GoodRx PBM partnerships can be ‘game changer,’ says TD Cowen

After CVS Caremark (CVS) and GoodRx (GDRX) announced the launch of “Caremark Cost Saver” for CVS Caremark clients’ members, TD Cowen analyst Charles Rhyee noted that GoodRx is now partnered with the two largest PBMs in Cigna (CI) and CVS, putting it in “a unique position to be the independent exchange for members trying to access lower medications.” The firm estimates these partnerships combined can potentially generate 93M in additional monthly active consumers, or MACs, “presenting a $7.4B opportunity” for GoodRx. The firm, which sees this partnership structure as “a win/win” for GoodRx and its PBM partners and believes these PBM partnerships “could be a game changer” for GoodRx, has a Market Perform rating on the shares with a $6.50 price target.