GoodRx Holdings, Inc.

or uninsured, we are here to help them access and afford the full range of prescriptions they need to stay healthy. Turning to our third quarter performance, we delivered solid financial results driven by discipline execution. While we're pleased with our overall momentum, we have continued to navigate industry headwinds that have modestly impacted our results. The ongoing and now complete Rite Aid store closures reduce prescription volume across certain geographies. We are actively working to recapture displaced users, both through direct communications where available and in partnership with acquiring pharmacy retailers. But as we noted on the last call, this takes some time. As always, we remain focused on the long-term health and growth of the business and creating lasting value for our consumers, partners, and shareholders alike. Now let's dive into key business updates. Starting with pharma manufacturer solutions, which we'll refer to as manufacturer solutions, we delivered strong results during the third quarter with 54% year-over-year revenue growth. We continue to sell new brands and expand relationships with existing partners, reinforcing our position as the go-to partner for manufacturers seeking to improve access and affordability for patients. Our value proposition is clear. We deliver measurable results proving strong ROI by helping manufacturers reach the right patients, drive adherence, and remove barriers to treatment. This is why more brands are choosing to work with GoodRx and why our existing partners continue to deepen their investment with us. As I mentioned earlier on the call, we see potentially strong tailwinds from the policy environment for manufacturer solutions. Initiatives like TrumpRx and potential most favored nation mandates are causing the pharmaceutical landscape to shift in meaningful ways as manufacturers face growing momentum and pressure to bring direct-to-consumer or D2C affordability programs to market. Price transparency, brand access, and patient affordability have become front and center priorities across the industry, and GoodRx continues to be uniquely positioned to be the solution that operationalizes these D2C strategies. We've already built the infrastructure, the partnerships, and the trust to help manufacturers turn affordability commitments into reality. A clear example of this is the collaboration with Novo Nordisk we announced in Q3 to offer both Ozempic and Wagovi at $499 per month. GLP-1s are a drug class that we see continuing to grow and be divisive with insurers in terms of coverage. With most Americans still not having these drugs covered by insurance for weight loss, GoodRx has a tremendous opportunity to help. By leveraging the unmatched reach and scale of the trusted GoodRx platform, we can more effectively meet the growing demand for GLP-1s and deliver savings directly to patients who need them. We're incredibly excited about this partnership and look forward to expanding access to these savings through our subscription offering later this month. In October, we also announced a new partnership with Amgen to offer Repatha for nearly 60% off the retail pharmacy list price. Savings like this help patients overcome traditional insurance hurdles such as restrictive formularies and high deductibles that often delay or prevent treatment. This further demonstrates how GoodRx is pioneering direct-to-consumer solutions that give brands a trusted, scalable channel to deliver real savings directly to patients. To date, we have over 200 brand affordability programs on our platform, nearly 80 of which are cash prices. Looking ahead, we're investing further in our manufacturer solutions capabilities, expanding how we deliver a true end-to-end e-commerce model to the pharmaceutical industry. Today, we deliver affordability and access across channels, and we will continue to strengthen our ability to connect manufacturers not only with patients, but also with healthcare professionals who play an increasingly important role in driving awareness and adoption of these programs. We expect these investments to continue fueling growth into 2026 and beyond. Now turning to prescription marketplace, we continue to serve as a trusted ally to retail pharmacies, helping them improve profitability, reduce prescription abandonment, and drive innovation in the prescription experience. As I've shared on past calls, We are focused on delivering this through pharmacy counterintegrations, e-commerce experiences, and direct contracting capabilities. I'm proud of the progress we have made against this strategic priority in 2025, having launched multiple initiatives that are helping pharmacies streamline workflows, improve consumer engagement, lower cost to fill, and expand their digital presence. For example, our e-commerce experience for retail pharmacies allows consumers to check inventory, validate prescriptions, and pay online before picking up in store, giving them greater convenience while helping pharmacies reduce the cost to fill and eliminate administrative hurdles so there's more time to engage with patients. And we also launched Community Link, our new offering designed specifically for independent pharmacies, which offers a cost-plus pricing model that provides the retailer with predictable pricing and better economics. Since going live on July 1st, We've been seeing positive momentum and are encouraged by the number of independent pharmacies that have directly contracted with us thus far. In addition to these retail initiatives, we announced a new counter solution, RxSmart Saver powered by GoodRx. RxSmart Saver is a turnkey ready-to-deploy solution that brings medication affordability directly to the pharmacy counter, improving the patient experience while delivering stronger economics for the retail partner. This solution is already being used by multiple retailers, including Kroger, who launched RxSmart Saver at all of their pharmacies nationwide. This program gives their customers instant access to GoodRx savings when they are picking up their prescriptions, including copay cards and nearly 80 unique cash prices for brand medications that often aren't covered by insurance or have poor coverage. Patients simply use their smartphone to scan the code at the pharmacy counter enter the RxSmart Saver portal, and then show the savings to the pharmacist during checkout to save on essential treatments. Each prescription filled strengthens the savings flywheel. Pharma manufacturers gain greater visibility for their affordability programs and are able to extend their direct-to-consumer channel efforts. Pharmacies improve profitability and deepen patient relationships by lowering out-of-pocket costs, and consumers gain more affordable access to the medications they need. We look forward to rolling out counter savings programs with additional retailers in the fourth quarter. We also made progress expanding our subscription offering, launching GoodRx for hair loss. We're leveraging our e-commerce capabilities to create an integrated end-to-end digital experience that prioritizes affordability, convenience, and trusted care. This offering provides men with clinically proven treatments that help slow hair loss and promote regrowth. all through a single, seamless platform they can trust. We expect to launch our third subscription offering for weight loss in the coming weeks, combining our GLP-1 savings programs with our trusted GoodRx brand to deliver a convenient, low-cost solution. As we continue to expand the reach and impact of our brand across the industry, we also know how important it is to stay top of mind for consumers. Our new brand campaign, the Savings Wrangler, marks a pivotal moment in GoodRx's brand evolution, translating our mission into a bold, culturally resonant campaign. Building on our strong foundation of trust and credibility, the savings wrangler taps into a familiar truth, that navigating prescription prices can feel like the Wild West. This campaign is a scalable, creative platform and long-term brand asset that we believe will help drive further growth, deepen consumer connection, and reinforce GoodRx as the most trusted name in prescription savings. Since launch, we've seen that key marketing metrics such as unaided awareness and GoodRx search volume are up across the board. We've made meaningful progress this quarter, strengthening our partnerships with manufacturers and pharmacies, expanding access and affordability for consumers, and continuing to build on our trusted brand. We're executing with discipline and intent, and we're well positioned to meet the growing demand for transparency, affordability, and access across the healthcare landscape. We're also making good on our commitment to engage meaningfully in policy discussions that shape the future of drug pricing and patient access. Ensuring GoodRx continues to be a trusted voice and strategic partner in advancing affordability solutions nationwide. I'm incredibly proud of what our teams have achieved and am confident in the momentum we're carrying into the remainder of the year. I will now turn the call over to Chris to discuss third quarter results.

Thank you, Wendy, and good morning, everyone. For the third quarter, total revenue was $196 million, up approximately $1 million versus the prior year. Consistent with our expectations, prescription transaction revenue was down 9% versus the prior year, primarily driven by the impact of Rite Aid store closures, which are now complete, and lower transaction volume in our integrated savings program with one of our PBM partners. These factors also drove the decline in monthly active consumers, an outcome we anticipated and discussed on our last earnings call. As our business continues to evolve, we are reassessing this metric as a primary indicator of performance to ensure it aligns with how we measure growth and profitability. Turning to manufacturer solutions, revenue for the quarter was $43.4 million, representing growth of 54% compared to the prior year, reflecting strong execution and expansion across both new and existing brand partnerships. As we have previously discussed, Manufacturer Solutions has quarterly variability due to the nature of expected deal timing, and during the third quarter, we closed several deals that were initially projected for the fourth quarter. Therefore, we believe the trend across the first nine months of the year, which is up approximately 35% year over year, is a more accurate indication of underlying momentum and our expectations for the full year. For the third quarter, adjusted EBITDA was $66.3 million, an increase of 2% versus the prior year, which constitutes an adjusted EBITDA margin of 33.8%. This marks an improvement of 50 basis points compared to the prior year and reflects our commitment to expanding margins through strong cost discipline and operational efficiency. Our balance sheet remains strong, ending the third quarter with $273.5 million of cash on hand with about $80 million of unused capacity available under a revolving credit facility. During the quarter, we repurchased approximately 13.4 million shares of our stock at an average price of $4.61 per share, totaling $61.6 million. At the end of the third quarter, approximately $81.4 million of capacity remained under our $450 million share repurchase program. Turning now to our outlook for the remainder of the year, we are leaving our revenue guidance unchanged as we continue to expect full-year revenue above prior year for at least $792 million. Fourth quarter revenue is now expected to decline sequentially from the third quarter, reflecting the acceleration of manufacturer solutions deals that closed earlier than originally anticipated. Our full-year adjusted EBITDA projections are also unchanged. which represent approximately 2% to 6% growth compared to 2024, with an adjusted EBITDA margin roughly in line with our year-to-date trend. Overall, we delivered a solid financial performance this quarter, underscored by our strength of our manufacturing solutions offering, which, as I stated previously, we now project at approximately 35% revenue growth in 2025. Our leadership team remains committed to executing on strategic priorities and enhancing operational efficiency as demonstrated by the expected year-over-year increase in adjusted EBITDA. We believe our continued investment in these initiatives will drive sustainable, profitable growth while creating lasting value for consumers in the pharmacy ecosystem. With that, I will turn the call back over to Wendy.

Thanks, Chris. As I approach my one-year anniversary at GetRx, I'm incredibly proud of how far we've come and I'm even more excited about where we're headed. Q3 was a solid quarter that showcased the power of our strategy and action, deepening partnerships with pharmacies, expanding affordability solutions with manufacturers, and strengthening the GoodRx brand with consumers nationwide. It also opened new opportunities for us to engage with the federal government as a key partner in the development of TrumpRx, further reinforcing our role in advancing national affordability initiatives. Together, these efforts are building a more connected and sustainable healthcare ecosystem, one where consumers can access affordable medications, pharmacies can thrive, and manufacturers can deliver real savings directly to patients. We're executing from a position of strength, with a trusted brand, a differentiated platform, and a business model built for this moment in healthcare. The national focus on affordability and direct-to-consumer access plays directly to our capabilities and we're well positioned to lead as the market continues to evolve. As we look to the remainder of the year and into 2026, our priorities are clear. Continue to expand partnerships across retail and pharma, accelerate digital and e-commerce innovation to simplify the consumer experience, and invest in our brand and technology to deliver even greater value at scale. With consumers facing higher out-of-pocket costs and shrinking insurance benefits, we anticipate a renewed shift toward cash pay prescriptions. We view these dynamics, combined with growing pharma investment and direct-to-consumer engagement, as supportive of our long-term growth opportunity. We have built a powerful trusted platform that we're continuing to leverage in new and meaningful ways, which should ultimately drive sustainable growth and long-term stakeholder value. Our mission has never been more relevant, and I'm deeply proud of our teams for the focus and innovation they bring to helping millions of Americans save time and money on their prescriptions. I will now turn the call over to the operator for questions.