GoodRx Q2 Earnings Call Highlights

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GoodRx (NASDAQ:GDRX) reported second-quarter 2026 revenue of $200.4 million and adjusted EBITDA of $63.7 million, representing a 31.8% adjusted EBITDA margin, as growth in its Pharma Direct and subscription businesses offset pressure in prescription transaction revenue.

The company raised its full-year outlook, now expecting revenue of $790 million to $805 million and adjusted EBITDA of $240 million to $250 million. Chief Financial Officer Justin Fengler said the midpoint of the revenue range would bring a return to year-over-year revenue growth earlier than the company had previously anticipated.

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“The second quarter was a strong quarter for GoodRx,” Chief Executive Officer Wendy Barnes said, citing revenue above expectations, disciplined profitability and consumer engagement across the platform.

Pharma Direct Drives Growth

Pharma Direct revenue rose 76% year-over-year and 18% sequentially to $61.6 million. The business includes consumer-direct pricing and advertising solutions for pharmaceutical manufacturers.

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Barnes said GoodRx now offers more than 135 consumer-direct pricing programs, including programs for JARDIANCE, Nurtec ODT, Otezla and Rapaflo. The company continued to support GLP-1 medication launches and expansions during the quarter, including Ozempic pill, Wegovy HD, Foundayo and Zepbound KwikPen.

GLP-1 medications remain an important contributor to Pharma Direct, management said, but executives emphasized that non-GLP-1 manufacturer partnerships also grew substantially year-over-year. Barnes said the company has been pursuing deeper partnerships with a more focused group of large pharmaceutical manufacturers and has seen its average deal size increase.

Fengler said the company now expects Pharma Direct revenue to grow more than 70% for the full year, an increase from its prior expectation of 50% to 70% growth. He added that the company has substantial visibility into its full-year Pharma Direct revenue because many bookings occur near the start of the year.

Management said it does not expect significant incremental costs to scale the Pharma Direct business, pointing to existing sales and operational infrastructure. Pharma Direct accounted for 31% of total quarterly revenue, Fengler said.

Subscriptions Expand With Companion Launch

Subscription revenue increased 39% year-over-year to $28.5 million, while the number of subscription plans rose 14%. Growth was led by the company’s condition-specific offerings, particularly GoodRx for Weight Loss, as well as the May launch of GoodRx Companion.

GoodRx Companion costs $14.99 per month, or $9.99 per month under an annual plan. The offering includes 200 free generic medications, hundreds of additional medications priced below $10, online care visits and savings on dental, vision, laboratory and imaging services.

Barnes said GoodRx Gold will remain available, but Companion has become the company’s primary subscription offering because of its broader pharmacy network, expanded benefits and lower prices. The company is increasingly making subscriptions the primary call to action across its website, including its homepage and drug-price pages.

Fengler said GoodRx is still building acquisition funnels and retention programs for Companion, which launched during the quarter. The company is focused on establishing a foundation for longer-term subscription growth rather than maximizing subscription revenue in 2026, he said.

Management did not provide churn or retention figures for its condition-specific offerings or Companion. However, Fengler said subscription revenue has been growing faster than subscription plans, which the company views positively from an average-revenue-per-user perspective.

Prescription Transactions Moderate as Strategy Shifts

Prescription transactions revenue was $106.4 million, in line with prior guidance. Monthly active consumers totaled 5 million, down 12% from a year earlier and down sequentially.

Fengler attributed the decline to normal seasonality in the company’s integrated savings program and GoodRx’s deliberate shift of product and marketing investments toward subscriptions. As more customers transition to subscription products, some transactions that historically would have been recorded as prescription transaction revenue will instead generate subscription revenue, management said.

Executives acknowledged that the company is evaluating whether to provide investors with different key performance indicators as its revenue mix evolves. Fengler said monthly active consumers relates only to prescription transaction revenue and is not a complete measure of business performance.

GoodRx reported more than 280 million annual site visits across its platform. Barnes said pharmaceutical companies value the company’s high-intent audience, particularly consumers who arrive with prescriptions and seek lower-cost options.

The company’s e-commerce capability is now live at nearly 6,000 pharmacies nationwide. GoodRx also became a launch partner for generics on Trump Rx in May.

Employer Pipeline and Leadership Change

GoodRx said it is developing an Employer Direct pipeline, with partners expected to begin launching in the fourth quarter and first quarter. The initial focus is GLP-1 access, combining manufacturer pricing through Pharma Direct with GoodRx for Weight Loss. The company also plans to offer employers the ability to subsidize GoodRx Companion memberships for employees.

Barnes said Employer Direct is intended to complement existing insurance benefits, particularly where employers have reduced or eliminated GLP-1 coverage. She said the company has not seen explicit resistance from pharmacy benefit managers to the initiative.

The company also announced that Chris McGinnis transitioned from the chief financial officer role. Fengler, who had served as chief strategy and operations officer and has been with GoodRx for more than a decade, assumed the CFO position in addition to his existing role.

On capital allocation, Fengler said GoodRx did not repurchase shares during the quarter and that its top priority remains investing in growth initiatives, particularly Pharma Direct and subscriptions. The company may also evaluate merger-and-acquisition opportunities opportunistically, he said.

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.

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