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44th Annual J.P. Morgan Healthcare Conference

Jan 13, 2026

Speaker 3

Such bad timing, but.

I know.

It's never going to change.

Lisa Gill
Head of Healthcare Services, JPMorgan

Good afternoon. My name is Lisa Gill, and I head healthcare services here at J.P. Morgan. It's with great pleasure this afternoon that we have GoodRx. With us from GoodRx, we have CEO Wendy Barnes, as well as CFO Chris McGinnis. With that, I'm going to turn it over to Wendy to get started.

Wendy Barnes
CEO, GoodRx

Thank you so much. We appreciate you all coming this afternoon. Our format is more of a fireside chat format, and we've, of course, spent considerable time with Lisa. She knows our business well. And so we've got a number of topics we're hoping to cover today about the business between Chris and myself, and then we will have an additional guest join us toward the end, Lisa.

Lisa Gill
Head of Healthcare Services, JPMorgan

Perfect. I'm really excited to spend time with you guys, so let's start by talking about some of the major dynamics that are happening in the health benefits landscape. Many of you may have just watched Dr. Oz talking about many of these things, whether it's the reduction in ACA, changes to Medicaid coverage, to the growing high-deductible plans that are in the market. How are these shifts changing consumer behavior? Historically, how do higher uninsured and underinsured rates impact GoodRx?

Wendy Barnes
CEO, GoodRx

Thanks for the question. And unfortunately, I wish I would have had the benefit of hearing the presentation. Unfortunately, just given the timing of all of this, I didn't get to hear everything that they conveyed, but some of our colleagues were able to attend. Look, generally speaking, we're still, much like I'm guessing all of you are sorting through whether or not the ACA subsidies will, in fact, get through the Senate. I don't know in any way, shape, or fashion, depending upon what the House pushed through. What we do know and what we believe we understand is that, at a minimum, anything that does get extended will probably be only a portion of the former amount of dollars that were extended to these same individuals. And all of those do point to a greater population of individuals who, in fact, will be uninsured.

And I would say part and parcel to that, Lisa, is even those that do have coverage. We see year over year more drugs that aren't covered. About one in five at this point continue to not be covered by most major commercial plans. So as such, when you think about that dynamic, what that means is many of us, while insured, are a bit underinsured. And so that tends to push more people to utilizing cash. And while we've shared with you before, perhaps the audience isn't as acutely aware, but about 90% of GoodRx users actually have insurance, which is often shocking for many individuals. So most actually do have coverage who utilize us. But be that as it may, as more push-off benefit, we do think that that will provide a tailwind for the business, Lisa.

Lisa Gill
Head of Healthcare Services, JPMorgan

You know, more broadly, given the current administration's focus on drug affordability, and they did touch on this today, how does that fit into the value proposition that you're trying to bring to consumers? And I think a lot of what they talked about today is just that many times it doesn't flow down to the consumer, even some of the price concessions, et cetera, that happen.

Wendy Barnes
CEO, GoodRx

Yeah, well, while I will tell you a year ago when I was, I think, a week in the seat in my role at this very conference, and we were having a similar conversation, I don't know that I would have anticipated the regulatory environment as it played out last year. I don't know that any of us could have. Be that as it may, I think it's fair to say that you'd be hard-pressed to find an individual who doesn't believe that affordability of drugs and accessibility of drugs is the right thing to do for Americans and consumers, and that, ironically or not, is our mission at GoodRx. So for that reason, we couldn't be more squarely aligned. Having said that, policy really only gets you so far.

Policy, while laudable, needs to be actionable, and the way in which you do that is partnering with businesses that can actually access the channel, work with pharma, and candidly have history in depth in our ability to execute on those programs. And that's largely what we're doing, given the history with our branded and manufacturer partnerships.

Lisa Gill
Head of Healthcare Services, JPMorgan

The conversation started today with that note exactly that this administration does believe in a public-private partnership and that the market should figure these things out, that it should not be driven by Congress, but rather by the free markets, which is nice to hear after the former administration. When I think about the Rx marketplace trends, you know, as we head into 2026, retail pharmacies are facing a challenging environment with store closures. We've seen this with Rite Aid going bankrupt, Walgreens and CVS closing stores, margin pressures, the evolving reimbursement models. What are pharmacies looking for in a partnership today, and how does that backdrop shape GoodRx's business model and their role in the ecosystem going forward?

Wendy Barnes
CEO, GoodRx

I appreciate the question. We have been, as a company, squarely fixated on enabling retailers from a margin perspective, in addition to making them more nimble digitally with consumers. The manner in which we've done that, and if you've been following us at all, we've been squarely fixated on partnering directly with retailers. We have shifted our model a bit whereby we work directly. We contract directly with retailers at this point, nine of the top 10. We hold paper with directly. Why are we doing that? We're doing it such that we can convey additional margin their way.

And as we think about the pharma programs that we just touched on and that our colleague here in the audience, Laura Jensen, leads for us, we are able to then take that brand point of sale, buy down value, and we convey that to our vast pharmacy network, which is approximately 70,000 pharmacies or most of the pharmacies in the U.S. So as pharmacies are struggling from a margin perspective, and particularly around brands where they've lost money for the better part of a decade, those point of sale brand buy down programs, they're now profitable on when they work with us directly. So I would say margin and profitability is thing one. Efficiency is also incredibly important to them such that they're not wasting time at the counter on supporting actions that really should have already been taken care of in any other sophisticated e-commerce transaction.

But for whatever reason, we can't seem to get it right in healthcare. And so we're going to touch upon here a little bit towards the end when we introduce our additional guest, how we're enabling better efficiency at the counter as well. But margin is certainly top of mind for retailers.

Lisa Gill
Head of Healthcare Services, JPMorgan

You know, in the last several quarters, we've talked about store closings, for example, Rite Aid and the store closings. How do we think about recapturing some of those scripts back into GoodRx as they've closed and people have shifted around? So maybe talk about some of those opportunities.

Wendy Barnes
CEO, GoodRx

Sure. Do you want to start with that one?

Chris McGinnis
CFO, GoodRx

I'm happy to. Good afternoon, everybody. You know, the environment with a Rite Aid closing, the way that happened actually happened so quickly. It unfolded literally. I think they made their announcement. I think later that week, actually stores went dark. So we didn't have a real opportunity. We thought we would. When you think about a typical bankruptcy process, we thought we'd have a little bit more time to work with our other retail partners. So if you think about the way a script is adjudicated, once the GoodRx information is on file at a retailer, the next time a consumer goes in, they don't have to put that information in again. It's just a GoodRx script at that point, right? So those renewals and future scripts just get picked up. When something like a Rite Aid happens and they just disappear, then we have to recapture.

We have to re-win that script. We have to remarket them, which is fundamentally different than when we talk about what may be continuing to happen, which is a bit of a thinning of the herd of Walgreens or CVS store closures. If you pick a retailer, our script, all our information is still inside the same four walls of that company. So if you walk two blocks further to pick your same script up, it's still a GoodRx script. So we have to go out and recapture the scripts at Rite Aid. Look, the one thing I say about our company that excites me most is we're one of the few spots in all of healthcare where consumers actually choose to do business with us. There's not a lot of places in healthcare that usually your benefits are handed to you.

So we actually have a consumer base that's educated, that's coming to our platform to look to access their medications in an affordable way, and we think they'll come back. We have 300 million hits on our website a year, 30 million active subscribers, so it takes a little bit of time, and we can't empirically track it because that's not the way our systems work, but we think we recapture over time somewhere between 20%-40% of those scripts, I would say, on average, so we work to do that, so we actually do have active marketing campaigns. We'll work to do that, but I think the fact that those consumers came to our platform looking to solve a problem once in terms of accessing their medication, I think they'll continue to do so.

Lisa Gill
Head of Healthcare Services, JPMorgan

So when we think about, not to pick on Rite Aid, but when we think about the file buys that went to some of the others, if you have a relationship with them, does that naturally convert that prescription to you? Is it more of, hey, Rite Aid was in locations that maybe they went to a supermarket or somewhere else to pick up the prescription and therefore have to reengage with GoodRx?

Chris McGinnis
CFO, GoodRx

Here's what I would say. It depends on how they brought the file buy over, whether or not they brought the adjudication information with it. But also the way it happened is you had people in real time. Consumers made the choice before the file buy. Because the stores went dark so quickly, people that wanted to get their script filled, they were either actively moving the script ahead of time or they were just showing up to a dark pharmacy saying, boy, I have to go do something different. So I'm not sure how efficient the file buys were for those retailers who did buy the files. So it's not a direct correlation of, hey, they bought 500 files, those were ours, we get the 500 scripts. It just didn't work. It didn't work out that way, given.

Wendy Barnes
CEO, GoodRx

And Lisa, if I could add, we don't anticipate another Rite Aid-like event in 2026. I mean, everything that our retailers are telling us at this point, there may be a thinning here or there, but I don't think we're going to see a recurrence of what we saw with Rite Aid in 2025.

Lisa Gill
Head of Healthcare Services, JPMorgan

Yeah, we don't either. I mean, I think it was a little bit unusual. I think that we could go down the path of a lot of different things as we've all followed this industry for a long time, that the government probably should have allowed Walgreens to buy all of Rite Aid, right? I mean, they really put them in a difficult position. So let's talk about subscription for a minute, though. Turning to subscriptions, you launched condition-based offerings like ED, hair loss, weight loss in 2025. Can you maybe talk for a few minutes about how the early uptake around these programs has looked and how we should think about subscription contributions and growth going into 2026?

Wendy Barnes
CEO, GoodRx

Thank you for the question. This is certainly an area that we are excited about, not the least of which is the hundreds of millions of consumers who look to us for pricing. We feel like we do have a natural right to win when it comes to condition subscriptions. Having said that, while we've seen a number of competitors get into this space, we wanted to be exceptionally thoughtful about what the experience would in fact be, which is why we started rather slowly in 2025. ED was May, hair loss, I believe, was October. And then we did weight loss in November. And for us, it's really about a couple of things. One, making sure that you've got branded, meaningful point-of-sale buy-downs that are available as part of and supportive inside these programs.

Two, particularly as it pertains to weight loss, which I think most of us would agree is one of the largest opportunities for many in the healthcare ecosystem, particularly around GLP-1s. We were adamant that we were only going to support branded therapies, just given the number of non-FDA compounded offerings that existed in the market that made us candidly incredibly uncomfortable with the manner in which those were being conveyed. And so you saw us really kind of wait to get into that space. And when we did, we did so in partnership with Novo, with pricing that was industry leading. We announced that again with Wegovy pill, I believe, last Monday at a price point of $149.

And so the idea is let's build these subscription offerings such that they're benefiting pharmacies where they can actually make money on filling these drugs, where they can benefit the manufacturers such that their affordability programs are being conveyed in a meaningful manner and supported in a manner in which they had originally intended. And finally, that the consumer is benefiting from a price point that is actually materially better than they could get anywhere else. So that's how we're thinking about it in 2026. Obviously, we've not yet guided for 2026. That will be more towards the end of February, at which point we hope to speak more meaningfully about how the programs have been performing. But generally, Lisa, we're very pleased with how they've been performing.

Lisa Gill
Head of Healthcare Services, JPMorgan

Did you see other conditions that kind of fit into that consumerism? I mean, a lot of these that you talk about are either not covered on traditional insurance or have limited coverage. Are there other areas that you think would fit?

Wendy Barnes
CEO, GoodRx

Undoubtedly, there are. We've yet to share where we're intending to go next. But I think naturally, those that follow condition subscriptions could probably have a couple of guesses as to what would be next. But undoubtedly, there are many conditions for which the branded therapies are often not covered, and those do lend themselves to good candidates.

Lisa Gill
Head of Healthcare Services, JPMorgan

A bright spot in 2025 was Manufacturer Solutions where you've grown that business, and I remember meeting you last year and spending time together here at the conference where you said, "I'm really excited to be here because of all the pharma participation and the amount of BD that gets done here each year." Maybe if we could spend a few minutes just really talking about some of those relationships that you have, what's really driven the demand for your pharma solutions.

Wendy Barnes
CEO, GoodRx

Sure. Gosh, this certainly is a bright spot in the business. Our Manufacturer Solutions are, in fact, driving the material amount of our growth, candidly. I couldn't be more pleased with how it performed in 2025. I think we've been on record as saying it's upwards of 40% year over year at this point. We're anticipating another great year in Manufacturer Solutions. As to what is continuing to fuel that, manufacturers are completely rethinking their commercial launch strategies. They're rethinking how they reach consumers. And when they contemplate a partner like GoodRx, they have the ability to immediately partner with someone who has the vast majority of consumer eyeballs looking for their price points. And so we have an activated consumer base. And pointing back to the previous comment I made, most of whom, by the way, already have a prescription in hand. 85% already have a script.

So they're an activated consumer looking to fill, and they know that when they partner with GoodRx, and so then you kind of layer on this regulatory environment that has fueled manufacturers to say, "Well, we have a window to really engage with D2P unlike ever before." We're getting a little bit of air cover from the administration such that maybe there won't be any type of consequence if we do both a point of sale cash deal and potentially work with payers. Whereas I think this group is probably pretty clear as to how manufacturers historically think about things from a payer standpoint in contemplating more of that gross to net play that they have.

And so when they think about working with us and the fuel that is a very favorable D2P contemplation in this regulatory environment, GoodRx is a natural solution for a commercial partnership to put their drugs in market with the Wegovy pill probably being the most recent example of this, a new launch. We're not talking about a field that has a ton of competitive NDCs. We're not talking about a late-stage product. Manufacturers at this point are completely rethinking their new-to-therapy and their new launch contemplation saying, "This might make sense with GoodRx as a partner." And so we're seeing that fuel more conversations.

Lisa Gill
Head of Healthcare Services, JPMorgan

We also, when we think about how it relates to how narrowing of formularies, growth of the cash pay market, direct-to-consumer strategy, how this is all influencing how the manufacturer is spending, particularly for drugs that are not well covered by insurance. You touched on this a little bit, but what are some of the programs that they're putting in place? How do we think about deeper participation by GoodRx and what it means for the consumer?

Wendy Barnes
CEO, GoodRx

Yeah, I mean, I think you start with potentially a point of sale brand buy down. That's kind of the basic element of this. But what it can turn into is how are they thinking about actually extending it to more consumers? How do they want to push it out to all of the retailers that we work with, which again is a different way for a lot of these manufacturers to think as compared to perhaps their own direct program, which on the whole may be a partnership with one or two home delivery pharmacies. So it's their ability to think through how they reach more consumers at the same time through a platform where those same consumers are already activated. They also think about the number of HCPs that already work with GoodRx.

So we know about 1.4 million healthcare providers utilize GoodRx in any given year, on any given day. Our best data suggests one in two are utilizing GoodRx. So we invested considerably last year in really our technology stack to better enable targeting of physicians to be able to partner with pharma to make sure that they can in fact target those particular NPIs for the disease states and molecules that they have best interest in. This is actually the first sales year that we're activating this technology. So the short answer is we'll see, but we believe we have a strong right to win in the HCP space as well.

Lisa Gill
Head of Healthcare Services, JPMorgan

When we think about benefit solutions, we've talked a lot about ISP. Over the longer term, you've laid out a handful of drivers for uptake, but there have been some factors on the PBM side that have impacted that uptake. How have you performed in executing on those drivers and adding more to the growth in the near term versus others when we think about ISP?

Wendy Barnes
CEO, GoodRx

Yeah, no, we've talked a bit about ISP, is originally intended that as our Integrated Savings Program. And the original iteration of that product was working with and directly with PBM such that we built the technology integration so that the GoodRx cash pricing would present alongside the funded price. So that is what the product was built to do, what it can in fact do. But for all the reasons that I think most understand, in every instance where the cash price was in fact less expensive to the consumer from an out-of-pocket perspective compared to their funded price, it's not always presented to the consumer for reasons that the payer may benefit from not necessarily displaying that pricing. So I think said differently, look, we will continue to work with PBMs. They continue to own the vast majority of commercial lives.

We get access to those lives through our PBM partners. Having said that, the iteration of ISP is originally intended. We still want to realize that outcome. And the manner in which you do that can be a couple of ways, but a simple way to do so is also to work directly with employers. And so I foreshadowed that a bit last year and said we were going to explore it, think about how to do it. I'm pleased to say we've now got a team in place that we're continuing to invest talent who knows how to do that. And we actually already have some employers live that we're working with. Beyond that, the way in which you realize your best comparison between cash and funded is to go further up funnel in the e-prescribing process, which hopefully we'll spend a little bit of time on today.

Lisa Gill
Head of Healthcare Services, JPMorgan

I think we will. Chris, can we talk a little bit about the EBITDA margins? You expanded them in 2024 and 2025. Are there further opportunities to expand margins from a cost discipline perspective in 2026 or anything else we should keep in mind as we think about margins going into 2026?

Chris McGinnis
CFO, GoodRx

Yeah, so Wendy and I are committed to being good stewards of shareholder money, right? And so we absolutely will continue to focus on cost discipline. One of the things I'm proud of this year is we were able to launch the condition-based subscriptions and to facilitate some of the ability to sell into the NPI-specific HCP. And we did that very efficiently. We didn't have to; we actually were able to cut costs, continue to focus. And so this is as much an exercise of refining where we're spending dollars and cutting out some of the things that for a company like ours, there's a hundred things we can go do, all of which may have a positive ROI, but it's all about how do you refine it and align it to your strategic initiatives and get and accomplish more. So we will absolutely do that.

I think that, again, we're not guiding yet. We'll get a little bit more into this, but I think we're probably in the range of the EBITDA margin that I see as longer term. I think there's probably short-term variability because, as we'll talk about some of the key partnerships we have, we have to support certain things. I think given where the launch on our, especially our weight loss subscription, which has been, it's met our expectations. We won't get into numbers, but we may electively spend money that we free up next year to support some of those things and spend money on marketing and do other things to drive those initiatives.

Lisa Gill
Head of Healthcare Services, JPMorgan

For future growth.

Chris McGinnis
CFO, GoodRx

For future growth. So we're focused on the long-term sort of target, which I think is probably in the range we're in. We may see variability based on some elective spend.

Lisa Gill
Head of Healthcare Services, JPMorgan

Today we're going to shift gears and we're going to talk about this new strategic partnership with Surescripts. For a while now, you've been talking about working on strategic partnerships, embedding yourself more fully into the healthcare ecosystem. You hedged on that announcement in prior quarters. Thank you so much for doing it here at J.P. Morgan. I know that you have some exciting news to share.

Wendy Barnes
CEO, GoodRx

Yeah. We are thrilled to be announcing a partnership with Surescripts today. And I would be remiss without bringing up my CEO partner, Frank Harvey, with Surescripts to come up so we can talk a little bit more about what it is we're doing. So welcome, Frank.

Frank Harvey
CEO, Surescripts

Thank you, Wendy.

Lisa Gill
Head of Healthcare Services, JPMorgan

Frank, thank you so much for joining us here at J.P. Morgan. If you wanted to spend a minute, introduce yourself and give a little bit about yourself.

Frank Harvey
CEO, Surescripts

Glad to. Frank Harvey, CEO of Surescripts. I've been in healthcare my entire career. I started out as a small-town community pharmacist in Lynchburg, Virginia, and have been in life sciences for a number of years, and then CEO of a number of companies three and a half years ago, taking over Surescripts as CEO.

Lisa Gill
Head of Healthcare Services, JPMorgan

Great. Well, welcome.

Frank Harvey
CEO, Surescripts

Sure. A few words about Surescripts, if you like.

Lisa Gill
Head of Healthcare Services, JPMorgan

Yes, that'd be great.

Frank Harvey
CEO, Surescripts

Those of you that don't know Surescripts, we're pretty ubiquitous across healthcare. Nation's leading health information network, 28 billion transactions a year, 2.6 billion e-prescriptions a year, is the backbone of the e-prescribing network in the country. Every prescribing physician, every pharmacy, every health system, everybody that transacts clinical data in the U.S. utilizes a Surescripts network.

Lisa Gill
Head of Healthcare Services, JPMorgan

When we think about the rollout of this new opportunity called Script Corner.

Frank Harvey
CEO, Surescripts

Script Corner.

Lisa Gill
Head of Healthcare Services, JPMorgan

Script Corner. Can you maybe just talk a little bit about that and the timeline?

Frank Harvey
CEO, Surescripts

Yeah. Sure. I'm glad to. We are really excited, first of all, to have a partnership with GoodRx. The impact that they've had in the nation, the loyalty they have from the millions of patients around the nation is just tremendous. The partnership that Wendy and I have personally is we have a lot of passion around this, making sure it happens. Script Corner, price transparency is so important. It's so important to get that in the hands of the patient so they understand what they're dealing with when they get in front of the pharmacy. As a practicing pharmacist, many years ago, I'll never forget the number of times patients came in, heard what their script was going to cost, and then they couldn't afford it. They had to make choices, so they would just abandon it.

It's estimated that almost a billion scripts a year are abandoned in the U.S. And those are actually the most expensive scripts, not because of the price, but the most expensive script is the one that's never picked up, the one that's never taken by a patient because their disease state continues to worsen. So that's what we try to avoid. And by getting that price transparency information in the hands of the patient right up front when they can help make those right decisions is what's so important.

Wendy Barnes
CEO, GoodRx

Can I describe it a little further?

Lisa Gill
Head of Healthcare Services, JPMorgan

Yes, that would be great.

Wendy Barnes
CEO, GoodRx

So this is really a, it's a mobile-enabled, web-friendly application whereby in partnership with Surescripts, so participating physicians at the point of prescription writing. So typically when we're still in the office, if you're the patient, this will present as a secure text web link for you to opt into, at which point should you proceed. You will be presented with not only your funded price, you will be presented with your GoodRx price. You will be presented with other affordability programs that Pharma conveys. And over time, Surescripts is going to add additional capability to this tool. But said differently, this will give you the ability to see a comparison to your best cash price at all of the pharmacies that we participate with, which again, largely are every pharmacy in the U.S.

We believe consumers should have choice compared to your funded benefit. This truly, from my seat after 30 years in healthcare, has been something I have wanted to accomplish my entire career. This is something both as a healthcare professional, but also a consumer who gets very frustrated trying to fill prescriptions, even though I understand this business incredibly well. This is what all of us want. We want transparency for patients to then make a choice. But if you step back from that, while that in and of itself I find to be incredibly exciting, think about what this does for health systems and prescribers who otherwise are being burdened with trying to help patients understand a more affordable alternative. It's time they don't have to give.

If you think about Pharma trying to ensure that patients adhere to the brands or any drug rather than that they manufacture that a prescriber wrote for, then sometimes gets disintermediated at the counter or left there. If you think about pharmacies that they don't have time for us to stand there and ask them repeated questions on a better price point, or worse yet, to Frank's point, it is filled and then we abandon it because we can't afford it. All of those things are really taken care of in this product, and so you're bringing together, in my view, what all of us are asking for as consumers, and I'm just incredibly excited to see where this goes.

Lisa Gill
Head of Healthcare Services, JPMorgan

How do you think others in the pharmacy ecosystem will digest this news?

Frank Harvey
CEO, Surescripts

I think they'll be very excited for a number of reasons. If you just look at the time that a pharmacist or pharmacy staff spends with patients trying to explain why it's so expensive and what can they do and calling back the physician to see if there are other alternatives, that time will be eliminated. For the health systems, getting patients on therapy as soon as possible is so important in preventing the disease progression and helping them overall. So we think it's going to be tremendously exciting to a lot of the health systems. We started out in the announcement this morning. We said there are two health systems, one in Illinois, one in Texas. There's already a third in Ohio. As we talk to health systems, they're very excited about this because, one, they want their patients to be informed.

They want patients to be able to make the best decisions for themselves as well, and having that transparency into the cost of the medication, we're going to see a higher percentage of patients that get on therapy and stay on therapy, and with the partnership, the opportunity to work with a company that is so loved around the country by patients is just tremendous.

Lisa Gill
Head of Healthcare Services, JPMorgan

How do we think about the financial profile of this relationship and what this means?

Wendy Barnes
CEO, GoodRx

Yeah, well, what I will say, Lisa, is we're not going to share what our arrangement is, and nor do we probably intend to guide toward anything specific when we do guide towards the end of February. But I'm viewing this, as is Frank, I believe, as kind of a slow journey where we're going to be very careful about how the product works, how it interfaces with prescribers. We want to make sure that we're not inadvertently creating abrasion. This needs to be patient-centered to convey this pricing side by side. So we're going to test and learn with some of these early systems. But unequivocally, and I think you guys may have provided the study, like 95% of prescribers have said that their patients very frequently either can't fill their prescription or ask them to change it to something less expensive.

And so I see no reason why folks will not get behind this over time, but we need to refine it. There's no question. This is, I view, pilot initially, but I have a hard time believing any healthcare system wouldn't say, "Yes, us too, we should participate.

Lisa Gill
Head of Healthcare Services, JPMorgan

So I understand who you're selling it to. So if I understand this correctly, it's being sold into the health system or into the physician office. And then from there, if I'm the consumer, I then click the link where I, as the individual consumer, can now see what my different pricing opportunities are based on my insurance. You'll have my insurance information as well as the patient information.

Frank Harvey
CEO, Surescripts

Yes, very straightforward during the prescribing process, and that's one of the most important things that happens during the prescribing process, right when the patient is making those decisions. If it's a participating health plan, a participating therapeutic area, and the patient, the physician will automatically launch it. An SMS text message will go out to the patient. The patient will have an opportunity to opt in. Now, not every patient's going to opt in. More and more over time will, as they understand the benefit of it, but if the patient opts in, they'll then go to their personalized web page.

It'll have certain HIPAA things that they have to agree to, and then their specific benefit information, their specific price up to the second price at their cash price, manufacturer support programs, their price at their preferred pharmacy, and prices at other sites of service will be presented to them, and then they can make that informed decision. Now, the physicians have had this technology through our product, Real-Time Prescription Benefit, so they've been able to see this, and many physicians will take the time and work with patients through this, but as in-demand as the physicians and clinicians are, they just don't have time every time to do this with the patient, and so this really puts it in the patient's hands so they can be responsible for their own care, be responsible for managing their own dollar, if you will.

Lisa Gill
Head of Healthcare Services, JPMorgan

When I think about it from a competitive standpoint, are there others that do this in the marketplace today?

Frank Harvey
CEO, Surescripts

I'll say there are a lot of apps and things out there that try to focus on price transparency. There's no other in the market that, at the time of prescribing, when the patient—that decision's being made—put that in the hand and then have the partnership and power of these two companies behind it to ensure that the patient does have the best option, the right cash price, the right benefit price, and gets it right the first time.

Lisa Gill
Head of Healthcare Services, JPMorgan

When we do these types of discussions, we always like to think about bigger picture, right? So we're sitting here today. We sat together last year. I think that there's probably some misunderstandings around GoodRx and who you truly are and the benefits that you bring to the consumer. Wendy, can you just spend some time thinking about what you really hope investors will better understand about GoodRx as we move into 2026?

Wendy Barnes
CEO, GoodRx

Sure. I very much appreciate this question. Clearly, there's a lot that continues to be misunderstood about GoodRx. If I'm sitting here 12 months from now, my aim would be a couple of things, the first of which would be that investors clearly understand what portion of our revenue is driven by these partnerships with Manufacturer Solutions. It is a durable model that conveys real value. Secondarily, that we're taking that value and we're sharing it across the ecosystem. So it's pushing back to partnerships with retail pharmacies. So in other words, our Manufacturer Solutions business is integrated with our Rx marketplace, that those two things are actually linked. And I think at present, there's a pretty nascent understanding of that. Additionally, I would want the market to understand that we have a meaningful business in our subscription condition business 12 months from now.

And lastly, I would want the market to better understand that from an employer perspective, given what we're doing with cash pricing, that there absolutely is a real business in enabling a partnership alongside insurance at the employer level, such that, again, with a relationship such as Surescripts, it's not an or when it comes to insurance and cash. It truly is an and, and it's something that all of us should demand to be able to see.

Lisa Gill
Head of Healthcare Services, JPMorgan

Great. Any closing comments?

Frank Harvey
CEO, Surescripts

Yeah. If I could just make one comment on that. When we were building out Script Corner, we had to choose the right partner. And there are a number of options out there to choose. But when we looked at the loyalty that patients have and as GoodRx has built that relationship, it was just no other choice that really made sense. When we looked at what GoodRx was doing to reach out to retail pharmacy, to create opportunities for retail pharmacy to make money on scripts that they could not fill profitably in the past, that made a huge difference to us. We really want to support the provider community, the pharmacy community. We felt like GoodRx is really making a huge effort to that, and they were the right partner for us in this program.

Lisa Gill
Head of Healthcare Services, JPMorgan

Great. I think that's it. Thank you so much for today. I appreciate it.

Wendy Barnes
CEO, GoodRx

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