2025-06-10-花旗集团-GoodRx控股公司（GDRX）_GoodRx_Holdings公司（GDRX.O）_GDRX的新勃起功能障碍订阅服务是一项明智的战略举措_11页_328kb

Summary of GoodRx Holdings (GDRX) Citigroup Research Report

Citigroup's Take

GoodRx launched a new Erectile Dysfunction (ED) subscription service starting at $18/month, including asynchronous virtual consultations, access to FDA-approved treatments, and home delivery. This move is strategically designed to compete with HIMS and similar virtual health companies, offering lower prices than HIMS but comparable to Amazon's ED subscriptions. Citi views this as a smart initiative to monetize GoodRx's approximately 350 million annual site visits, with potential for expanding into other conditions like hair loss.

Valuation

Citi assigns a target price of US$7.00, forecasting an expected share price return of 70.3% and total return of 70.3%. The valuation is based on a ~9x FY26E EBITDA multiple, which aligns with peers further from large-scale profitability. GDRX is more profitable than competitors, but Citi notes no significant premium is warranted due to risks in the retail channel, pharmaceutical management, and early-stage ISP development.

Risks

Rated High Risk for:

• Reliance on PBMs and pharmacies for favorable negotiations.
• Intensifying competition from established players like HIMS.
• Factors such as potential pharmacy store closures, aggressive PBM negotiations reducing fees, slowdowns in digital ad spending, subscription attrition from price increases, government drug pricing regulations, industry consolidation, cybersecurity threats, rising customer acquisition costs, and a 97% Class B voting structure with 10:1 voting rights (excluding Class A).