GoodRx Holdings, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the GoodRx first quarter 2026 earnings call. As a reminder, today's conference call is being recorded. I would now like 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 first quarter 2026. 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 factor 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. We delivered a strong first quarter with performance driven by continued momentum across our strategic growth priorities. We are seeing strength in revenue, disciplined execution on profitability, and healthy engagement across the platform. Overall, we feel confident these results validate that the strategy we laid out last quarter is working and that we are building a sustainable value proposition designed to deliver resilient long-term growth. That momentum is coming from the parts of the business we've been investing in. PharmaDirect continues to scale, supported by strong demand for manufacturer-sponsored pricing programs and continued momentum in GLP-1 access. Our subscription offerings, led by GoodRx for weight loss, are growing and driving deeper consumer engagement. And RxMarketplace is delivering performance in line with internal expectations, supported by the continued expansion of our e-commerce footprint and the strength of our direct contracting model. At the same time, the broader healthcare environment is evolving in ways that align with our strategy and create meaningful opportunities for us to capture additional value. Coverage gaps are widening, out-of-pocket costs remain elevated, more Americans are finding themselves uninsured, and consumers are demanding greater transparency in how medications are priced and accessed. As a result, affordability is becoming a more central factor earlier in the patient journey, with consumers and providers actively evaluating costs before prescribing and filling, pharmaceutical manufacturers accelerating direct-to-consumer strategies, employers looking for new ways to support high-cost therapies, and pharmacies adapting to more transparent, digitally-driven models of fulfillment. As these dynamics evolve, how affordability is presented and experienced by consumers is becoming increasingly important, shaping not just awareness, but whether patients ultimately move forward with treatment. GoodRx is well positioned to respond to these changes. Over the past several years, we have been focused on evolving our platform from an affordability destination into a true access infrastructure. We have built a digital storefront where consumers can easily understand pricing across generics and brands and access those options through a more integrated experience. At the same time, we have developed the underlying capabilities that allow manufacturers to leverage our platform to deliver self-pay programs directly to consumers at scale. This is expanding the role GoodRx plays in the prescription journey and positioning us to be at the center of how medications are evaluated, accessed, and filled. With that, I'll walk through our business updates, starting with PharmaDirect. GoodRx PharmaDirect continues to be a key growth engine for the business. In Q1, PharmaDirect saw 82% growth year over year, reflecting continued expansion of manufacturer-sponsored pricing programs on our platform. We now have more than 125 self-pay programs live, reinforcing the growing role GoodRx plays in enabling modern pharmaceutical access. A key driver of momentum in the quarter was our continued support of highly anticipated GLP-1 launches and expansions. Since the start of the year, we have helped enable access to Ozempic Pill, Wegovy HD, Wegovy Pill, Boundeo, and ZepBound QuickPen. To provide a sense of the scale we are driving, a third-party source indicates that we accounted for approximately one-third of all Wegovy Pill transactions in the first two months post-launch. This reinforces the increasingly central role GoodRx plays in helping manufacturers bring therapies directly to the patients who need them, with transparent pricing and broad pharmacy access from day one. Beyond GLP-1s, we are continuing to expand PharmaDirect across therapeutic areas and program types. In the quarter, we announced a collaboration with Beatrice to support savings availability for 17 of its established brand medications. We also introduced significant discounts from Pfizer on more than 30 of its essential medications, spanning women's health, migraine, arthritis, and rare disease made available through a dedicated Pfizer branded storefront on GoodRx and on TrumpRx as part of our integration. As these programs scale, our focus is shifting from launch to how affordability is surfaced and discovered by consumers. In response, we are developing new ways for manufacturers to engage patients on GoodRx. Branded storefronts are a key example, providing a simple, trusted entry point for consumers turning to explore a manufacturer's full portfolio of savings in one place. And when manufacturers leverage GoodRx as a channel, those programs are available across our nationwide pharmacy network, supporting broad consumer choice and convenient access. We believe this model represents a more cohesive and consumer-friendly way to present affordability offerings at scale. We are also seeing encouraging traction from TrumpRx, where GoodRx enables pricing for many of the brands available on the platform. Early data shows strong demand concentrated in GLP-1 therapies, and importantly, the volume appears to be incremental, expanding access to new patients rather than shifting existing demand. That is a meaningful signal for manufacturers and reinforces the value of transparent pricing delivered through consumer channels. Overall, PharmaDirect is evolving GoodRx beyond a pricing solution into a broader consumer access platform for pharmaceutical manufacturers, enabling them to reach patients directly, convert clinically appropriate demand, and deliver pricing seamlessly at the pharmacy counter. Now diving into RxMarketplace. In Q1, RxMarketplace delivered steady prescription transaction performance that was in line with internal expectations, supported by continued operational execution across the business. Monthly active consumers were flat quarter over quarter, reinforcing consistent engagement on the platform. Following significant expansion of our e-commerce retail network late last year, Q1 performance demonstrated the scalability of our model with both order volume and total claims more than doubling quarter over quarter. As more consumers seek convenient digital ways to access medication, expanding our e-commerce capabilities remains an important part of improving the GoodRx experience and capturing a greater share of the prescription journey. At the same time, we continue to make progress on strategic initiatives designed to strengthen the long-term economics of the marketplace. This includes advancing direct retailer agreements. We have direct contracts in place with nine of our top 10 retail pharmacies nationwide and enhancing our pricing capabilities, including partnerships that enable PharmaDirect net pricing claims to be delivered directly at the pharmacy counter. These initiatives improve the consumer experience, create operational efficiencies for retailers, and support healthier marketplace economics over time. Turning to subscriptions, which is a key growth priority for the business. In Q1, our subscription offerings continued to scale and the number of subscription plans returned to year-over-year growth, driven by purposeful investment, growing consumer adoption, and continued expansion across our condition-specific programs. We are seeing increasing engagement as more consumers choose GoodRx, not just for savings, but as a more integrated way to access and manage their care. GoodRx for weight loss remains the primary driver of momentum within this category. Since our last call, we expanded the platform to support all available FDA-approved GLP-1 therapies. with the Wegovy pill performing particularly well since launching at the start of the year. More broadly, our weight loss offering continues to demonstrate the value of the integrated experience we are building. By combining clinical care, transparent self-pay pricing, and broad pharmacy availability, we are creating a seamless path for evaluation to therapy initiation, helping consumers easily start and stay on treatment. Beyond weight loss, our ED and hair loss offerings continue to contribute to growth while also demonstrating the broader applicability of our subscription model across additional conditions. Overall, we believe subscriptions are becoming a more meaningful part of how consumers engage with GoodRx and are strengthening our ability to build deeper, more recurring consumer relationships over time. Combined with our PharmaDirect solutions, It also creates a strong foundation to extend our model into the employer channel. Through GoodRx Employer Direct, self-insured employers can offer manufacturer-sponsored pricing to their employee population and choose to directly subsidize the amount, with employer contributions layered seamlessly on top of the manufacturer's approved price. This creates a clear, reduced out-of-pocket cost for employees. while giving employers a more flexible and predictable way to support high-impact therapies. We are already seeing this model in practice through our work with Eli Lilly and Company on ZepBound QuickPen, which enables employers to subsidize Lilly's $449 price across all doses. This is a clear example of how pharma direct pricing can be extended into the employer channel without requiring changes to the core benefit structure. We are also extending our subscription offering into this channel. Employers can offer a customized version of GoodRx for weight loss, integrating clinical care, transparent pricing on FDA-approved therapies, and broad pharmacy availability into a single streamlined experience. This approach allows employers to address coverage gaps without redesigning their core pharmacy benefits while delivering meaningful savings and improved access for employees. I will now turn the call over to Chris to discuss Q1 results.