GoodRx Holdings, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the GoodRx fourth quarter and full year 2025 earnings call. As a reminder, today's conference is being recorded. I would like now to introduce your host for today's call, Aubrey Reynolds, Director of Investor Relations. Ms. Reynolds, you may begin.

Thank you, Operator. Good morning, everyone, and welcome to GoodRx's earnings conference call for the fourth quarter and full year 2025. Joining me today are Wendy Barnes, our chief executive officer, and Chris McGinnis, our chief financial officer. Before we begin, I'd like to remind everyone that this call will contain forward-looking statements. All statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding management's plans, strategies, goals and objectives, our market opportunity, our anticipated financial performance, underlying trends in our business and industry, including ongoing changes in the pharmacy ecosystem, our value proposition, our long-term growth prospects, our direct and hybrid contracting approach, collaborations and partnerships with third parties, including our point-of-sale cash programs and our integrated savings program, our e-commerce strategy, and our capital allocation priorities. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors. These factors, including the factors discussed in the risk factors section of our annual report on Form 10-K for the year ended December 31st, 2025, and our other filings with the Securities and Exchange Commission, could cause actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements made on this call. Any such forward-looking statements represent management's estimates as of the date of this call, and we disclaim any obligation to update these statements, even if subsequent events cause our views to change. In addition, we will be referencing certain non-GAAP metrics in today's remarks. We have reconciled each non-GAAP metric to the nearest GAAP metric in the company's earnings press release, which can be found on the overview page of our investor relations website at investors.gooderx.com. I'd also like to remind everyone that a replay of this call will become available there shortly as well. With that, I'll turn it over to Wendy.

Thank you, Aubrey, and thank you to everyone for joining us today. The fourth quarter marked a strong finish to the year and reflected disciplined execution across our strategic priorities. We expanded direct-to-consumer affordability programs with pharmaceutical manufacturers, scaled differentiated subscription offerings, and deepened relationships with retail pharmacies. Those results were shaped by a year of meaningful change across the healthcare landscape. In 2025, affordability pressures intensified, policy dynamics reshaped access and pricing, and consumers increasingly expected healthcare to be more transparent, accessible, and direct. Together, these shifts pushed affordability and access to the center of healthcare decision-making, an environment that played directly to GoodRx's strengths. Against that backdrop, we moved quickly to translate market change into clear execution across our platform. We expanded access to high impact therapies like GLP-1s and supported manufacturers as they leaned further into direct-to-consumer strategies. We launched condition-specific subscriptions that bring pricing, care, and access together in a single seamless experience. And we partnered with pharmaceutical manufacturers to integrate pricing into TrumpRx, helping them operationalize self-pay pricing at scale. Taken together, these actions demonstrate how we're evolving GoodRx to meet the needs of consumers, pharmacies, manufacturers, and policymakers in a rapidly changing healthcare environment. While our core marketplace remains foundational, We are increasingly orienting the business around pharma manufacturer solutions as a key growth driver. This reflects the evolving dynamics of prescription access and pharmacy economics, where brands are playing a more significant role in retail performance. Importantly, this strategic evolution builds on a position of strength. With the number one prescription app and nearly 300 million site visits annually, we continue to lead in prescription savings. That scale and consumer reach uniquely position us to deliver value in an environment where affordability and direct-to-consumer access are becoming central to how medications are brought to market. As pharmaceutical manufacturing solutions scales, it reinforces and enhances our core platform by accelerating subscriptions, deepening retail relations, and expanding our ability to engage with employers, all while creating differentiation competitors cannot easily replicate. We believe this positions GoodRx for stronger, more resilient long-term growth, even as we navigate near-term financial impacts from this transition. Now diving into key business updates, starting with pharma manufacturer solutions, which has become a key growth engine for our business, with full year revenue up more than 40% in 2025 year over year. The industry dynamics I just discussed, combined with tighter insurance coverage, are fundamentally changing how prescriptions are accessed. 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. At the same time, the rapid growth of GLP-1s for obesity has accelerated direct-to-consumer models and heightened expectations around transparency and convenience. As a result, Consumers increasingly want the prescription experience to reflect the standard set elsewhere in their lives, with digital first tools, transparent pricing upfront, and a seamless path from decision to fulfillment. But the prescription journey hasn't kept pace at scale, and that gap becomes most visible at the moment consumers are ready to act. This makes direct-to-consumer engagement essential. Pharmaceutical manufacturers are investing more in patient-facing strategies to meet consumers earlier and need partners that can execute those strategies at scale. That's where GoodRx stands apart. With nearly 25 million consumers and more than 1 million healthcare professionals using our platform each year, we operate directly in the flow of patient decision-making, enabling manufacturers to turn pricing strategies into real access and adherence. That momentum sets the stage for the next evolution of pharma manufacturer solutions, which we're now calling GoodRx Pharma Direct. This evolution reflects a clear vision for the role GoodRx plays in modern pharmaceutical commercialization, serving as a proven digital storefront for self-pay and direct-to-consumer strategies that are becoming increasingly central to prescription access. For pharmaceutical manufacturers, PharmaDirect provides the infrastructure to bring affordability programs to market at scale, applying modern e-commerce principles to prescription access. This creates a streamlined, repeatable way to launch self-pay strategies without building new consumer platforms or point solutions. This capability matters because self-pay is increasingly shaping how drugs are brought to market, with manufacturers launching with discounted cash prices as a core access strategy. Earlier this year, Novo Nordisk launched the Wegovy pill with select doses available for $149 per month. As one of the launch collaborators, GoodRx offered this lowest available self-pay price from day one, giving consumers immediate clarity on cost and access. When paired with the GoodRx for weight loss experience, consumers are able to evaluate their treatment options and, if eligible, move forward without delay. Based on data Novo Nordisk released during the recent earnings call, paired with our own internal data, we believe GoodRx accounted for nearly 20% of all Wegovy PIL self-pay fills during a single week in January, demonstrating the scale and reach of our platform. More broadly, this model has the potential to scale across the GoodRx platform. The same self-pay strategies that support launches also strengthen subscriptions and drive savings at the retail counter. Today, we have more than 100 brand self-pay programs live, many of which are integrated into TrumpRx to further expand their reach and visibility. This foundation also enables us to serve as a key integration partner for pharmaceutical companies offering discounted cash prices on TrumpRx. Manufacturers are partnering with us to host their self-pay prices on GoodRx, and we then integrate those prices into the TrumpRx platform. Our nationwide pharmacy network and home delivery capabilities when available mean the programs we are hosting can scale quickly and consumers can access the savings wherever they choose to fill their prescriptions. We are proud to be the integrated pricing source for Pfizer and other leading manufacturers at launch, including over 30 of Pfizer's essential brand medications spanning women's health, migraine, arthritis, rare disease, and more. This integration underscores GoodRx's role as critical infrastructure for delivering manufacturer affordability programs at national scale. Ultimately, PharmaDirect reflects how pharmaceutical commercialization is evolving, with self-pay and direct-to-consumer strategies playing a central role, and how GoodRx is enabling that shift. Laura Jensen, our Chief Commercial Officer and President of PharmaDirect, is here with us today and will be available to address questions about PharmaDirect following our prepared remarks. Laura joined GoodRx from Amazon Pharmacy in August to lead our work with pharmaceutical manufacturers and has been instrumental in shaping and accelerating the strategic evolution. Now turning to Rx Marketplace. The fourth quarter marked important progress in stabilizing our prescription marketplace and deepening our partnerships with retail pharmacies. even as the broader retail pharmacy environment remains challenged. We significantly expanded our e-commerce ecosystem, tripling our retail footprint through an accelerated rollout of new partners during the quarter. This expansion allowed us to exit the year with six of our top 10 retail pharmacies live on our platform and drove a clear inflection in consumer adoption, with order volume up 83% quarter over quarter. At the same time, we strengthened the underlying economics of the marketplace. We now have direct contracts in place with nine of our top ten retail pharmacies nationwide, providing a strong foundation for attractive retail margins. We also drove strong RxSmartSaver momentum and continued to scale Community Link, implementing direct contracting and an expanding number of independent pharmacies nationwide. Now turning to subscriptions, we continue to execute against our condition-based strategy focusing on high-intent areas where affordability and access are the primary barriers. In 2025, that included erectile dysfunction, hair loss, and weight loss. While still early, the initial launch and subscriber activations have exceeded our expectations, reinforcing our confidence in this approach. Weight loss, in particular, highlights the unique role GoodRx can play and direct to consumer health care. GLP-1 treatments for weight management are often not covered by insurance. leaving most consumers paying out of pocket. With GoodRx for weight loss, we simplify the entire journey from virtual consultation to prescription to fulfillment at nearly every pharmacy nationwide using only FDA approved therapies and pairing them with transparent industry leading discounted cash prices powered through our direct relationships with pharmaceutical manufacturers. Given the scale of unmet demand in this category, Weight loss represents a meaningful long-term opportunity and a clear example of how GoodRx serves as a connective layer across care, pricing, and access. Another important driver of subscription growth is the continued strength of our brand. Consumers recognize and trust GoodRx as a reliable entry point for prescription savings, and that brand equity is translating into efficient customer acquisition. We have attracted high intent users and converted them at customer acquisition costs below industry benchmarks. Given those returns, we plan to continue investing in brand and performance marketing and will increase spend to drive subscription growth where we see strong unit economics. We also just introduced Employer Direct, a new offering designed to help employers address gaps in traditional insurance coverage by pairing their existing benefits with integrated cash pricing. The program is built to work alongside rather than replace employer health plans and gives employers practical ways to expand affordability and access without taking on additional plan complexity. There are two ways to engage with Employer Direct. First, employers can work with us to create medication-specific programs to contribute directly to the cost of individual brand medications that are not covered or are inconsistently covered under their health plans. These contributions are applied at the pharmacy counter, effectively buying down the employee's out-of-pocket cost for a specific drug. We launched this approach with our first employers at the start of this year with an initial focus on GLP-1 medication. Second, employers can partner with us to offer an employer-specific version of GoodRx's condition-specific telemedicine solutions, including weight loss, erectile dysfunction, and hair loss. We see EmployerDirect as a natural extension of the GoodRx platform and a meaningful growth opportunity within our portfolio. I will now turn the call over to Chris to discuss fourth quarter and full year results, as well as 2026 guidance.