GoodRx Targets Digital Subscription Growth Amid 14% Dip in Active Consumers

The prescription experience has started to resemble other parts of digital commerce: shoppers want clear pricing, fewer handoffs and a quicker path from decision to fulfillment.

That push toward self-service framed GoodRx’s fourth-quarter earnings discussion Thursday (Feb. 26), where executives described a platform seeking to match consumers’ growing expectation that healthcare, including prescription access, should be easier to navigate online. But near-term pressures, in terms of customer base and subscription metrics, helped send the stock sharply lower.

Digital Healthcare Moves Earlier in the Prescription Journey

CEO Wendy Barnes maintained during the Wednesday conference call with analysts that affordability is no longer a back-end question, settled only after a prescription is written. Instead, consumers are weighing cost and access upfront and are doing more of that work themselves.

“Affordability decisions are moving earlier in the journey, forcing patients to play a more active role in how medications are selected, paid for, and filled,” Barnes said.

Barnes tied that behavioral shift to an operating reality for GoodRx: growth increasingly depends on building tools that help consumers compare options and act without bouncing between disconnected manufacturer programs and pharmacy processes. She also pointed to GoodRx’s reach, noting it logs nearly 300 million site visits annually, scale the company believes can be converted into more direct, transaction-ready engagement.

Pharma Direct Becomes the Engine for Self-Pay and Direct-to-Consumer Pricing

A centerpiece of that strategy is Pharma Direct, the segment formerly called Pharma Manufacturer Solutions. Barnes said the company now has more than 100 brand self-pay programs live, and that many are integrated into TrumpRx to expand visibility and reach.

Barnes added that GoodRx is acting as an integration partner for manufacturers that want their discounted cash prices displayed on TrumpRx, with GoodRx hosting the self-pay prices and then integrating them into the federal platform. The company also emphasized that its pharmacy network and home-delivery capabilities, when available, allow those programs to scale.

She offered a concrete example of how that model is intended to work at scale, saying GoodRx believes it accounted for nearly 20% of Wegovy pill self-pay fills during a single week in January, based on Novo Nordisk earnings-call data paired with GoodRx internal data.

The financial results underscored Pharma Direct as a key path forward. Pharma Direct revenue rose 41% year over year in 2025 to $151.4 million, according to the Thursday release.

Rx Marketplace: More Retail Partners, More Orders, Different Economics

Beyond manufacturer programs, GoodRx highlighted changes in its Rx Marketplace. Management said the company tripled its retail footprint through an accelerated rollout of new partners during the quarter, ending the year with six of its top 10 retail pharmacies live on the platform. She described a clear inflection in adoption, with order volume up 83% quarter over quarter.

Subscriptions and Employer Direct: Targeting High-Intent Use Cases

On subscriptions, GoodRx emphasized condition-specific offerings aimed at categories where affordability and access are decisive barriers. Barnes cited erectile dysfunction, hair loss and weight loss as the focus area, and said early subscriber activations exceeded expectations.

Weight loss, in particular, was framed as a full-journey product: virtual consult, prescription and fulfillment, paired with discounted cash prices supported through direct manufacturer relationships.

Barnes also expanded on Employer Direct, positioned to work alongside employer health plans by pairing benefits with integrated cash pricing. She described two engagement models: employer contributions applied at the pharmacy counter to buy down out-of-pocket costs for specific brand medications, and employer-specific versions of GoodRx’s condition-specific telemedicine solutions.

Core Metrics and the Financial Picture

GoodRx’s traditional prescription-transactions business remains foundational, but the operating metrics showed strain. Monthly active consumers stood at 5.3 million by the end of 2025, down 14% from prior-year levels, according to commentary on the call; subscription plans ended the quarter at 674,000. For the fourth quarter, revenue was $194.8 million and adjusted EBITDA was $65 million.

Shares slipped 15% in early trading on Thursday.

CFO Chris McGinnis said prescription transactions revenue declined 6% year over year to $544 million, pointing to the Rite Aid bankruptcy and lower volume through an Integrated Savings Program partner as part of the impact.

For 2026, GoodRx guided to revenue of $750 million to $780 million and adjusted EBITDA of at least $230 million.

McGinnis said the outlook reflects deliberate trade-offs: investing more heavily in Pharma Direct and subscriptions while accepting near-term pressure in prescription-transaction economics.

“Our outlook reflects the decisions we are making to ensure the long-term durability of our business,” he said.