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Medical technology and health companies · United States

GoodRx

goodrx.com ↗

GoodRx runs a prescription discount and price-comparison platform for US pharmacies.

Losing its protection
Assessed 22 July 2026 · Evidence as of 22 July 2026
The structural protection is eroding.
On the recordSince 22 July 2026 · Checkable from early August 2026 · Every call on the record Checkpoint: Q2 2026 earnings report
The call

GoodRx still turns a profit, but its coupon business is shrinking fast while Amazon, Cost Plus Drugs, and a federal price site chip away at the same customers it built its name on.

GoodRx makes money by showing people where to get prescriptions cheaply and taking a cut from pharmacies. The problem is that bigger companies like Amazon and Mark Cuban's Cost Plus Drugs are now doing the same thing, and the government just launched its own price-comparison tool called TrumpRx.gov, so GoodRx's main business dropped 24% last year. The company is betting on new ideas like direct-to-consumer pharmacies and subscription services, but those are mostly focused on weight-loss drugs right now and have not proven they can grow big enough to replace what the company is losing.

Why
01
AI pressure: Google AI Overviews and ChatGPT-style agents doing direct drug-price lookups. AI search can now answer 'cheapest price for my prescription' directly, cutting the need to open GoodRx's app or site at all. Could AI do the core job? Only partly.
02
Bigger players: Amazon Pharmacy (RxPass), Mark Cuban Cost Plus Drugs, TrumpRx.gov. Flat-fee and direct-to-consumer pricing from Amazon, Cost Plus, and a new federal price site are pulling core coupon transactions down 24% YoY. Could a giant copy it? Yes, easily.
03
What protects it. About 200 manufacturer partnerships and 100 brand cash-pay programs in Pharma Direct, concentrated in GLP-1 drugs rivals can't easily replicate.
What would change this call
Q2 2026 earnings (~Aug 2026): Pharma Direct/subscription growth vs. core prescription revenue decline. Shows whether new revenue lines are offsetting or falling behind the coupon business's decay.
TrumpRx.gov expands drug list or partners directly with pharmacies/PBMs. A federal price aggregator could commoditize GoodRx's core price-comparison function.
Amazon RxPass or Cost Plus Drugs announces user counts or market share figures. Direct evidence of how much prescription volume is shifting away from GoodRx.
Key numbers
  • Q1 2026 core prescription revenue down 24% YoY to $113.7M (2026-03-31)
  • Pharma Direct revenue up 82% YoY to $52.2M in Q1 2026 (2026-03-31)
  • Stock down 96% from peak, near $1B market cap (2026-07-22)
Named risks
  • Core prescription-transaction revenue declining 24% YoY as of Q1 2026, unclear if Pharma Direct offsets it long-term. Severity: high
  • Pending $32 million privacy class-action settlement with Criteo awaiting court approval as of June 2026. Severity: medium
  • Sherman Act antitrust claims from independent pharmacies filed November 2024 remain unresolved. Severity: medium
  • Heavy dependence on GLP-1/weight-loss drug demand and federal TrumpRx policy for subscription and Pharma Direct growth. Severity: high
  • Stock trading near all-time lows, down 96% from peak, raising takeover/activist vulnerability. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Cost Plus Drugslosing toFrequently undercuts GoodRx coupon prices on generics per NPR reporting, 2026-07-16
Amazon Pharmacy (RxPass)losing toFlat $5/month Prime generics program competes directly, cited May 2026
TrumpRx.govcontestingGoodRx became claims-processing partner rather than competitor as of 2026-05-18
SingleCarelosing toFree discount-card competitor accepted at 35,000+ pharmacies, no membership fee, 2026-06-18
CVS Caremark, Express Scripts, OptumRx (Big 3 PBMs)losing toControl ~90% of U.S. prescription claims, shaping reimbursement GoodRx must negotiate around, 2026-05-19
Questions people ask
Is GoodRx profitable in 2026?
Yes. GoodRx reported FY2025 revenue of $796.9 million with Adjusted EBITDA of $270.5 million (as of 2025-12-31), and guided FY2026 Adjusted EBITDA of at least $235 million on revenue of $765 to $785 million, per its May 2026 guidance.
Is GoodRx's core business shrinking?
Yes. Q1 2026 core prescription-transaction revenue fell 24% YoY to $113.7 million (as of 2026-03-31), driven by fewer monthly active users, pharmacy closures, and one lost integrated savings program, even as total company revenue rose 5% above consensus that quarter.
Could AI replace GoodRx's coupon-lookup service?
GoodRx's core price-comparison and coupon-matching function is a shallow data task that AI aggregators or government tools like TrumpRx.gov could commoditize, though its 200+ pharma-manufacturer contracts and 70,000+ pharmacy integrations (as of 2026-07-20) are harder for AI alone to replicate.
Who is GoodRx's biggest competitor?
Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy's RxPass are GoodRx's most direct threats; both undercut GoodRx coupon prices on many generics and became co-partners (with GoodRx) on the federal TrumpRx.gov platform expanded May 18, 2026.
Does GoodRx have legal or regulatory risk in 2026?
Yes. A $32 million privacy class-action settlement with Criteo was pending court approval as of June 16, 2026, and independent pharmacies filed Sherman Act antitrust claims against GoodRx and major PBMs in November 2024 alleging suppressed generic reimbursement rates.
What is GoodRx's stock worth in 2026?
As of mid-2026 GoodRx (Nasdaq: GDRX) traded around $2.70 to $3.00 per share, down about 96% from its all-time high of $64.22, with market cap near $1.0 to $1.02 billion, versus its September 2020 IPO price of $33/share and $12.7 billion initial valuation.
Timeline
  • 2026-05-27Launched GoodRx Companion, $14.99/month bundled subscription plan
  • 2026-05-18Named TrumpRx.gov claims-processing partner as platform adds 600+ generics
  • 2026-05-06Q1 2026 results: revenue $194.0M (-4% YoY), Pharma Direct +82% YoY to $52.2M
  • 2026-02-26FY2025 results: revenue $796.9M, Adjusted EBITDA $270.5M
  • 2025-01-01Wendy Barnes became President and CEO
  • 2024-11-01Independent pharmacies filed Sherman Act antitrust claims vs GoodRx and PBMs
  • 2023-04-01Co-founders Bezdek and Hirsch stepped down as co-CEOs; Scott Wagner interim CEO
  • 2020-09-01GoodRx IPO on Nasdaq at $33/share, raising over $1.1 billion
  • 2011-09-01GoodRx founded in Santa Monica, California
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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