SANTA MONICA, Calif. - GoodRx (NASDAQ: GDRX), a leading U.S. prescription savings platform, has announced that QSYMIA® is now available at over 70,000 retail pharmacy locations for a cash price of $149, exclusively through GoodRx. The move is part of GoodRx's efforts to make obesity treatment more accessible and affordable, particularly for those without insurance coverage.
Obesity, a condition affecting more than 40% of U.S. adults according to the CDC, is linked to increased risks of diseases such as type 2 diabetes and heart disease. High costs and lack of insurance coverage often make weight-loss medications difficult to access. QSYMIA, a combination of phentermine and topiramate extended-release capsules, is indicated for weight reduction when combined with a reduced-calorie diet and increased physical activity. It is designed to manage hunger and reduce cravings, contributing to weight loss and maintenance when used alongside a healthy lifestyle.
Dorothy Gemmell, Chief Commercial Officer at GoodRx, emphasized the significance of making such medications available to those in need, stating that the partnership with VIVUS, the biopharmaceutical company behind QSYMIA, aims to improve access to a treatment that can lead to better outcomes for chronic diseases. John Amos, CEO of VIVUS, highlighted the cost-effectiveness of the partnership, as one in five adults and one in four young adults achieve significant weight loss with QSYMIA.
GoodRx collaborates with nearly 150 brands to provide savings and patient support programs. The company has recently partnered with Pfizer (NYSE:PFE) for menopause hormone therapies and with ARS Pharmaceuticals to offer neffy at discounted prices.
QSYMIA's cardiovascular morbidity and mortality effects have not been established, and it is not recommended for use with other weight loss products. Side effects can include birth defects, serious eye problems, mood changes, and skin reactions. It is contraindicated in pregnant women, those with glaucoma, hyperthyroidism, or a history of MAOI use within the past 14 days.
The announcement is based on a press release statement, and GoodRx has a track record of helping consumers save on prescriptions, with over $75 billion saved since 2011. The company encourages investors to follow its press releases and SEC filings for important information.
In other recent news, GoodRx Holdings Inc. has made some significant moves. The company recently appointed Ronald E. Bruehlman, the current CFO of IQVIA, to its Board of Directors. Bruehlman brings close to four decades of experience in finance within the healthcare sector and will chair the Board's Audit and Risk Committee.
In terms of financial performance, GoodRx reported a 6% year-over-year rise in its Q2 2024 revenue to $200.6 million and a 22% increase in adjusted EBITDA to $65.4 million. For the third quarter, the company expects revenue between $193 million and $197 million, and a full-year revenue at the lower end of the $800 million to $810 million range. The company also anticipates an 18% increase in adjusted EBITDA for the full year to over $255 million.
Analyst firms TD Cowen and Leerink Partners have maintained their positive ratings for the company, with TD Cowen focusing on GoodRx's key growth drivers such as the Integrated Service Provider (ISP) and pharmaceutical management solutions, and Leerink Partners expressing confidence in the company's growth potential and strategic initiatives. These recent developments reflect GoodRx's ability to navigate the evolving market landscape while maintaining steady growth.
InvestingPro Insights
GoodRx's recent move to make QSYMIA® more accessible aligns with its mission to provide affordable healthcare solutions. This strategic partnership could potentially boost the company's revenue, which InvestingPro data shows reached $775.09 million in the last twelve months as of Q2 2023, with a 4.03% growth rate.
The company's focus on expanding its prescription savings platform is reflected in its impressive gross profit margins. According to InvestingPro data, GoodRx boasts a gross profit margin of 93.07% for the same period, indicating strong pricing power and efficient cost management in its core business.
InvestingPro Tips highlight that GoodRx's management has been aggressively buying back shares, suggesting confidence in the company's future prospects. This aligns with the company's efforts to enhance shareholder value, which could be particularly important given the recent announcement about QSYMIA®.
Another relevant InvestingPro Tip notes that net income is expected to grow this year. This projection, combined with the potential revenue boost from the QSYMIA® partnership, could signal positive financial trends for GoodRx in the near future.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips that could provide valuable insights into GoodRx's financial health and market position.
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