WSJ report on CVS ‘mildly negative’ for GoodRx, says KeyBanc

KeyBanc analyst Scott Schoenhaus views the Wall Street Journal’s report that non-profit health insurer Blue Shield of California plans to drop CVS Health’s (CVS) CVS Caremark as its pharmacy benefit manager as a “mildly negative read-through” to the growth of GoodRx’s monthly active user growth heading into 2024. CVS and GoodRx announced on July 12 the launch of Caremark Cost Saver to help lower pharmacy out-of-pocket drug costs for CVS Caremark clients’ members that will begin on January 1, 2024, the analyst tells investors in a research note. The firm says Blue Shield of California has 4.5M members and represents 4% of CVS Caremark’s total membership of more than 110M.