-sale buydown programs is reflected in Pharma Direct, and that GoodRx does not gross up drug revenue and “only deal[s] with the FDA-approved” branded drugs, adding, “We don’t do any compounding.”
Additional updates: employer channel, ISP comps, and Surescripts
Barnes also described extending Pharma Direct into the employer channel through GoodRx Employer Direct, allowing self-insured employers to offer manufacturer-sponsored pricing and layer employer subsidies on top of manufacturer pricing. She cited work with Eli Lilly on Zepbound KwikPen, which enables employers to subsidize Lilly’s $449 price across all doses. Barnes said employers can also offer a customized version of GoodRx for Weight Loss that integrates clinical care and pricing into a streamlined experience.
On the Integrated Savings Program, McGinnis said there has been no volume reduction in 2026. He said prior references related to 2025 volume that did not recur this year and that ISP programs are performing consistent with expectations so far in 2026, with volume “relatively stable.”
Asked about the previously announced Surescripts partnership, Barnes said there was “nothing material at this point,” and McGinnis said there was nothing material built into guidance related to it.
McGinnis also told analysts the company did not see a weather-related impact in the quarter, while Barnes noted GoodRx tracks volume by geography and that storm-related dips typically recover in subsequent weeks.
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.
Further Reading
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