Big Pharma Runs Its Checkout Counter Through GoodRx

Out-of-pocket drug costs are rising for millions of Americans. Coverage gaps are widening. GoodRx is turning both trends into a business.

Pharma Direct, the unit that connects pharmaceutical manufacturers directly to consumers through point-of-sale pricing programs, grew 82% year over year in Q1. The platform now runs more than 125 self-pay programs. GoodRx handled approximately one third of all Wegovy pill transactions in the first two months after launch. Prescription transactions revenue fell 24% year over year.

How GoodRx Became a Drug Access Platform

The original GoodRx model was straightforward, allowing consumers to find lower prices on generic drugs at retail pharmacies. That model still runs. But the company has been building a second layer on top of it.

Pharma Direct enables manufacturers to set pricing directly and deliver it to consumers through GoodRx’s extensive retail pharmacy network. When a consumer fills a prescription through one of these programs, the manufacturer’s approved price shows up at the counter. No insurance is required, and no prior authorization is needed. GoodRx handles the infrastructure. The manufacturer owns the program.

“Since the start of the year, we have helped enable access to Ozempic pill, Wegovy HD, Wegovy pill, Zepbound and Zepbound KwikPen,” CEO Wendy Barnes said on the earnings call.

Wegovy pill launched with a cash strategy built around GoodRx from day one. Novo, which manufactures the medication, coordinated supply availability, prescriber education and marketing. GoodRx handled pricing infrastructure and pharmacy access. One third of all Wegovy pill transactions in the first two months post-launch ran through GoodRx.

Beyond GLP-1s, the company announced a collaboration with Viatris covering 17 brand medications and introduced discounts from Pfizer across more than 30 essential medications spanning women’s health, migraine, arthritis and rare disease. Those programs are available through a dedicated Pfizer-branded storefront on GoodRx.

Branded storefronts are becoming a new outreach surface within Pharma Direct. Rather than listing a single drug price, they let consumers explore a manufacturer’s full portfolio of savings in one place.

GoodRx is using artificial intelligence (AI) to shape how affordability is surfaced and discovered within those storefronts, developing new ways for manufacturers to engage patients based on their context and needs.

Growth and Pressures

Subscriptions grew 16% year over year. The number of subscription plans returned to year-over-year growth. GoodRx for Weight Loss is the primary driver, expanding to cover all FDA-approved GLP-1 therapies during the quarter. The Wegovy pill performed particularly well since launching at the start of the year.

The subscription model combines clinical care, transparent self-pay pricing and broad pharmacy access. Barnes said the retail network is a key differentiator. Unlike some competitors, GoodRx does not require consumers to use a specific home delivery provider. Instead, the consumer can choose between retail or home delivery. The company is extending the subscription model into the employer channel through GoodRx Employer Direct.

Prescription transactions revenue, the legacy core of the business, fell 24% year over year. Monthly active consumers were flat sequentially at 5.3 million. CFO Chris McGinnis said the company has direct contracts with nine of its top 10 retail pharmacies nationwide. ISP programs are performing consistent with expectations and volume looks relatively stable.

What Else Stood Out

TrumpRx is an emerging channel. GoodRx enables pricing for many of the brands available on the platform. Early data shows strong demand concentrated in GLP-1 therapies. Barnes said the volume appears incremental, reaching new consumers who had not previously used GoodRx.

Marketing spend was down year over year in Q1. McGinnis said early subscription momentum came largely from organic traffic to the platform. The company expects to increase marketing spend throughout the rest of the year, directing dollars toward condition-specific subscription offerings.

The Surescripts partnership announced roughly five months ago has not produced material results. Management said the two companies are still determining how best to deploy the offering.

GoodRx is watching macroeconomic trends closely. McGinnis cited rising uninsured rates, Medicaid eligibility changes and ACA subsidy shifts as factors that could affect the business through 2026 and beyond.

Top-Line Results and Outlook

Q1 2026 revenue was $194 million. Prescription transactions revenue was $113.7 million, down 24% year over year. Pharma Direct revenue was $52.2 million, up 82% year over year. Subscription revenue was $24.4 million, up 16% year over year.

For the full year, GoodRx now expects revenue of $765 million to $785 million and adjusted EBITDA of at least $235 million. Pharma Direct revenue is expected to grow more than 50% year over year. Subscription revenue is expected to build throughout the year as condition-specific programs continue to scale.