BofA Securities reduced its price target on GoodRx to $2.60 from $3.00 and maintained an Underperform rating, citing continued uncertainty in the pharmacy ecosystem through 2026. The downgrade follows a wave of retail pharmacy closures by chains such as CVS, Rite Aid and Walgreens, which have constricted prescription volume. In addition, 2025 reimbursement changes have weighed on GoodRx’s core transaction business, while recent contract shifts by pharmacy benefit managers could compress net pharmacy pricing and further pressure the company’s primary revenue stream.

Despite these headwinds, BofA acknowledged that GoodRx has broadened its revenue base over the past year by launching subscription products for erectile dysfunction, hair loss and weight loss, and by deepening partnerships with pharmaceutical manufacturers. Nevertheless, more than half of GoodRx’s revenue remains tied to PBM-driven prescription transactions. BofA stressed that GoodRx must reinforce its industry position in 2026 and beyond to stabilize growth, given the lingering drag on its traditional business model.

In line with lower peer valuations, BofA adjusted its target multiple to 4.0x calendar-year 2026 EBITDA from 4.5x previously. The revised price objective of $2.60 incorporates anticipated margin pressure from pharmacy market dynamics and reflects a more conservative assessment of GoodRx’s ability to regain momentum in its core segment before fully leveraging its newer subscription and partnership initiatives.

Separately, GoodRx announced it will offer the newly FDA-approved Wegovy® pill (oral semaglutide) at a cash price of $149 per month through more than 70,000 pharmacies nationwide. This initiative expands GoodRx’s footprint in consumer savings and access, and will soon enable patients to connect with licensed healthcare providers via the GoodRx for Weight platform for treatment evaluation and prescription fulfillment.