Item 1. Business
Item 1. Business .
Overview
Our mission is to help Americans save time and money when filling their medications. To achieve this, we are building
the leading, consumer-focused digital healthcare platform in the United States.
GoodRx was founded to solve the challenges that consumers face in understanding, accessing, and affording
healthcare by removing the friction and inefficiencies in the system. We started with a price comparison tool for
prescriptions, offering consumers free access to lower prices on their medication. This price comparison platform processes
over 420 billion pricing data points every day and integrates that data into a user-friendly interface which provides
consumers with dynamic, geographically relevant prescription pricing, and access to negotiated prices through GoodRx
codes that can be used to save money on prescriptions across the United States.
Today, we believe our expanded platform improves the health and financial well-being of American families by providing
easy access to price transparency and affordability solutions for generic and brand medications both for consumers and
healthcare providers, other healthcare product and services, including certain condition-specific end-to-end solutions,
telehealth services, and wellness related content. We believe that our offerings provide significant savings to consumers,
and can help drive greater medication awareness, access and adherence, faster treatment and better patient outcomes that
also benefit the broader healthcare ecosystem and its stakeholders.
We see exciting growth potential as we continue to expand our role as an essential access and affordability layer across
the healthcare ecosystem – serving consumers, healthcare providers, pharmacies, and pharma manufacturers across the
United States. As we extend our platform, we believe that we can create multiple monetization opportunities at different
stages of the consumer healthcare journey, enabling us to drive higher expected consumer lifetime value without significant
additional consumer acquisition costs.
Industry Challenges
Despite the approximately $5.3 trillion U.S. healthcare market being one of the largest sectors of the U.S. economy, it
remains opaque and highly fragmented for consumers. Even simple healthcare transactions, such as finding a doctor or
filling a prescription at an affordable price, are often difficult. This can lead to confusion, inefficiency, and unneeded
additional costs for consumers and the healthcare system. The pharmacy is the de-facto “front door” to American healthcare,
with frequent consumer interaction and engagement. However, finding affordable prices for prescriptions is complicated by a
lack of price transparency, a confusing reimbursement and insurance landscape, and a fragmented marketplace in which the
list prices for the same medication can vary significantly across pharmacies. We believe that these challenges are driven in
part by a lack of solutions that enable consumers to easily search, discover, and access the product or service that they
need at an affordable price. Consumer-focused technology solutions are essential in healthcare given that the stakes involve
peoples’ health and lives.
In July 2025, Congress enacted the One Big Beautiful Bill Act ("OBBBA") which cuts federal funding for Medicaid
among other health insurance programs, as well as tightens eligibility requirements and increases the frequency of Medicaid
coverage determinations. Further, copays on prescription medication have continued to trend upward in recent years and we
believe as insurance providers and government programs continue to shift the cost burden more to consumers, including
through changes to Affordable Care Act (the "ACA") marketplace subsidies, consumers are now more than ever searching
for sustainable and affordable healthcare solutions which we believe strengthens our value proposition. Separately, certain
major drug producers and manufacturers have entered into drug pricing agreements with the U.S. government, and as part
of these agreements, have announced their participation in a new government sponsored direct-to-consumer platform called
“TrumpRx.gov ” ("TrumpRx"), which was launched in February 2026 and designed to offer consumers discounts on their
products and some specialty brands. GoodRx is a key integration partner for pharma manufacturers offering discounted
cash prices on TrumpRx at launch. Any potential impact of TrumpRx or similar initiatives on our business, offerings, or
results of operations are unclear at this time but may be significant. With the introduction of these federal initiatives,
including the renewed focus on Most-Favored-Nation pricing, the market is shifting decisively toward greater transparency
and direct-to-consumer access.
Our Market Opportunity
A paradigm shift is occurring in healthcare as consumers are both increasingly informed and cost-conscious. We
believe that allowing people to transact using more information than ever before will help Americans consume healthcare
more efficiently. This can be accomplished by providing a healthcare platform that allows consumers to search a broad
range of choices and offerings, discover what is best for them, transact based on their preferences, and receive the best
price while doing so.
We believe this market opportunity is substantial and estimate the total addressable market ("TAM") for our primary
solutions to be betwee n $600 billion and $710 billion . This includes a $581 billion to $691 billion prescription opportunity ,
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which is inclusive of our estimated value of prescriptions that are written but not filled, and a $19 billion pharma direct
opportunity .
Prescription Opportunity
We started our business with a focus on the U.S. prescriptions market. The majority of the utilization of our platform
relates to generic medications. We also enable consumers to save on brand medications. We believe that the prices
available through our platform are highly competitive, for both insured and uninsured consumers, and our platform enables
consumers to save on prescription medications regardless of whether the consumer is insured or not. We believe we can
drive significant growth in our prescription opportunity through our ability to continue to provide attractive prescription pricing
to consumers and integrating our pricing across existing channels within the healthcare ecosystem.
Pharma Direct (formerly Pharma Manufacturer Solutions) Opportunit y
Brand medications tend to be expensive, and insurance coverage is complicated and may be restrictive. Pharma
manufacturers provide affordability solutions, such as co-pay cards, patient assistance programs, consumer direct pricing
(formerly point-of-sale discount programs) , and other savings options, so that consumers can access their medications. We
partner with pharma manufacturers to advertise and integrate these affordability solutions into our platform. We believe this
offering can deliver incremental margin as we deploy these solutions across our existing base of consumers and visitors,
introduce new solutions, and increase the number of brands and manufacturers with which we work.
Our Value Proposition
We positively impact many key stakeholders in the healthcare ecosystem. We believe that consumers, healthcare
providers , PBMs, pharmacies, and pharma manufacturers all win with GoodRx. This, in turn, can drive beneficial and self-
reinforcing network effects.
Our value proposition by stakeholder is described below:
• Consumers: Our platform provides consumers with a variety of mobile-first offerings designed to make their
access to healthcare simple and more affordable. These solutions increase medication adherence, reduce
strain on hospital emergency departments and physicians, and improve health outcomes.
◦ Our prescription transactions offering, part of our prescription marketplace, provides dynamic,
geographically relevant prescription pricing, and access to negotiated prices that can be used by our
consumers to save money on prescription s . Our negotiated prices for prescriptions are often cheaper
than the average commercial insurance co-pays. Access to discounted prices is free for consumers
through our platform.
◦ Our subscription offerings, part of our prescription marketp lace, specifically Gold and RxSmartSaver+
provide consumers and their families with access to even lower prescription prices on select
medications in select pharmacies for a monthly or annual subscription fee. Gold also provides mail
delivery and discounted access to our GoodRx Care telehealth services at no additional cost.
Additionally, some of our condition-specific subscription programs offer consumers a single solution
for comprehensive care by bundling the clinician visit, prescription (if deemed medically appropriate
by the treating healthcare provider), and related delivery for a single total subscription price.
◦ Our pharma direct offering provides advertising and integrated consumer affordability solutions to
pharma manufacturers with the goal of improving access to and affordability of brand medications for
consumers.
◦ Our platform provides educational resources to help inform consumers about their healthcare. We
provide consumers with expert medication information, as well as pricing and coverage information
made possible through our robust data sources and staff of experienced researchers.
• Healthcare Providers: Physicians and other healthcare professionals are motivated to help patients, and,
increasingly, are judged by patient outcomes. We help these healthcare professionals improve patient
outcomes by encouraging medication adherence and providing a consumer-friendly service, including access
to prescription delivery services. In addition, our Provider Mode platform provides healthcare providers with a
more customized experience and tools to support patients throughout their healthcare journey. Further, we are
able to integrate our pricing information and GoodRx codes directly into Electronic Health Record (“EHR”)
systems, enabling healthcare professionals to provide prices from our platform directly to their patients at the
point of prescribing, including via EHR-sent text messages and emails. We help physicians engage with
patients more efficiently through our products and services.
• Healthcare Companies: PBMs, pharmacies, and pharma manufacturers use our platform to reach and
provide affordability solutions to consumers. We play a valuable role within the healthcare ecosystem by
aggregating, normalizing, and presenting information from all of these constituents on a single platform for the
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consumer. Through the deep relationships that we have developed with these stakeholders over many years,
we are able to continually improve our offerings and achieve better pricing outcomes for consumers.
◦ Pharmacy Benefit Managers: PBMs aggregate consumer demand to negotiate prescription
medication prices with pharmacies and manufacturers. PBMs aggregate most of their demand
through relationships with insurance companies and employers. However, nearly all PBMs also have
consumer direct or cash network pricing that they negotiate with pharmacies for consumers who
choose to purchase prescriptions outside of insurance. We provide a platform through which PBMs
can drive incremental volume to these networks by offering their discounted prices to our consumers.
We expand the market for PBMs by increasing their cash network transaction volumes and by adding
new consumers to the overall prescriptions market, many of whom, both insured and uninsured,
would otherwise not fill their prescriptions because of high deductibles or prices. We believe that, for
many of our PBM partners, we are their only significant direct-to-consumer channel. To date, no
significant PBM has terminated a relationship with GoodRx, Inc., which highlights the strength of our
relationships alongside the value we deliver.
◦ Pharmacies: With GoodRx, pharmacies can reduce ‘walk away’ patients and prescriptions abandoned
at the counter due to high cost, and can also increase overall sales through additional foot-traffic. We
work closely with pharmacies to ensure that pharmacists are educated on how to use our apps and
websites, and know how to apply GoodRx codes at the point of sale. We also enter into direct
contractual agreements with select pharmacies to provide consumers access to discounted prices
and further drive incremental sales to these partner pharmacies. Consumers can use GoodRx at
nearly every retail pharmacy in the United States. Additionally, pharmacies also acces s our
prescription delivery services to reach more consumers.
◦ Pharma Manufacturers: Brand medications tend to be more expensive than generics, and insurance
coverage is complicated. GoodRx works with pharma manufacturers to advertise, integrate and
enhance consumer awareness, access and uptake of their various savings solutions for brand
medications, increasing the likelihood that a consumer will start or continue to take their prescribed
medication.
Our Offerings
Prescription Marketplace
Our prescription marketplace consists of our prescription transactions offering and our supplemental subscription and
telehealth offerings. Through our GoodRx Care platform, we offer consumers access to telehealth visits on a cash-pay basis
outside of insurance. We believe our telehealth offering principally enhances the accessibility of our prescription transactions
and subscription offerings for consumers.
Prescription Transactions Offering
We have built a vast network of relationships, contracts and integrations with key stakeholders in the healthcare
industry. Our proprietary technology enables us to aggregate prescription pricing data points from sources spanning the
healthcare industry. We structure and normalize the presentation of the data to give consumers dynamic, geographically
relevant prescription pricing that is accessible through our apps or websites for free. By normalize, we refer to a process of
taking the various different pricing methodologies and medication lists from each of our sources, and homogenizing the
presentation of this data so that prices are directly comparable. Consumers can choose the lowest price from a selection of
nearby pharmacies, save a GoodRx code to their mobile device for free and present that code at their pharmacy to access
that low price.
Once a consumer has used a GoodRx code from our platform to purchase a prescription, that code is recorded in the
pharmacy’s database and the consumer is not required to present their GoodRx code again for subsequent prescription
refills, or, in many cases, for additional prescriptions that the consumer purchases at that pharmacy. We earn revenue upon
the initial usage of the GoodRx code when the consumer realizes savings compared to the list price at the pharmacy, and
we continue to earn revenue when the consumer returns to the pharmacy for refills and new prescriptions. This results in
high repeat activity, which refers to the second and later use of our discounted prices by a single GoodRx consumer, on our
platform. We track prices and update our database on a daily basis, which helps ensure that consumers have access to
accurate prescription pricing.
Our pricing sources span the healthcare industry and include PBMs, pharmacies, pharma manufacturers, patient
assistance programs, consumer direct pricing, and others, making it difficult to replicate the data we possess and share with
consumers. We believe it is important to work with as many of the key stakeholders of the healthcare industry as possible in
order to increase the affordability options for our consumers. Our broad set of long-term relationships across the industry,
combined with our proprietary platform, allows us to present highly competitive prices to consumers.
PBMs are the most common source of pricing information. Our proprietary technology enables us to combine prices
from multiple PBMs and other industry sources and display it on a single consumer interface. We believe that we maintain
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the largest database of aggregated pricing information across PBMs in the United States. When a transaction occurs in
which one of our consumers fills a prescription and saves compared to the list price using a GoodRx code, the PBM
receives a portion of the price that the consumer paid. We receive a percentage of this amount or a fixed payment from the
PBM as compensation for directing the consumer to that PBM’s pricing and the pharmacy.
As we help more consumers save money on their medications and drive additional traffic through various PBMs, we
increase our scale, which we believe over time leads to lower prices for our consumers. We have steadily increased the
number of PBMs with which we work over time. To date, no significant PBM has terminated a relationship with GoodRx, Inc.
Even if a contract with a PBM were to be terminated, many of our contracts require the PBM to continue to pay us for activity
by consumers originally directed to their pricing by us, even subsequent to the contract termination. The ongoing payment
obligation can continue for so long as the underlying PBM-specific pricing is used, or for certain partners, for a specified
multi-year period, depending on the terms of our contract with the PBM. Throughout our history, we have been able to help
our consumers realize increased savings. PBM mix and relative share on our platform has varied over time as we have
added new PBMs and as certain PBMs have delivered more or less favorable pricing relative to other PBMs. Even as the
mix has changed, we have continued to grow the number of pricing data points processed by our platform and deliver a
strong value proposition to our consumers. We believe that our sources of pricing are sufficiently broad and robust that the
loss of any one PBM or other healthcare partner would generally result in minimal disruption in our ability to provide
competitive discounts and pricing. Although the majority of our pricing information comes from PBMs, we also collect pricing
data points from other sources. Starting in 2023, we commenced operation of our integrated savings program, which
integrates our competitive discounts and pricing in a seamless experience at the pharmacy counter for eligible plan
members served by certain PBM partners. Eligible plan members only need to utilize their existing benefit card at their
preferred in-network pharmacy to benefit from our discounts and pricing, with no further action required.
In 2022 , we began to enter into direct contractual agreements with select pharmacies to complement the existing
contractual agreements with our PBM partners. We believe our hybrid approach will help us build stronger lines of
communication and stronger relationships with our retailers by helping drive traffic and margin while continuing to deliver
great affordability to consumers. Our direct agreements with partner pharmacies enable us to negotiate more competitive
prescription prices offered at these pharmacies and therefore provide an additional source of pricing information to be
displayed on our platform, creating pricing transparency and value for consumers. We receive a fixed or variable fee from
our partner pharmacy as compensation for processing the consumer's claim at the point of sale . In addition to prescription
pricing, we also provide other prescription related offerings and solutions to our customers including facilitating the
processing of claims and delivery services.
Subscription Offerings
Our subscription offerings provide additional benefits to consumers of our prescription transactions offering. We
leverage our relationships across the healthcare ecosystem and our product expertise to provide subscribers with even
greater savings and convenience at select pharmacies through some of our subscription offerings. Our subscription offerings
are designed to be easy to use and provide subscribers with added benefits and features, such as, where applicable,
increased discounts on prescription prices, discounted virtual care visits, or free home delivery on eligible medications.
• Gold: We offer a subscription savings program whereby subscribers generally pay a monthly or annual fee for
access to even lower prices in select participating pharmacies amongst other benefits, including a mail delivery
feature and discounted virtual care visits.
• Partnership Subscriptions: From time to time, we may partner with retailers to offer tailored subscription
products. For example, we previously partnered with Kroger, one of the largest retail pharmacies in the United
States, to offer Kroger Savings to their consumers for an annual fee, a portion of which we shared with Kroger,
until the program sunset in July 2024. In 2025, we partnered with select pharmacies to offer our brand
medication savings solution, RxSmartSaver+ , to their consumers for a monthly or annual fee.
• Condition-Specific Subscriptions: We first launched condition-specific subscriptions in 2025. Subscribers
pay a fixed upfront fee for a subscription to gain access to treatments and ongoing support for certain chronic
conditions, including erectile dysfunction, weight management, and hair loss, delivered by our network of
qualified medical professionals who can prescribe medications when appropriate. Certain of these condition-
specific subscription programs offer consumers a single solution for comprehensive care by bundling the
clinician visit, prescription (if deemed medically appropriate by the treating healthcare provider), and related
delivery for a single total subscription price to make it even easier for consumers to get the care they need.
Pharma Direct Offering
Brand medications tend to be expensive, and insurance coverage is complicated and may be restrictive. As a result,
many consumers are not able to access or afford their medications.
Pharma manufacturers provide affordability solutions such as co-pay cards, patient assistance programs, consumer
direct pricing, care portals, and other savings options so that consumers can access their medications. We partner with
pharma manufacturers to advertise and integrate these affordability solutions into our platform. For example, our consumer
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direct pricing help lower the cash price of certain branded medications for consumers at the pharmacy counter with little
friction, and are increasingly being used by pharma manufacturers to reach more patients.
We believe our trusted brand, large volume of high intent consumers and easy-to-use interface make our platform
highly attractive to pharma manufacturers. These solutions generally increase medication awareness, access, and
adherence and can lead to faster treatment and better patient outcomes.
We believe our pharma direct offering delivers a product that both increases overall consumer satisfaction and drives
incremental consumer lifetime value at a low incremental cost to us.
We expect to grow this offering through further engagement with pharma manufacturers. We believe this offering can
deliver incremental margin as we deploy these solutions across our existing base of consumers and visitors.
Sales & Marketing
Consumers come to our platform organically and also through our sales and marketing initiatives. The GoodRx brand
benefits from word-of-mouth recommendations to consumers from friends, healthcare professionals and pharmacists, as
well as press coverage, which drives significant unpaid traffic to our apps and websites.
In addition to organic consumer acquisition, our sales and marketing efforts are designed to bring new consumers onto
our platform for the first time and to re-engage existing consumers. We acquire new consumers through a variety of
channels, including: (i) direct to consumer marketing which includes TV, paid search, or other digital campaigns; (ii)
marketing through healthcare partnerships which includes marketing materials in physician offices and integrating pricing
from our platform into EHR providers' prescribing workflows so that healthcare professionals can provide prices from our
platform to their patients at the point of prescribing; (iii) marketing through partnerships with other affiliates to distribute our
discounts and solutions to a broader target audience outside of the healthcare ecosystem; and (iv) through content creation
which increases traffic to the GoodRx apps and websites such as from GoodRx Health, which provides visitors with
thousands of articles with research-backed answers to health questions and provides us with more opportunities to convert
visitors to active consumers. We have and may in the future offer incentives to certain consumers that further reduce
discounted prices offered on our platform for a limited time and on a limited number of prescription drugs to attract new and
re-engage existing consumers.
We believe that we still have significant opportunities to improve our unaided awareness, to build our brand, as well as
to scale existing marketing channels, and unlock new ones.
We also deploy a variety of consumer retention tools on our platform, such as savings information retained in pharmacy
databases so consumers do not have to re-present GoodRx codes, providing alerts and refill reminders to consumers and
links to our other offerings to improve consumer's overall experience using our platform, and strong consumer support and
patient advocacy services to help consumers understand how best to afford their medication.
Our Technology
The key elements of our technology include:
• Proprietary Pricing Engine: Our price ingestion technology enables us to link with multiple sources spanning
the healthcare industry. In addition, we have proprietary patented technology related to collecting and
normalizing prices from multiple PBMs and presenting them using a single consumer interface.
• Constant Data Refresh: Displaying our prescription- and location-specific list of prices to each consumer in
near real-time requires the rapid processing of a significant amount of data, the use of complex predictive
models, and sophisticated software programming and design.
• Living Database: Our dataset becomes more comprehensive and accurate with every prescription filled. We
use our proprietary algorithms to create actionable insights and continuously improve our consumer
experience. Our database is central to the value that we provide to our consumers through accurate pricing
and improved recommendations. We refer to our data as “living,” meaning that it is dynamic and continually
being updated or refined.
• Artificial Intelligence/ Machine Learning: Our engine is also able to learn from and react to changes in
prescribing habits or to ensure that consumers are selecting the accurate dosing or form of a given medication.
For example, our engine will automatically show the most common dose of a given medication. We also take
into account pharmacy-level dispensing patterns that may impact the price of a medication, such as when two
pharmacy locations that are part of the same pharmacy chain dispense the same medication, but source the
medication from different manufacturers.
• Scalable: Our digital platform is cloud native, scalable, and reliable. We leverage major third-party cloud and
data service providers and have built a modular system of services on top of this infrastructure.
• Secure: Trust is critical to our relationship with both our consumers and our partners and we take security and
privacy very seriously. We implement security procedures and policies informed by various industry-standard
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frameworks. Our operations are audited annually as part of a SOC2 audit, based on principles developed by
the American Institute of Certified Public Accountants and we have obtained SOC2 certification with respect to
our prescription transactions offering and subscription offerings. In addition, our security is tested through our
bug-bounty program. We continue to expand our team and solutions to address emerging risks and changes in
the threat landscape.
Our Growth Strategy
The key elements of our growth strategy include:
• Continue to Attract New Consumers: We believe that we have a significant opportunity to serve all
Americans. By growing awareness of our existing offerings and through the extension of our platform into
many of the other areas of healthcare that lack price transparency and consumer empowerment, we believe
that we can address an increasingly larger portion of the healthcare market in the United States and fill more
gaps across the healthcare journey for our consumers.
• Continue to Facilitate Existing GoodRx Consumers’ Adoption of Multiple GoodRx Offerings: We aim to
increase the number of our monetization channels used by our existing consumers. We believe that this will
result in higher consumer satisfaction and be accretive to our consumer lifetime value and to our margins in
the medium to long term, without significant additional consumer acquisition costs.
• Continue to Build the GoodRx Brand: We believe that there are significant opportunities to increase
awareness and educate healthcare consumers regarding prescription pricing, as well as our platform and
solutions. As we continue to build our brand, we anticipate that many of the consumers who do not fully
understand prescription pricing, or that are not aware of tools such as our platform, will begin using our
platform.
• Deepen Relationships with Retail Pharmacies: We aim to further strengthen and expand our relationships
with retail pharmacy partners to enhance pricing competitiveness, improve the consumer experience at the
point of sale, and drive increased prescription volume. By leveraging our scale, data insights, and integrated
technology solutions, we aim to align incentives with pharmacy partners, support operational efficiency, and
expand the breadth and depth of offerings available to consumers across our network.
• Invest in Product Offerings: We plan to continue to invest in and scale our range of product offerings to
better address the needs of consumers, provide them with better pricing, and improve their overall healthcare
journey. We have a multi-prong approach for this strategy which includes:
◦ Pharma Direct Offering: We believe our trusted brand, large volume of high intent consumers and
easy-to-use consumer experience make our offering highly attractive to pharma manufacturers. The
solutions offered by pharma manufacturers on our platform can increase the likelihood that
consumers will start to take or continue to take their prescribed medication. We plan to continue to
expand the number of pharma manufacturers with which we work, increase brand penetration, and
increase the number of solutions each of them uses, as well as enhance our existing offerings and
introduce new integrated technology solutions that will allow manufacturers to interact with our
consumer base more effectively.
◦ Subscription Offerings: We believe our subscription offerings have higher lifetime value than our
prescription transactions offering . We will continue to increase the value proposition for consumers by
bundling various existing and new offerings in affordable and consumer-friendly subscription
packages.
• Future Expansion Opportunities: We believe there are many other areas of healthcare that could benefit
from the transparency and accessibility provided by our platform. While we are currently focused on scaling
our existing offerings, we see attractive opportunities to deploy our expertise in markets such as clinical trials,
insurance marketplaces, in person doctor visits and prescription delivery, differentiated features and services
for healthcare providers such as our Provider Mode platform that provides healthcare providers with a more
customized experience and tools to support patients throughout their healthcare journey, among others.
Additionally, we introduced Employer Direct, a new platform designed to help employers address gaps in
traditional insurance coverage by pairing their existing benefits with integrated cash pricing in order to expand
affordability and access for their employees. As we continue to grow our brand awareness and consumer
base, selling additional products and services into our large acquired base will drive an attractive incremental
margin opportunity.
• Pursue Strategic Partnerships and Acquisitions: We are a valuable partner to a variety of healthcare
constituents. We have entered into a number of strategic agreements in recent years. For example, starting in
2023, we engaged with several PBM partners for our integrated savings program, which integrates our
competitive discounts and pricing in a seamless experience at the pharmacy counter for eligible plan members
they serve. Eligible plan members only need to utilize their existing benefit card at their preferred in-network
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pharmacy to benefit from our discounts and pricing, with no further action required. In 2025, we continued to
grow our consumer direct pricing and announced a collaboration with a pharmaceutical manufacturer to offer
eligible patients nationwide two of the most in-demand GLP-1 medications at a significantly lower cash price
through our platform. As part of our business strategy, we will continue to pursue strategic opportunities,
including commercial relationships and acquisitions, to strengthen our market position and enhance our
capabilities.
• Drive Shareholder Value: We are focused on delivering consistent and efficient growth by reprioritizing
investments to where they are most needed while delivering to consumers what they have come to expect
from GoodRx.
Competition and Industry Participants
Although we have built and scaled a differentiated consumer internet platform, we face a variety of types of competition.
We believe that our primary barrier to adoption is awareness. Americans have historically not had to be active consumers of
healthcare since benefit plans were more generous and open than they are today. Many consumers are not aware that
prices for the same prescription vary between pharmacies or that there are competitive cash prices available that may be
lower than insurance prices.
We principally compete with companies that provide prescription savings and solutions to pharma manufacturers. New
entrants may also enter our industry and compete with us. Generally, we believe that we are able to compete effectively
against these organizations based on our brand, scale, pricing, and consumer experience. Our competitors vary in size and
breadth of their offerings.
• In prescription discounts and price comparisons, our competition is fragmented and consists of competitors
that are both larger and smaller than us in scale, including large e-commerce companies.
• Our pharma direct offering competes for advertising and market access budget allocation against platforms on
which manufacturers can reach consumers, including health-related websites and mobile apps, and services
supporting patient access. We believe that our trusted brand and our platform allows us to engage patients
about the cost of their brand medications.
There is currently significant concentration in the U.S. healthcare industry, and in particular there are a limited number
of PBMs, including pharmacies’ in-house PBMs, and a limited number of national pharmacy chains. If we are unable to
retain favorable contractual arrangements with our PBM partners and partner pharmacies, including any successor PBMs
should there be further consolidation of PBMs or pharmacies, we may lose them as customers and partners, as applicable,
or the negotiated rates provided by such PBMs or directly through such partner pharmacies may become less competitive,
which could have an adverse impact on our platform.
A limited number of PBMs generate a significant percentage of the discounted prices that we present through our
platform and, as a result, we generate a significant portion of our revenue from contracts with a limited number of PBMs. We
work with dozens of PBMs that maintain cash networks and prices , and the number of PBMs we work with has increased
over time, limiting the extent to which any one PBM contributes to our overall revenue; however, we may not expand beyond
our existing PBM partners and the number of our PBM partners may even decline. For additional information, see “ We rely
on a limited number of industry participants .” in Part I, Item 1A, “Risk Factors” included elsewhere in this Annual Report on
Form 10-K .
Intellectual Property
Our success depends in part on our ability to obtain and maintain intellectual property protection for our products and
technology platform, defend and enforce our intellectual property rights, preserve the confidentiality of our trade secrets, and
operate without infringing, misappropriating, or otherwise violating valid and enforceable intellectual property rights of others.
We protect our intellectual property, including our brand, through a combination of trademarks, patents, trade secrets,
contractual provisions that restrict partners from infringing on our intellectual property, intellectual property assignment
agreements, licensing agreements, confidentiality procedures, non-disclosure agreements, and employee non-disclosure
and invention assignment agreements to establish and protect our proprietary rights. Though we rely in part upon these
legal and contractual protections, we believe that factors such as our position as the largest healthcare-focused internet
platform for prescription prices and discounts, our scale and the network effects enabled by these factors, as well as the
skills and ingenuity of our employees and the functionality and frequent enhancements to our platform are larger contributors
to our success.
Our patents and patent application relate to software and services, including our ability to combine prices from multiple
PBMs together in a single consumer interface. Our issued patents begin expiring in 2034 , excluding any patent term
adjustment. Our most material trademark asset is the registered trademark for our brand, “GoodRx,” and for the use of the
color yellow in the prescription discounts space. Additionally, we have registered domain names for websites that we use in
our business, such as www.goodrx.com.
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We continually review our development efforts to assess the existence and patentability of new intellectual property and
we intend to pursue additional intellectual property protection to the extent we believe it would advance our business
objectives. Notwithstanding these efforts, there can be no assurance that we will adequately protect our intellectual property
or that it will provide any competitive advantage. For more information regarding risks related to intellectual property, please
see Part I, Item 1A, “Risk Factors – Risks Related to Intellectual Property.”
Philanthropy
Philanthropy continues to play an important role in shaping GoodRx’s identity and culture through meaningful
contributions to our communities. We believe that, by engaging in philanthropic initiatives, we are fostering stronger
connections, both internally and externally. Integrating philanthropic initiatives into corporate activities not only allows us to
channel our collective resources and productivity outwards, but also strengthens our brand reputation, employee
engagement, and customer loyalty.
Our People and Culture
Our people are essential to our success . We believe that advocating for and putting people first, leading with empathy,
and building trust across our organization are core to our success. We prioritize providing a safe, rewarding and respectful
workplace where our people have the opportunities to pursue career paths based on skills, performance and potential.
As of December 31, 2025 , we employed 697 employees, all of which are full-time employees . We strive to build a
workforce that supports the full range of consumers, customers, and partners we serve every day . In managing our
business, we develop and implement policies and programs that support our strategic goals, maintain competitiveness,
promote shared fiscal responsibility among our company and our employees, align talent across the organization and
reward performance while managing the costs of such policies and programs. Our employees are supported with training
and development opportunities to pursue their career paths and to promote compliance with our policies. We adhere to our
code of business conduct and ethics (the "Code of Business Conduct and Ethics"), which sets forth a commitment to our
stakeholders, including our employees, to operate with integrity and mutual respect.
We continue to embrace both hybrid and remote working for our employees as we believe that our business continuity
plan and technology platform will continue to support the effectiveness of our employees that work remotely. We also
continue to provide robust benefits, including health insurance for employees and dependents, 401(k) match, fertility
benefits, paid parental leave, and discretionary vacation. We foster a collaborative and tight-knit corporate culture through
company events, team building offsites, social gatherings, and pet-friendly offices. Employees remain motivated by knowing
that their work has a meaningful impact on the consumers we serve.
Government Regulation
Data Privacy and Security Laws
The data we collect and process is an integral part of our products and services, for example, allowing us to ensure our
prices are accurate, surface the most relevant prices and reach consumers with savings information. We collect and use
personal information, including health-related information, to, among other reasons, help run our business (including for
analytical and marketing purposes) and to communicate and otherwise reach our consumers. In some instances, we may
use third party service providers to assist us in the above.
Since we receive, use, transmit, disclose, store, and otherwise process personal information, including health-related
information, we are subject to numerous state and federal laws and regulations that address privacy, data protection and the
collection, storing, sharing, use, transfer, disclosure, and protection of this information. Such laws and regulations include,
but are not limited to, the CAN-SPAM Act, the Telephone Consumer Protection Act of 1991, the Health Insurance Portability
and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act
(together with their implementing regulations, collectively, “HIPAA”), Section 5(a) of the Federal Trade Commission Act,
certain state data privacy and security laws, including, but not limited to, the California Consumer Privacy Act, as amended
by the California Privacy Rights Act (collectively, “CCPA”), Washington State My Health My Data Act and other state data
privacy and security laws. We are also subject to a negotiated settlement with the Federal Trade Commission (the "FTC,"
and such settlement, the "FTC Order") which includes, among other things, agreements to effect or maintain, as applicable,
certain changes to our business practices, policies, and compliance requirements. The violation of any such laws and
regulations and/or the FTC Order could result in legal remedies that could materially impact our business or financial
performance.
Our respect for laws and regulations regarding the collection and processing of personal information underlies our
strategy to improve our consumer experience and build trust. To read more about our approach to privacy and security laws
and the regulations, please see Part I, Item 1A, “Risk Factors – Risks Related to Our Business – Actual or perceived failures
to comply with applicable data protection, privacy and security, advertising and consumer protection laws, regulations,
standards, and other requirements could adversely affect our business, financial condition and results of operations .”
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State Licensing Requirements
Certain states have enacted laws regulating companies that offer and market discount prescription drug coupons and/or
medical services. These laws implicate a variety of services that we offer and may implicate other products we may develop
in the future. These state laws are intended to protect consumers from fraudulent, unfair or deceptive marketing, sales and
enrollment practices by such plans. It is possible that other states may enact new requirements or interpret existing
requirements to include our programs. Failure to obtain and maintain the required licenses, certifications or registrations to
provide these offerings, as well as to abide by applicable regulations governing these offerings, may result in civil penalties,
receipt of cease and desist orders, or a restructuring of our operations.
State Corporate Practice of Medicine and Fee Splitting Laws
With respect to our telehealth platform, GoodRx Care contracts with physician-owned professional entities to deliver our
telehealth offering to their patients in the United States principally supported by Wheel Health, Inc.'s (“Wheel”) technology
and network of clinicians. We enter into management services agreements with these physician-owned professional entities
pursuant to which we provide them with billing, scheduling, and a wide range of other non-clinical services, and, in return,
these professional entities pay us a management fee for those services. In addition, our telehealth platform enables
consumers to opt in to use our prescription transactions offering and/or fill their prescriptions through a third-party mail
delivery pharmacy. These relationships are subject to various state laws, which are intended to prevent unlicensed persons
from interfering with or influencing the physician’s professional judgment, and prohibiting the sharing of professional services
income with non-professional or business interests. These laws vary from state to state and are subject to broad
interpretation and enforcement by state regulators. A determination of non-compliance could lead to adverse judicial or
administrative action against us and/or our providers, civil or criminal penalties, receipt of cease and desist orders from state
regulators, loss of provider licenses, or a restructuring of our arrangements with our affiliated professional entities. For
further information, please see Part I, Item 1A, “Risk Factors – Risks Related to the Healthcare Industry – Our telehealth
related products and services are subject to various state laws and regulations governing the provision of telehealth
services .” and “Risk Factors – Risks Related to the Healthcare Industry – Our telehealth related products and services and
relationships with our affiliated physician-owned professional entities may implicate laws governing the practice of medicine
and fee-splitting .”
Healthcare Fraud and Abuse Laws
Although the consumers who use our offerings do so outside of any medication or other health benefits covered under
their health insurance, including any commercial or government healthcare program, we may nonetheless be subject to a
number of federal and state healthcare regulatory laws that restrict certain business practices in the healthcare industry.
These laws include, but are not limited to, federal and state anti-kickback, self-referral, false claims, and other healthcare
fraud and abuse laws. For further information, please see Part I, Item 1A, “Risk Factors – Risks Related to the Healthcare
Industry – We may be subject to state and federal fraud and abuse and other healthcare regulatory laws and regulations. If
we or our commercial partners act in a manner that violates such laws or otherwise engage in misconduct, we may be
subject to civil or criminal penalties as well as exclusion from government healthcare programs .”
Healthcare Reform
A primary trend in the U.S. healthcare industry is cost containment. In the United States, there have been, and likely will
continue to be, a number of federal and state legislative and regulatory changes and proposed changes regarding the
healthcare system directed at containing or lowering the cost of healthcare, including the costs of medication. For further
information please see Part I, Item 1A, “Risk Factors – Risks Related to the Healthcare Industry – The impact of healthcare
reform legislation and other proposed or future changes impacting the healthcare industry and healthcare spending on us is
currently unknown, but may adversely affect our business, financial condition, and results of operations .”
Additional Information
GoodRx Holdings, Inc., a Delaware corporation, was incorporated in September 2015. We were initially formed in
September 2011 as GoodRx, Inc., a Delaware corporation that is now our indirect subsidiary. We completed our initial public
offering (“IPO”) of our Class A common stock in September 2020.
Our Internet address is www.goodrx.com. At our Investor Relations website, investors.goodrx.com, we make available
free of charge a variety of information for investors, including our Annual Report on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and any amendments to those reports, as soon as reasonably practicable after we
electronically file that material with or furnish it to the SEC.
Our Code of Business Conduct and Ethics applies to all of our directors, officers and employees, including our principal
executive officer and our principal financial officer. A copy of the code is available on our website at www.goodrx.com in the
“Governance” section of the “Investors” page. In addition, we intend to post on our website all disclosures that are required
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by law concerning any amendments to, or waivers from, any provision of our Code of Business Conduct and Ethics. The
information found on our website is not part of this or any other report we file with, or furnish to, the SEC.
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