Bank of America Securities said GoodRx's long-term outlook will depend on how it adapts to a rapidly evolving prescription drug market, as the Trump administration intensifies efforts to shift pricing away from list prices toward net prices.

The firm maintained an 'Underperform' rating on GoodRx, saying“the popping of the gross-to-net bubble is a negative for GoodRx's original business model.” It added that the company's success will depend on how it navigates this“rapidly evolving market.”

The bank's research arm said it does not“have a strong view at this time” on the potential upside or downside from GoodRx's reported discussions with the Trump administration about joining the new TrumpRx platform. 

The initiative, expected to launch next year, aims to let consumers buy brand-name drugs directly from pharmaceutical companies such as Pfizer and Amgen at negotiated insurer-level prices, according to a Reuters report.

The Trump administration is reportedly pressuring manufacturers and pharmacy benefit managers to abandon list pricing and expand U.S. manufacturing, with steep tariffs threatened for companies that fail to comply. TrumpRx was introduced at a White House event last week as part of that effort to help Americans access cheaper medications, though officials said details are still being finalized.

GoodRx CEO Wendy Barnes said that the administration understands that“if we include the pharma direct programs, we also have to find a way to convey competitive cash pricing at retail pharmacies.”

Industry groups such as the National Community Pharmacists Association and the National Association of Chain Drug Stores have also been in talks with officials about ensuring that the same discounted prices are available to consumers at local pharmacies.

On Stocktwits, retail sentiment for GoodRX was 'extremely bullish' amid a 13,400% surge in 24-hour message volume.

One user suggested the recent developments might reflect either management preparing for a major move or signaling an upcoming launch, noting the stock's steady trend of higher highs and lows and arguing that low-cost healthcare offerings make sense in today's market. 

Another user commented that investors should stay patient, expressing confidence that GoodRx would eventually strike a deal likely to attract millions of new customers, while adding that even a pullback to support levels would present limited downside risk.

GoodRX's stock has declined 0.2% so far in 2025.

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