BofA Securities reduced its 12-month price objective on GoodRx to $2.60 from $3.00 while reiterating an Underperform rating, citing persistent ambiguity around near-term growth. The firm’s new target reflects a multiple of 4.0x calendar-year 2026 EBITDA, down from 4.5x previously, in line with weaker peer valuations. This adjustment underscores BofA’s cautious stance on GoodRx’s ability to deliver consistent revenue growth amid mounting industry challenges.

According to BofA, ongoing structural shifts in the U.S. pharmacy landscape—including recent closures of CVS, Rite Aid and Walgreens outlets—are poised to depress GoodRx’s core prescription transaction business through at least 2025. Reimbursement reforms enacted this year have compressed margins on cash-pay scripts, while renegotiated pharmacy benefit manager contracts could accelerate net pricing at the counter, creating additional strain on the company’s primary revenue stream. These combined factors introduce uncertainty around GoodRx’s ability to sustain transaction growth into 2026.

Over the past 12 months GoodRx has expanded beyond its PBM-tied model by launching subscription plans for erectile dysfunction, hair loss and weight-loss therapies and forging new partnerships with pharmaceutical manufacturers. Most notably, the company announced that the newly FDA-approved Wegovy® pill (oral semaglutide) is now available at a cash price of $149 per month at more than 70,000 U.S. pharmacies via its platform. GoodRx will also enable consumers to connect with licensed healthcare providers through its GoodRx for Weight service, marking a strategic push to broaden its revenue base and improve patient access.