GoodRx Partners with TrumpRx to Power Discounted Medication Pricing, Aligning with Pharma Solutions Growth Strategy

What happened

GoodRx announced it is a key integration partner for pharmaceutical companies offering discounted cash prices on TrumpRx, a website that lists manufacturer discounts without directly selling drugs. This move supports GoodRx's strategic shift toward expanding its pharma manufacturer solutions segment, which grew 54% year-over-year in Q3 2025 amid declining core prescription transactions. TrumpRx facilitates consumer access to discounts, relying on partners like GoodRx to execute the underlying transactions, potentially enhancing GoodRx's reach in higher-margin areas. However, this partnership does not address the structural pressures in GoodRx's core business, where prescription transactions revenue fell 9% YoY in Q3 2025 due to PBM program changes and pharmacy closures. Overall, the announcement underscores GoodRx's diversification efforts but highlights its ongoing dependency on third-party platforms and persistent industry risks.

Implication

The TrumpRx collaboration is expected to contribute to the rapid expansion of GoodRx's pharma manufacturer solutions, which could improve adjusted EBITDA margins and support the transition away from eroding coupon revenue. However, it does little to stabilize the core prescription transactions segment, where monthly active users have dropped to 5.4M and management guides for a $35–40M revenue hit from industry headwinds. Investors should remain cautious, as such partnerships are non-exclusive and subject to competitive disintermediation from PBMs and regulatory scrutiny that could compress spreads. Financially, while this may bolster short-term growth in a smaller revenue segment, it does not alter the broader risk profile, including leverage and potential earnings downgrades if core declines persist. Long-term success still hinges on GoodRx's ability to balance this growth with resolving fundamental challenges in its legacy business amidst ongoing market shifts.

Thesis delta

This partnership validates GoodRx's strategic focus on growing pharma manufacturer solutions, aligning with the transition narrative in the existing thesis and potentially enhancing revenue diversification. However, it does not materially change the core risks, such as declining prescription transactions, regulatory uncertainties, or partner dependencies, which remain critical to investment outcomes. Therefore, while incrementally positive, it does not warrant a shift from the current 'POTENTIAL BUY' rating without evidence of sustainable stabilization in the core business.