GoodRx Holdings Inc (GDRX) 2024 Q3 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by. And welcome to the GoodRx third quarter 2024 earnings call. As a reminder, today's conference call is being recorded.

女士們、先生們，大家好，感謝你們的支持。歡迎參加 GoodRx 2024 年第三季財報電話會議。提醒一下，今天的電話會議正在錄音。

I would now like to introduce your host for today's call, Aubrey Reynolds, Director of Investor Relations. Ms. Reynolds, you may begin.

現在我想介紹一下今天電話會議的主持人，投資者關係總監 Aubrey Reynolds。雷諾茲女士，您可以開始了。

Thank you, operator. Good morning, everyone, and welcome to GoodRx's earnings conference call for the third quarter 2024. Joining me today are Scott Wagner, our Interim Chief Executive Officer; and Karsten Voermann, our Chief Financial Officer. Before we begin, I'd like to remind everyone that this call will contain forward-looking statements.

謝謝你，接線生。大家早安，歡迎參加 GoodRx 2024 年第三季財報電話會議。今天加入我的是我們的臨時執行長 Scott Wagner；以及我們的財務長 Karsten Voermann。在開始之前，我想提醒大家，本次電話會議將包含前瞻性陳述。

All statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding management's plans, strategies, goals and objectives, our market opportunity, our anticipated financial performance, underlying trends in our business and industry, including ongoing changes in the pharmacy ecosystem, our value proposition, our long-term growth prospects, our direct and hybrid contracting approach, collaborations and partnerships with third-parties, including our point-of-sale cash programs and our integrated savings program, our e-commerce strategy, and our capital allocation priorities.

本次電話會議中所做的所有與歷史事實無關的陳述均應被視為前瞻性陳述，包括但不限於有關管理層計劃、戰略、目標和目標、我們的市場機會、我們預期的財務業績、潛在趨勢的陳述。銷售點現金計劃和我們的綜合儲蓄計劃、我們的電子商務策略以及我們的資本配置優先事項。

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors. These factors, including the factors discussed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2023, and our other filings with the Securities and Exchange Commission, could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements made on this call.

這些陳述既不是承諾也不是保證，而是涉及已知和未知的風險、不確定性和其他重要因素。這些因素，包括我們截至 2023 年 12 月 31 日的年度報告 10-K 表格的風險因素部分以及我們向美國證券交易委員會提交的其他文件中討論的因素，可能會導致實際結果、業績或成就與本次電話會議中所做的前瞻性陳述所明示或暗示的內容有重大差異。

Any such forward-looking statements represent management's estimates as of the date of this call, and we disclaim any obligation to update these statements, even if subsequent events cause our views to change. In addition, we will be referencing certain non-GAAP metrics in today's remarks. We have reconciled each non-GAAP metric to the nearest GAAP metric in the company's earnings press release, which can be found on the Overview page of our Investor Relations website at investors.goodrx.com.

任何此類前瞻性陳述均代表管理階層截至本次電話會議之日的估計，我們不承擔更新這些陳述的義務，即使後續事件導致我們的觀點發生變化。此外，我們將在今天的評論中引用某些非公認會計準則指標。我們已將每個非 GAAP 指標與公司收益新聞稿中最接近的 GAAP 指標進行了調整，該新聞稿可在我們的投資者關係網站 Investors.goodrx.com 的概述頁面上找到。

I'd also like to remind everyone that a replay of this call will become available there shortly as well. With that, I'll turn it over to Scott.

我還想提醒大家，該電話會議的重播也將很快在那裡提供。有了這個，我會把它交給史考特。

Thanks, Aubrey, and thanks to everyone for joining us today to discuss our third quarter results. Our Q3 top line was where we expected, and adjusted EBITDA margin came in higher than we anticipated. Adjusted EBITDA grew 21% relative to this period last year.

謝謝奧布里，謝謝大家今天加入我們討論我們的第三季業績。我們第三季的營收符合我們的預期，調整後的 EBITDA 利潤率高於我們的預期。調整後 EBITDA 較去年同期成長 21%。

I'd like to start the call by reminding everyone of the GoodRx value proposition, what we're seeing in the industry and highlight a few themes around the business, and then Karsten will get into our financials. We believe our GoodRx value proposition and market position are strong, and I would argue, are increasingly relevant in a world with more and more attention in healthcare being paid to patient affordability and ease of access.

我想在電話會議開始時提醒大家 GoodRx 的價值主張、我們在行業中看到的情況，並重點介紹圍繞業務的幾個主題，然後 Karsten 將介紹我們的財務狀況。我們相信，我們的 GoodRx 價值主張和市場地位是強大的，而且我認為，在醫療保健領域越來越關注患者負擔能力和便利性的世界中，我們的 GoodRx 價值主張和市場地位越來越重要。

Let me touch on three quick points about how GoodRx benefits our customers and partners. First, GoodRx has a huge consumer and healthcare provider audience that really values what we do, reflected by our notably high net promoter scores. That gives us the ability to drive and direct high volumes of prescriptions, over a 100 million in 2023 to pharmacies and to pharma manufacturers. That's both important and unique.

讓我簡單談談 GoodRx 如何使我們的客戶和合作夥伴受益的三個要點。首先，GoodRx 擁有龐大的消費者和醫療保健提供者受眾，他們真正重視我們所做的事情，這反映在我們極高的淨推薦值上。這使我們能夠向藥房和製藥製造商提供和指導大量處方，到 2023 年將超過 1 億張。這既重要又獨特。

Second, GoodRx is well positioned as a complement to health insurance. We estimate that over 90% of our users have some form of insurance and still use GoodRx because insurance formularies are getting more restrictive. Patient and employer costs continue to rise via both co-pays and deductibles, and more and more authorizations are being put in place that add friction and require more time from both patients and physicians.

其次，GoodRx 定位為健康保險的補充。我們估計超過 90% 的用戶擁有某種形式的保險，並且仍在使用 GoodRx，因為保險處方集的限制越來越多。患者和雇主的費用因共付額和免賠額而持續上升，而且越來越多的授權正在到位，這增加了摩擦並需要患者和醫生更多的時間。

GoodRx helps consumers fill the gaps in their insurance assessing coverage, finding an affordable price, and taking friction out of the time-consuming authorization processes. Third, GoodRx's relationships with pharmacies, PBMs, healthcare providers, and consumers all make GoodRx extremely relevant to pharma manufacturers. Manufacturers are leveraging GoodRx to do truly unique things, like our point-of-sale cash discounts that can give them tighter, more direct relationships with patients, and importantly, grow volumes.

GoodRx 幫助消費者填補保險評估範圍的空白，找到負擔得起的價格，並消除耗時的授權流程中的摩擦。第三，GoodRx 與藥局、PBM、醫療保健提供者和消費者的關係都使得 GoodRx 與製藥商極為相關。製造商正在利用 GoodRx 來做真正獨特的事情，例如我們的銷售點現金折扣，可以讓他們與患者建立更緊密、更直接的關係，更重要的是，增加銷量。

In a world where there's increasing attention on medicine affordability and access, we feel good about where we sit in the healthcare ecosystem, likely stronger and more relevant than several years ago. As we look at Q3 and the near-term financial outlook and what we're seeing in the business, it really is a tale of two cities.

在當今世界，人們越來越關注藥品的可負擔性和可近性，我們對自己在醫療保健生態系統中的地位感到滿意，可能比幾年前更強大、更相關。當我們審視第三季、近期財務前景以及我們在業務中看到的情況時，這確實是兩個城市的故事。

On the plus side, we're making progress with brand manufacturers and brand medication. Our pharma manufacturer solutions offering is expected to deliver about 20% year-over-year top-line growth in the fourth quarter as brand manufacturers are using GoodRx for unique cash, co-pay, and assistance programs to reach patients and physicians.

從好的方面來說，我們在品牌製造商和品牌藥物方面正在取得進展。我們的製藥製造商解決方案產品預計將在第四季度實現約 20% 的年收入成長，因為品牌製造商正在使用 GoodRx 提供獨特的現金、共付額和援助計劃來接觸患者和醫生。

This market is big. We estimate a $7 billion-plus TAM. In addition, we're extending our Integrated Savings Program, or ISP, to include uncovered brand medication. We believe GoodRx provides a durable and distinctive way for manufacturers to reach patients and physicians and to clean up some of the pricing variability and cloudiness that plagued the industry. We're encouraged by both our progress and our long-term potential.

這個市場很大。我們估計 TAM 超過 70 億美元。此外，我們正在擴展我們的綜合儲蓄計劃（ISP），以涵蓋未涵蓋的品牌藥物。我們相信 GoodRx 為製造商提供了一種持久且獨特的方式來接觸患者和醫生，並消除困擾該行業的一些定價波動和混亂。我們對我們的進步和長期潛力感到鼓舞。

At the same time, the retail pharmacy environment remains unsettled, which is affecting the near-term growth of our prescription transaction business centered largely around generics. Retail pharmacy chains, including CVS, Rite Aid, and Walgreens, are closing store locations to improve profitability. And some are renegotiating reimbursement rates with PBMs and pursuing other avenues to drive up their margins.

同時，零售藥局環境仍然不穩定，這正在影響我們主要以仿製藥為中心的處方藥交易業務的近期成長。包括 CVS、Rite Aid 和 Walgreens 在內的零售連鎖店正在關閉門市以提高盈利能力。一些公司正在與 PBM 重新協商報銷率，並尋求其他途徑來提高利潤。

We believe this industry resettling in retail pharmacy is a short-term dynamic that isn't permanent but does cause turbulence for our prescriptions marketplace. We believe our success of engaging retailers in direct contracts, where we now have 8 of our top 10 retailers working with us directly in some form, as well as our ability to deepen relationships with PBMs and leverage them as a sales channel for our ISP offering, will lay the foundation to exit this period of turbulence on solid footing.

我們認為，這個行業重新進入零售藥局是一種短期動態，不是永久性的，但確實會為我們的處方藥市場帶來動盪。我們相信我們與零售商簽訂直接合約的成功，目前排名前10 的零售商中有8 家以某種形式直接與我們合作，並且我們有能力加深與PBM 的關係，並利用它們作為我們ISP 產品的銷售管道，將為走出這段動盪時期奠定堅實的基礎。

I'd like to share some additional color on both of these two cities to continue with the analogy. Starting on the positive in pharma manufacturer solutions, we saw a solid year-over-year top line growth in the third quarter, consistent with what we indicated at Investor Day, excluding the impacts from vitaCare. We're pleased with our strategic progress to bring all brand affordability programs on to GoodRx.

我想分享一些關於這兩個城市的額外色彩，以繼續進行類比。從製藥製造商解決方案的積極發展開始，我們看到第三季度的收入同比穩健增長，與我們在投資者日上表示的一致，排除了 vitaCare 的影響。我們對將所有品牌負擔能力計劃引入 GoodRx 的策略進展感到滿意。

As we've talked about before, brand medications have unique challenges that complicate the patient journey, cost often being one of the biggest. We found that pharma is increasingly looking for innovative solutions to deliver affordability options to consumers. And they're turning to GoodRx because we have the reach and scale to get them in front of a high-intent audience and to help drive conversion. We estimate that more than 85% of our users already have a prescription in hand and are looking for ways to afford it.

正如我們之前討論過的，品牌藥物面臨著獨特的挑戰，使患者的治療過程變得複雜，其中成本往往是最大的挑戰之一。我們發現製藥公司越來越多地尋求創新解決方案，為消費者提供負擔得起的選擇。他們轉向 GoodRx 是因為我們有足夠的影響力和規模，可以將他們帶到高意向的受眾面前並幫助推動轉換。我們估計超過 85% 的用戶已經持有處方，並且正在尋找負擔得起的方法。

Our offering to brands are now threefold. First, we help brands surface their co-pay cards and patient assistance programs to high-intent patients. Second, we create clear and affordable cash prices for brand medication that often isn't covered by insurance. And third, we now offer e-commerce capabilities that allow brands to integrate their direct-to-consumer experiences into our platform.

我們為品牌提供的產品現在有三重。首先，我們幫助品牌向高意願患者展示其自付卡和患者援助計劃。其次，我們為通常不在保險範圍內的品牌藥物製定明確且實惠的現金價格。第三，我們現在提供電子商務功能，讓品牌將其直接面向消費者的體驗整合到我們的平台中。

We're seeing strong momentum around our point-of-sale cash programs and believe the impact of these programs will only get bigger in the future. As a reminder, these programs lower the cash price of branded medication for consumers immediately at the checkout counter with very little friction and are increasingly being used by manufacturers to serve more patients and to grow their revenue.

我們看到銷售點現金計劃的強勁勢頭，並相信這些計劃的影響在未來只會變得更大。提醒一下，這些計劃可以在收銀台上立即為消費者降低品牌藥物的現金價格，幾乎沒有什麼摩擦，並且越來越多地被製造商用來服務更多的患者並增加收入。

Over the past several months, we've announced partnerships with Boehringer Ingelheim for its Humira biosimilar; ARS Pharmaceuticals for Neffy, the first needle-free epinephrine; Pfizer for its entire portfolio of menopause hormone therapies; and Vivus for its weight management medication, Qsymia. For each of these, discounted cash prices are easily accessible via GoodRx.

在過去的幾個月裡，我們宣布與勃林格殷格翰就 Humira 生物相似藥建立合作關係； ARS Pharmaceuticals 生產 Neffy，第一種無針腎上腺素；輝瑞（Pfizer）的更年期荷爾蒙療法的整個產品組合； Vivus 的體重管理藥物 Qsymia。對於每種產品，都可以透過 GoodRx 輕鬆獲得折扣現金價格。

We're now up to 72 signed point-of-sale cash programs for brands, over twice the number of deals we began 2024 with. The reason for the rapid growth is that these point-of-sale programs work. Manufacturers drive incremental prescriptions, which translates into more revenue. Pharmacies often receive a higher reimbursement rate than if the transaction ran through a benefit plan. And of course, consumers are delighted by the savings.

目前，我們已簽署了多達 72 個品牌銷售點現金計劃，是 2024 年年初交易數量的兩倍多。快速成長的原因是這些銷售點計劃發揮了作用。製造商推動增量處方，這轉化為更多的收入。與透過福利計劃進行交易相比，藥房通常會獲得更高的報銷率。當然，消費者對節省的費用感到高興。

Here's a real-time customer story to show how these things come together. The other week, my mother-in-law, [Cathy], received a prescription for a Dexcom G7 diabetes unit. Cathy rolled up to her neighborhood pharmacy -- I'll withhold the name -- and was informed that her insurance plan -- I'll also withhold the name -- didn't cover the G7 and it would cost her $600 a month.

這是一個即時客戶故事，展示了這些東西是如何結合在一起的。前幾週，我的岳母 [Cathy] 收到了 Dexcom G7 糖尿病治療儀的處方。Cathy 到她附近的藥局（我不會透露姓名）得知她的保險計劃（我也不會透露姓名）不承保 G7，每月將花費 600 美元。

Cathy's quote in her e-mail to my wife, well, I guess I'll have to keep sticking myself. Fortunately, Dexcom is one of our 72 cash programs and G7 devices are offered via GoodRx for $185 cash price. One of our more progressive retail partners made it super easy for Cathy. Cathy got her medicine and also happened to switch her pharmacy. When we talk about filling the gaps in insurance, removing friction for patients and adding value to the system, this is what it looks like.

凱茜在給我妻子的電子郵件中引用了這句話，好吧，我想我必須繼續堅持下去。幸運的是，Dexcom 是我們的 72 個現金計劃之一，G7 設備透過 GoodRx 提供，現金價格為 185 美元。我們更先進的零售合作夥伴之一讓 Cathy 變得非常輕鬆。凱茜拿到了藥，也剛好換了藥局。當我們談論填補保險空白、消除患者摩擦以及為系統增加價值時，情況就是這樣的。

We're also excited about our new e-commerce solution, which just launched with Opill, the first over-the-counter birth control pill. This new capability allows consumer health and pharmaceutical brands looking to provide a frictionless experience for consumers to integrate their offerings directly into the GoodRx platform.

我們也對我們的新電子商務解決方案感到興奮，該解決方案剛剛與首款非處方避孕藥 Opil 一起推出。這項新功能使希望為消費者提供無摩擦體驗的消費者健康和製藥品牌能夠將其產品直接整合到 GoodRx 平台中。

Not only are we creating new ways for consumers to buy their medications directly through GoodRx, but this is our first partnership with an over-the-counter brand which is an incremental addressable market we're exploring. Over the past year, we've seen a shift towards healthcare brands creating direct-to-consumer experiences. And the GoodRx e-commerce solution could enable us to integrate many of these offerings directly into our platform, providing valuable opportunities for both us and our partners.

我們不僅為消費者創造了直接透過 GoodRx 購買藥物的新方式，而且這是我們與非處方藥品牌的首次合作，這是我們正在探索的增量潛在市場。在過去的一年裡，我們看到醫療保健品牌正在轉向創造直接面向消費者的體驗。GoodRx 電子商務解決方案可讓我們將其中許多產品直接整合到我們的平台中，為我們和我們的合作夥伴提供寶貴的機會。

Similarly, we're also working with Hy-Vee and other retail pharmacies, so consumers can soon pay over time with Affirm via the GoodRx platform. This is part of our broader e-commerce strategy to streamline the consumer experience and help people access their medications by delivering a more affordable payment solution and helping them reach their deductible. Ideally, this will make the entire purchasing process simpler for patients, for retailers and also for healthcare plans and their employees.

同樣，我們也與 Hy-Vee 和其他零售藥局合作，因此消費者很快就可以透過 GoodRx 平台使用 Affirm 付款。這是我們更廣泛的電子商務策略的一部分，旨在簡化消費者體驗，並透過提供更實惠的支付解決方案並幫助人們達到免賠額來幫助人們獲得藥物。理想情況下，這將使患者、零售商以及醫療保健計劃及其員工的整個購買流程變得更加簡單。

We feel great about the trajectory in pharma manufacturer solutions and the potential growth in this business going forward. At our Investor Day in the spring, we shared a 20% or more revenue growth rate target for pharma manufacturer solutions. As Karsten will discuss, we see our Q4 results coming in at about that same level.

我們對製藥製造商解決方案的發展軌跡以及該業務未來的潛在成長感到非常滿意。在春季的投資者日上，我們分享了製藥製造商解決方案 20% 或更高的收入成長率目標。正如卡斯滕將討論的那樣，我們看到第四季度的業績大致處於同一水平。

Turning to what's a bit more challenging in the near-term, results in our prescription marketplace were more mixed. We've been consistently adding market share over the past several quarters. And our Integrated Savings Program, or ISP offering, is performing well. However, our core direct-to-consumer prescription offering does face some near-term retail pharmacy headwind, as we've mentioned previously.

談到近期更具挑戰性的問題，我們的處方藥市場的結果更加複雜。在過去的幾個季度中，我們一直在不斷增加市場份額。我們的綜合儲蓄計劃（ISP 產品）表現良好。然而，正如我們之前提到的，我們的核心直接面向消費者的處方產品確實面臨一些近期零售藥房的阻力。

On the positive side, ISP, which provides consumers with a valuable complement to their health insurance and leverages PBMs to bring us new users, has been performing in line with our expectations. Our core ISP program running for its second year now focuses on providing patients the lowest possible price we can on covered medications, typically generics.

從正面的一面來看，ISP 為消費者的健康保險提供了寶貴的補充，並利用 PBM 為我們帶來新用戶，其表現一直符合我們的預期。我們的核心 ISP 計劃已進入第二年，現在的重點是為患者提供盡可能最低的承保藥物（通常是仿製藥）價格。

We're excited about the Integrated Savings Program wrap or off-formulary brand deals which we've begun signing and are expected to launch in early 2025. These programs will allow patients to benefit from low GoodRx prices where medications, typically brands, are not covered by their benefit plan, which is a growing portion of the market. We believe this capability, having a cash or co-pay offering for uncovered brand medications, should be a core component of every single funded plan. And we look forward to working with our plan and PBM partners to make this a reality in 2025 and beyond.

我們對綜合儲蓄計劃的結束或非處方品牌交易感到興奮，我們已經開始簽署這些交易，預計將於 2025 年初推出。這些計劃將使患者受益於 GoodRx 的低廉價格，而這些藥物（通常是品牌藥物）不包含在其福利計劃的範圍內，而該計劃在市場中所佔的份額正在不斷增長。我們認為，這種為未承保品牌藥物提供現金或自付費用的能力應該成為每個資助計劃的核心組成部分。我們期待與我們的計劃和 PBM 合作夥伴合作，在 2025 年及以後實現這一目標。

While we're excited about the higher growth areas like ISP, our prescription marketplace continues to be impacted by challenges in the retail pharmacy environment. Multiple chains are closing locations, and some are renegotiating reimbursement rates with PBMs in an effort to improve profitability.

雖然我們對 ISP 等更高成長領域感到興奮，但我們的處方藥市場繼續受到零售藥房環境挑戰的影響。多家連鎖店正在關閉門市，其中一些連鎖店正在與 PBM 重新協商報銷率，以提高獲利能力。

In prior quarter, we talked about Rite Aid store closures impacting revenue by about $5 million in the second half of 2024. And we've seen approximately $2.5 million of impact in the third quarter. The Walgreens and CVS store closures are indicative of the pressures retailers face.

在上一季度，我們討論了 Rite Aid 商店關閉對 2024 年下半年收入影響約 500 萬美元的情況。我們在第三季看到了大約 250 萬美元的影響。Walgreens 和 CVS 商店的關閉表明了零售商面臨的壓力。

While these retailers' store thinning isn't expected to be as impactful to us on a store basis as Rite Aid's continued more concentrated closures, all pharmacy retailers are taking actions to increase their revenue and margins. With all this going on, it's important to take a step back and note that GoodRx provides invaluable support to retailers in three important ways.

雖然這些零售商的門市精簡預計不會像 Rite Aid 持續更集中的關閉那樣對我們造成影響，但所有藥局零售商都在採取行動增加收入和利潤。隨著這一切的發生，重要的是要退後一步並注意到 GoodRx 透過三個重要方式為零售商提供寶貴的支援。

First, we invest over half of our revenue into sales, marketing and technology to capture and drive more prescriptions and more consumers to pharmacies. Second, we follow our partner pharmacies leads on how they'd like to contract with us, whether direct to GoodRx or still working through PBMs. Our direct and hybrid contracting enhances retailers' ability to merchandise.

首先，我們將一半以上的收入投資於銷售、行銷和技術，以獲取並推動更多處方和更多消費者前往藥房。其次，我們會關注合作夥伴藥房的線索，了解他們希望如何與我們簽訂合同，是直接與 GoodRx 簽訂合同，還是仍然透過 PBM 簽訂合約。我們的直接和混合合約增強了零售商的銷售能力。

As I mentioned, we now have some form of direct contracts with 8 of 10 of our top pharmacies and over 30% of our volume now flows through hybrid and direct contracts, in part because of the share gain we picked up at some of these direct retailers. Third, and finally, we believe our ISP programs, particularly the wrap programs that focus on brand drugs, reduce patient script abandonment, lead to more filled prescriptions, and may improve a retailer's overall economics in meaningful ways.

正如我所提到的，我們現在與10 家頂級藥局中的8 家簽訂了某種形式的直接合同，並且我們超過30% 的銷量現在通過混合和直接合同流動，部分原因是我們在其中一些直接合約中獲得了份額收益零售商。第三，也是最後一點，我們相信我們的ISP 計劃，特別是專注於品牌藥物的包裝計劃，可以減少患者的處方廢棄，帶來更多的處方，並可能以有意義的方式改善零售商的整體經濟效益。

So what does this mean? Well, in the short-term, retailers are looking at all avenues to improve their margins. Since the start of the year, we've all heard in the industry about increasing numbers of store closures, larger pharmacy losses and negotiations on funded reimbursements.

那麼這意味著什麼呢？嗯，在短期內，零售商正在尋找各種方法來提高利潤。自今年年初以來，我們在業界都聽說過越來越多的商店關閉、藥局損失擴大以及有關資助報銷的談判。

However, in the long-term, retail pharmacies will ultimately need to attract and serve consumers with a clear value proposition that combines physical retail with online capability. We believe that the longer-term consideration should ultimately be a tailwind for GoodRx, although the wind will swirl at times.

然而，從長遠來看，零售藥局最終需要以將實體零售與線上能力結合的明確價值主張來吸引和服務消費者。我們認為，更長期的考慮最終應該會成為 GoodRx 的順風，儘管風有時會旋轉。

Before I hand it off to Karsten, I'd like to reiterate this tale of two cities theme. We're getting great traction with brand manufacturers and its showing up in the results. Obviously, the short-term retail landscape has changed quite a bit over the past 100 days in terms of store closures and retail PBM negotiations. But as these normalize, we see a continued path for durable growth in core PTR, as articulated in Investor Day.

在我把它交給卡斯滕之前，我想重申這個關於兩個城市的故事的主題。我們在品牌製造商中獲得了巨大的吸引力，這也體現在了結果中。顯然，在過去的 100 天裡，短期零售格局在商店關閉和零售 PBM 談判方面發生了很大變化。但隨著這些正常化，我們看到核心 PTR 將持續實現持久成長，正如投資者日所闡述的那樣。

For those building models, obviously, you're going to want visibility into what that pacing will look like in 2025. The reality for us right now is that the goalposts are pretty wide with brand medications and our pharma manufacturer solutions offering on track to provide 20%-plus year-over-year top-line growth and strong market momentum.

顯然，對於那些建立模型，您需要了解 2025 年的節奏。目前我們面臨的現實是，品牌藥物和我們的製藥製造商解決方案的目標相當廣泛，預計將實現 20% 以上的同比營收成長和強勁的市場動力。

Core PTR is experiencing some short-term choppiness relative to recent quarters, higher single-digit percentage year-over-year growth rate. Given the external desire for precision guidance, we'll keep refining our expectations over the rest of the year and to share more refined expectations with everybody on our year-end call, consistent with our prior practice.

與最近幾季相比，核心 PTR 正在經歷一些短期波動，比去年同期成長率較高。鑑於外部對精確指導的渴望，我們將在今年剩餘時間裡不斷完善我們的預期，並在年終電話會議上與大家分享更完善的預期，這與我們之前的做法一致。

With that, I'll hand it over to Karsten.

這樣，我就把它交給卡斯滕。

Thank you, Scott. I'll review our third quarter financial results before turning to guidance. During the third quarter, revenue and adjusted revenue were at the midpoint of the guidance we provided on our second quarter earnings call in August and adjusted EBITDA margin was higher than we anticipated.

謝謝你，斯科特。在轉向指導之前，我將回顧我們第三季的財務表現。第三季度，營收和調整後收入處於我們在 8 月第二季財報電話會議上提供的指導的中點，調整後 EBITDA 利潤率高於我們的預期。

Adjusted EBITDA was up 21.5% year over year despite the challenges in the retail pharmacy space. Q3 total revenue increased 8% and adjusted revenue increased 3% year over year to $195.3 million due to growth in our prescriptions marketplace as well as pharma manufacturer solutions.

儘管零售藥品領域面臨挑戰，調整後 EBITDA 仍較去年同期成長 21.5%。由於我們的處方藥市場以及製藥製造商解決方案的成長，第三季總收入成長 8%，調整後營收年增 3%，達到 1.953 億美元。

The third quarter of last year also included a total of $2.1 million of revenue from the Kroger Savings Club subscription offering and $2.5 million of revenue from the vitaCare offering within manufacturer solutions, neither of which contributed revenue this quarter.

去年第三季還包括來自克羅格儲蓄俱樂部訂閱服務的總計 210 萬美元的收入，以及來自製造商解決方案內的 vitaCare 服務的 250 萬美元的收入，這兩個季度均未貢獻收入。

Moving on to the revenue line, prescription transactions revenue grew 4% year over year to $140.4 million, primarily due to a 7% increase in monthly active consumers and despite Rite Aid closure impact of $2.4 million. Subscription revenue declined 8%, as expected, to $21.3 million, largely due to the sunset of the Kroger Savings Club, which contributed $2.1 million in the third quarter of last year.

轉向收入線，處方藥交易收入年增 4%，達到 1.404 億美元，這主要是由於每月活躍消費者增加了 7%，儘管 Rite Aid 關閉造成了 240 萬美元的影響。正如預期的那樣，訂閱收入下降了 8%，至 2,130 萬美元，這主要是由於克羅格儲蓄俱樂部 (Kroger Savings Club) 的退出，該俱樂部在去年第三季度貢獻了 210 萬美元。

Pharma manufacturer solutions revenue increased to $28.1 million, which represents 77% year-over-year growth. As a reminder, Q3 2023 pharma manufacturer solutions revenue included a $10 million contract termination payment related to vitaCare that was recognized as a reduction of revenue.

製藥製造商解決方案營收增至 2,810 萬美元，年增 77%。提醒一下，2023 年第三季製藥製造商解決方案收入包括與 vitaCare 相關的 1000 萬美元合約終止付款，該款項被確認為收入減少。

Excluding this payment, we still saw a year-over-year growth as we continue to expand our market penetration, including ongoing growth in our brand drug point-of-sale discount programs and more than offset the approximately $2.5 million reduction in revenue contribution relative to the third quarter of last year from vitaCare shuttering.

排除這筆付款，隨著我們繼續擴大市場滲透率，包括我們品牌藥品銷售點折扣計劃的持續增長，我們仍然看到了同比增長，並且遠遠抵消了收入貢獻相對於約 250 萬美元的減少。 vitaCare關門到去年第三季。

Net income was $4.0 million compared to a net loss of $38.5 million in the third quarter of 2023. Adjusted net income was $31.9 million, up from $25.5 million in the third quarter of 2023. Adjusted EBITDA increased 21.5% year over year to $65.0 million. Adjusted EBITDA margin was 33.3% and was up 520 basis points year over year.

淨利潤為 400 萬美元，而 2023 年第三季淨虧損為 3,850 萬美元。調整後淨利為 3,190 萬美元，高於 2023 年第三季的 2,550 萬美元。調整後 EBITDA 年成長 21.5%，達到 6,500 萬美元。調整後 EBITDA 利潤率為 33.3%，較去年同期成長 520 個基點。

The significant year-over-year improvement was primarily driven by top-line growth and savings from the restructuring of our vitaCare Pharma manufacturer solutions offering in the second half of 2023. This marks another quarter of increasing adjusted EBITDA margin, up from 31.7% in the first quarter and 32.6% in the second quarter. It also consistently follows adjusted EBITDA growth of 18% year over year in Q1 and 22% in Q2.

年比顯著改善主要是由於 2023 年下半年我們的 vitaCare Pharma 製造商解決方案重組帶來的收入成長和節省。這標誌著調整後 EBITDA 利潤率又一個季度出現成長，高於第一季的 31.7% 和第二季的 32.6%。第一季調整後 EBITDA 年成長 18%，第二季調整後 EBITDA 年成長 22%。

We generated net cash provided by operating activities of $86.9 million in Q3 compared to $60.3 million in the prior year period. The increase in cash provided by operating activities was driven by an increase in net income after adjusting for noncash items and changes in operating assets and liabilities.

第三季度，我們透過經營活動產生的淨現金為 8,690 萬美元，而去年同期為 6,030 萬美元。經營活動提供的現金增加是由於調整非現金項目以及經營資產和負債變化後淨利潤的增加所致。

Our balance sheet is robust, and we ended the quarter with $423.8 million of cash and cash equivalents and $500 million of outstanding debt. Our revolving credit facility is untapped, except for letters of credit and had $91.7 million of unused capacity as of September 30, 2024, representing total liquidity of $515.5 million. Our capital allocation priorities are unchanged, and we'll continue to focus on high-return investments and maximizing value for shareholders.

我們的資產負債表穩健，本季末現金及現金等價物為 4.238 億美元，未償債務為 5 億美元。除信用證外，我們的循環信貸額度尚未使用，截至 2024 年 9 月 30 日，未使用容量為 9,170 萬美元，流動資金總額為 5.155 億美元。我們的資本配置重點沒有改變，我們將繼續專注於高回報投資和股東價值最大化。

Okay. Moving on to guidance, for the fourth quarter, we expect revenue and adjusted revenue to come in at around $200 million. This would put full year revenue and adjusted revenue just under $795 million, which would result in approximately 6% year-over-year growth in revenue and roughly 4% growth year over year on an adjusted revenue basis.

好的。接下來是指導，我們預計第四季的營收和調整後營收將達到 2 億美元左右。這將使全年收入和調整後收入略低於 7.95 億美元，這將導致收入同比增長約 6%，調整後收入同比增長約 4%。

We see the approximately $200 million of fourth quarter revenue and adjusted revenue being made up of approximately $164 million to $165 million of prescriptions marketplace revenue, which is prescriptions transactions revenue and subscriptions revenue. That represents an approximately 2% decline year over year for prescriptions marketplace revenue.

我們看到第四季約 2 億美元的收入和調整後的收入由約 1.64 億至 1.65 億美元的處方藥市場收入組成，即處方藥交易收入和訂閱收入。這意味著處方藥市場收入較去年同期下降約 2%。

As a reminder, on the subscriptions revenue line, Kroger Savings Club contributed approximately $1.6 million of revenue in the fourth quarter of 2023 and is not contributing revenue this year due to the sunset of the program in July. And we anticipate approximately $2.5 million of Rite Aid store closure effects impacting the prescription transactions revenue line in the fourth quarter, consistent with our estimate from our prior earnings call, which pointed to approximately $5 million of total Rite Aid impact in the second half of 2024. Our expected growth would be positive without the anticipated Kroger Savings Club and Rite Aid impacts.

提醒一下，在訂閱收入方面，Kroger Savings Club 在 2023 年第四季度貢獻了約 160 萬美元的收入，但由於該計劃於 7 月終止，今年不再貢獻收入。我們預計Rite Aid 商店關閉對第四季度處方藥交易收入線的影響約為250 萬美元，這與我們先前的財報電話會議的估計一致，後者指出2024 年下半年Rite Aid 的總影響約為500 萬美元。如果沒有預期的克羅格儲蓄俱樂部和 Rite Aid 影響，我們的預期成長將是正面的。

We see pharma manufacturer solutions coming in at approximately $29 million to $30 million of revenue, representing about 20% growth, consistent with our expectations for the pharma manufacturer solutions offering we laid out during our Investor Day. We expect other revenue to be approximately $5 million, flat to the fourth quarter of 2023.

我們預計製藥製造商解決方案的收入約為 2,900 萬至 3,000 萬美元，成長約 20%，這與我們在投資者日期間對製藥製造商解決方案產品的預期一致。我們預計其他收入約為 500 萬美元，與 2023 年第四季持平。

The full year roughly 4% adjusted revenue and 6% revenue growth is at around the low end of our 6% to 12% three-year compound annual revenue growth rate we discussed at our Investor Day, in part because of the expected approximately $5 million Rite Aid store closure impacts. Also, as a quick reminder, full year 2024 growth is also tempered by approximately $16 million more revenue included 2023 from the offerings we shuttered, vitaCare and Kroger Savings Club, than they contributed in 2024.

全年約 4% 的調整後收入和 6% 的收入增長約為我們在投資者日討論的 6% 至 12% 三年複合年收入增長率的低​​端，部分原因是預計約為 500 萬美元Rite Aid 商店關閉的影響。此外，快速提醒一下，2024 年全年的成長也受到了影響，包括 2023 年我們關閉的產品、vitaCare 和 Kroger Savings Club 的收入比 2024 年貢獻的收入增加了約 1600 萬美元。

From a margin perspective, we expect adjusted EBITDA margin to be about 34% in the fourth quarter. For the full year, we expect $255 million to $260 million of adjusted EBITDA, up over 17% from 2023 based on our expectations of a high degree of adjusted EBITDA flow-through from top line growth and our continued focus on cost structure and efficiency generally.

從利潤率角度來看，我們預計第四季度調整後 EBITDA 利潤率約為 34%。基於我們對營收成長帶來的調整後 EBITDA 大幅流入的預期以及我們對成本結構和效率的持續關注，我們預計全年調整後 EBITDA 為 2.55 億至 2.6 億美元，比 2023 年增長超過 17% 。

Our full year 2024 expectations represent over 32% adjusted EBITDA margin, up more than 340 basis points from 2023, and we believe demonstrates the inherent adjusted EBITDA margin growth potential of this business.

我們對 2024 年全年的預期調整後 EBITDA 利潤率超過 32%，比 2023 年增長超過 340 個基點，我們相信這證明了該業務固有的調整後 EBITDA 利潤率增長潛力。

Now that we've talked about 2024 outcomes, I expect many people listening would appreciate a view on 2025, particularly the folks out there who are building and updating their models. We're not formally guiding now, because we're still doing our 2025 planning, but we do want to be helpful.

既然我們已經討論了 2024 年的結果，我預計許多聽眾會欣賞對 2025 年的看法，特別是那些正在建立和更新模型的人。我們現在還沒有正式提供指導，因為我們仍在製定 2025 年規劃，但我們確實希望提供協助。

On the one hand, we have clear views on our pharma manufacturer solutions revenue for 2025 as client discussions progress and commitments and bookings for 2025 are locked in. We are confident that we'll see 20%-plus year-over-year growth in pharma manufacturer solutions in 2025 versus 2024. On the other hand, with retail pharmacy struggling, the goalpost for our prescriptions marketplace, and especially prescription transactions revenue, remain fairly wide.

一方面，隨著客戶討論的進展以及 2025 年的承諾和預訂的鎖定，我們對 2025 年製藥製造商解決方案的收入有明確的看法。我們相信，與 2024 年相比，2025 年製藥製造商解決方案的年增率將超過 20%。另一方面，隨著零售藥局陷入困境，我們的處方藥市場，特別是處方藥交易收入的目標仍然相當廣泛。

Incorporating these two dynamics, we believe total GoodRx revenue will grow in 2025 relative to 2024, and we expect that revenue growth to be somewhere in the single-digit percentage range. We expect adjusted EBITDA margins to continue to increase as we drive flow-through from incremental revenue higher, continuing our trajectory of EBITDA growth. Because of the wide range and potential outcomes, we encourage everyone to model 2025 revenue conservatively, and we'll provide updates as our prescriptions marketplace visibility improves.

綜合這兩種動態，我們認為 2025 年 GoodRx 總收入將相對 2024 年有所增長，並且我們預計收入增長將在個位數百分比範圍內。我們預計，隨著我們推動增量收入的流量增加，調整後的 EBITDA 利潤率將繼續增加，繼續我們的 EBITDA 成長軌跡。由於廣泛且潛在的結果，我們鼓勵每個人保守地對 2025 年收入進行建模，並且隨著我們的處方市場知名度的提高，我們將提供更新。

With that, we'll turn it over to the operator for questions.

這樣，我們會將其轉交給操作員詢問。

(Operator Instructions) Stephanie Davis, Barclays.

（操作員說明）Stephanie Davis，巴克萊銀行。

Scott, congrats on your mother-in-law brand points ahead of Thanksgiving. I had some questions on menthol, because although we talked a lot about the prescription transaction part of the business, when I look at the guidance 4Q and the preliminary for 2025, that's where most of the delta is versus my numbers. So for my first question, can we just kind of delve into, did we mismodel that and got kind of carried away? Or is anything changing in how you're thinking of the ramp-up in the menthol business?

史考特，恭喜你在感恩節前獲得了婆婆的品牌積分。我對薄荷醇有一些疑問，因為儘管我們談論了很多關於業務的處方交易部分，但當我查看第四季度的指導和2025 年的初步數據時，這就是大部分增量與我的數字的關係。所以對於我的第一個問題，我們是否可以深入研究一下，我們是否模型錯誤並且有點忘乎所以了？或者您對薄荷醇業務成長的看法是否發生了變化？

Thanks, Stephanie. Relative to menthol, I think the trajectory at 20% growth, that we're certainly guiding to in the fourth quarter. And when you adjust vitaCare is really what Q3 did, represents kind of a nice steady run rate now. And it's accelerating. If you're backing it up a couple of quarters, growth in that business was in the mid-single-digits.

謝謝，斯蒂芬妮。相對於薄荷醇，我認為我們肯定會在第四季度實現 20% 的成長軌跡。當你調整 vitaCare 時，這確實是第三季所做的，代表了現在良好的穩定運行率。而且它正在加速。如果你支援幾個季度，那麼該業務的成長將達到中個位數。

And I was on that call. I was on this call saying, we're going to really focus on cash, co-pay, access, all the affordability things that are really our sweet spot. And that's what we've been doing. And it's nice to be able to come back and say we're getting consistent traction on it.

我當時也在場。我在這次電話會議上說，我們將真正關注現金、共付額、使用權以及所有負擔得起的東西，這些都是我們真正的最佳選擇。這就是我們一直在做的事情。很高興能夠回來並說我們在這方面得到了持續的關注。

Charles Rhyee, TD Cowen.

查爾斯‧萊伊 (Charles Rhyee)，TD 考恩 (TD Cowen)。

Trying to understand a little bit about the choppiness here in the retail market, understanding that stores are closing, obviously, with some big changes here. You had sized the Rite Aid impact of $5 million last quarter. Obviously, the -- I think they've announced a few more store closures since. How much of this choppiness at this point could be from like a Walgreens?

試圖了解一點零售市場的波動情況，了解商店正在關閉，顯然，這裡發生了一些重大變化。您估計上個季度 Rite Aid 的影響為 500 萬美元。顯然，我認為自那時起他們又宣布關閉幾家商店。目前這種波動有多少可能是來自沃爾格林之類的？

And at this point, it seems like you're waiting until February to kind of guide here. But as you're doing your planning -- you talked in the past about getting more contact information with patients. What are your efforts here in terms of being able to outreach to members or to consumers to help them direct them to find new pharmacies to continue using GoodRx? And any kind of metrics that you could share in terms of your ability to divert patients from closed stores so far?

在這一點上，你似乎要等到二月才能在這裡提供指導。但當你在做你的計劃時——你過去談到過獲得更多與患者的聯絡資訊。您在接觸會員或消費者以幫助他們尋找新藥局以繼續使用 GoodRx 方面做了哪些努力？您可以分享一下迄今為止將患者從已關閉的商店轉移出去的能力方面的任何指標嗎？

Yes. Hey, Charles. It's Scott. So a couple of points to both the questions and the statements through there. One is, over the last 100 days there's announcements across the industry on both footprint and some retail PBM interactions, and everything that we're articulating kind of incorporates our best knowledge of that. And again, even next year, broadly, we're seeing continued growth in GoodRx overall when we mix everything together.

是的。嘿，查爾斯。這是斯科特。因此，我對其中的問題和陳述有幾點看法。一是，在過去 100 天裡，整個產業都發布了有關足跡和一些零售 PBM 互動的公告，我們所闡述的一切都融合了我們對此的最佳了解。再說一次，即使是明年，總的來說，當我們將所有內容混合在一起時，我們會看到 GoodRx 整體持續增長。

Now to your point on directing whether it's cross-pharmacy footprint or things that we can do, my example -- nothing like the personal example on an earnings call. But that's a very real one that plays out a whole bunch of different times per week where we're able to deliver value to somebody, in this case, it happened to be my mother-in-law, but that really needed this diabetes unit.

現在談談你的觀點，無論是跨藥房足跡還是我們可以做的事情，我的例子——與財報電話會議上的個人例子完全不同。但這是一個非常真實的事情，每週都會在不同的時間上演，我們能夠為某人提供價值，在這種情況下，它恰好是我的岳母，但這確實需要這個糖尿病部門。

And it was our brand program that enabled her to get it. She was not going to pick up this medication. We got her an affordable price. And honestly, it moved her entire pharmacy relationship from one chain to another because one of the partners made it super easy to get visibility and pickup.

正是我們的品牌計劃讓她得到了它。她不會拿起這種藥。我們給了她一個實惠的價格。老實說，這將她的整個藥房關係從一個連鎖店轉移到了另一個連鎖店，因為其中一個合作夥伴使獲得可見性和取貨變得非常容易。

And I think if you scale that out and look at the business, that is what gives, honestly, me and us a little bit of systematic comfort, where there is this huge need still in the world where almost 1 billion scripts are at the counter. Out of that scripts that are left at the counter due to affordability, a little under 100 million of them, 100 million are brand medications.

我認為，如果你擴大規模並看看業務，老實說，這會給我和我們帶來一點系統性的安慰，世界上仍然存在巨大的需求，櫃檯上有近 10 億個腳本。由於負擔能力而留在櫃檯上的處方藥中，大約有不到 1 億個，其中 1 億個是品牌藥物。

And the GoodRx platform is really the place that people go to and they're looking for affordability. And it creates a whole bunch of ways that not only can we serve patients, but again, we can drive incremental economics into retailers. So we've got the pieces in place to do that. And despite the things in the overall footprint that we're working through, the sort of structural value is there.

GoodRx 平台確實是人們去尋找價格實惠的地方。它創造了一大堆方式，我們不僅可以為病患服務，還可以為零售商帶來增量經濟效益。所以我們已經做好了做到這一點的準備。儘管我們正在解決整體足跡中的問題，但結構價值仍然存在。

Lisa Gill, JPMorgan.

麗莎·吉爾，摩根大通。

I just want to follow up on two things. So one, just curious about the ISP uptake for '25 and the contracts that you've signed there and maybe the visibility? And then, Karsten, I know you don't want to give guidance. But you talked about 20%-plus growth in manufacturing and revenue in single-digits. Does that mean that the rest of the business is very low single-digits as we think about next year?

我只想跟進兩件事。那麼，只是好奇 25 年 ISP 的使用情況以及您在那裡簽署的合約以及知名度？然後，卡斯滕，我知道你不想提供指導。但您談到了製造業 20% 以上的成長以及個位數的收入成長。這是否意味著，正如我們明年所設想的那樣，其餘業務的成長率僅為非常低的個位數？

And I appreciate Scott's comments that we want to keep it conservative at this point. But I just want to make sure that I understand what you're saying.

我很欣賞斯科特的評論，我們希望在這一點上保持保守。但我只是想確保我明白你在說什麼。

This is Karsten. So, taking those in reverse order. I think the first comment I'd make is that, yes, for next year, the growth we're seeing at the 20%-plus for manufacturer solutions, which is consistent with what we said at Investor Day, that, that growth is now becoming clearer and clearer. We're deep in the selling season and have the ability to watch bookings roll in and contracts and so on. So that absolutely forms the majority of the growth going into next year.

這是卡斯滕。因此，以相反的順序進行處理。我想我要發表的第一條評論是，是的，明年我們看到製造商解決方案的增長將超過 20%，這與我們在投資者日所說的一致，即增長是現在變得越來越清晰。我們正處於銷售旺季，有能力觀察預訂量和合約等情況。因此，這絕對構成了明年成長的大部分。

I think the goalposts on the prescriptions marketplace side of the business, so our PTR and subscriptions line, are just wider given what Scott's been talking about, around what's going on in pharmacy in particular. And so, on that side, in particular, we're being more conservative than on the other side. I think it's probably the best way to articulate it. But the pharma menthol business is chugging along exactly as we want. With respect to the first part of your question in connection with ISP, I think we're very excited about our ISP wrap program layering on next year incrementally to our core ISP program.

我認為處方藥市場方面的業務目標，即我們的 PTR 和訂閱產品線，考慮到 Scott 一直在談論的內容，尤其是圍繞藥房正在發生的事情，範圍更廣。因此，特別是在這一方面，我們比另一方面更保守。我認為這可能是表達它的最佳方式。但薄荷醇製藥業務正按照我們的預期順利發展。關於您提出的與 ISP 有關的問題的第一部分，我認為我們對 ISP 包裝計劃將在明年逐步分層到我們的核心 ISP 計劃感到非常興奮。

And as a reminder for folks, ISP wrap is ISP focused on off consumers' formulary medications, so brand drugs, et cetera. And the reason we're excited about it is, number one, it has the potential for a high win rate given that we're not competing with the co-pay. We're competing with what the consumer would otherwise pay, which could even be UNC rate. And number two, the ability to provide off formulary medication is also valuable to our brand pharma partners. I think what's tricky at this point, and the reason that we are being conservative, is, prior to the launch of these programs, while they're very exciting, you don't have a trajectory to look at to predict how they're going to roll out.

提醒人們一下，ISP 包裝是 ISP 專注於非消費者的處方藥、品牌藥等。我們對此感到興奮的原因是，第一，鑑於我們不與共同支付競爭，它有可能獲得高勝率。我們正在與消費者支付的費用進行競爭，甚至可能是 UNC 費率。第二，提供非處方藥物的能力對我們的品牌製藥夥伴也很有價值。我認為目前棘手的問題以及我們保守的原因是，在這些計劃啟動之前，雖然它們非常令人興奮，但你沒有一個軌跡可以預測它們的發展。

So that's -- it's most of the basis, I think, of what we're looking at for next year, Lisa.

所以，我認為，這就是我們明年的目標的大部分基礎，麗莎。

Scott Schoenhaus, KeyBanc.

斯科特·舍恩豪斯，KeyBanc。

So you've talked about the challenging choppiness in the retail environment. I believe you entered into a direct contracting method with Kroger. Just kind of wanted to hear an update on how that's going to give us a sense of how you can attack these retailers in the direct-contracting methods in 2025? And then, can you give us a sense -- you did a good job on the Investor Day, giving us a sense of the breakdown between ISP versus direct contracting versus hybrid. Can you give us a sense of where those benchmarks are relative to your initial guidance for 2025?

您談到了零售環境中充滿挑戰的不穩定因素。我相信你們與克羅格簽訂了直接合約。只是想聽聽最新消息，讓我們了解如何在 2025 年以直接簽約攻擊這些零售商？然後，您能否讓我們了解一下——您在投資者日做得很好，讓我們了解了 ISP 與直接簽約與混合模式之間的區別。您能否讓我們了解這些基準與您 2025 年的初步指導相比處於什麼位置？

Scott, I'll start and maybe Karsten will add some detail. So broad context, of our total volume mix, not the retail footprint but our volume mix, a little over 30% of our volume is now directly contracted. And so, obviously, a little less than 70% is still relative or still working through our PBM network. And again, the broad point is we're following each of our retailers' lead in how they want to engage with us. And really, the decision that they go through is how do they want to manage their funded business and how do we fit in relative to that.

斯科特，我會開始，也許卡斯滕會添加一些細節。在我們的總銷售組合中，不是零售足跡，而是我們的銷售組合，現在有超過 30% 的銷售量是直接收縮的。因此，顯然，略低於 70% 的比例仍然是相對的或仍在透過我們的 PBM 網路發揮作用。再說一遍，最重要的一點是，我們正在遵循每個零售商的領先方式，了解他們希望如何與我們互動。事實上，他們要做的決定是他們想要如何管理他們資助的業務，以及我們如何適應這一點。

But we're following a retailer's lead. What we're able to do with -- honestly, regardless of contracting, but we have more latitude when we end up going direct to retailers, is to actually help them manage their holistic category, again, back to the example I gave, take relative price points not only across retailers, but Amazon, plus some of the direct mail separate pharmacy models that are popping up in certain categories and be able to help a retailer promote, manage offerings to certain categories, whether it's cold and flu season with a particular retailer that pops a ton of volume, or manage price point on particular drugs and geographies or regions. It's good old-fashioned marketing and merchandizing across not only generics, but again, brands that help retailers not only meet a need at the counter, but more importantly, fulfill a mission of being a destination for medicine and other things that they do.

但我們正在追隨零售商的腳步。老實說，無論合約如何，我們能夠做的是，當我們最終直接與零售商聯繫時，我們有更多的自由度，實際上是幫助他們管理他們的整體類別，再次回到我給出的例子，採取相對價格點不僅跨零售商，還包括亞馬遜，加上某些類別中突然出現的一些直郵獨立藥房模式，能夠幫助零售商促銷和管理某些類別的產品，無論是在寒冷和流感季節，特定的零售商，其銷售量很大，或管理特定藥物和地理或區域的價格點。這是一種很好的老式行銷和推銷方式，不僅涵蓋仿製藥，而且還幫助零售商不僅滿足櫃檯需求，更重要的是，履行成為藥品和其他產品目的地的使命。

Stan Berenshteyn, Wells Fargo Securities.

貝倫斯坦（Stan Berenshteyn），富國銀行證券公司。

In the prepared remarks, you mentioned that pharmacies are increasingly negotiating contracts with PBMs. Can you just comment how widespread are these negotiations? And do you have a sense of the extent to which take rates could be pressured from the revised contracts?

在準備好的發言中，您提到藥局越來越多地與 PBM 談判合約。您能否評論一下這些談判的範圍有多大？您是否了解修訂後的合約可能對收取率造成多大壓力？

It's Karsten here. We believe that the renegotiation process is pretty standard in one sense. And so far as pharmacies and PBMs arm wrestle over what margin is going to look like pretty much every year and pretty much through every contract cycle. I think what's different this time is that the pressure that pharmacies are under, force them and also act as catalysts for them to be more aggressive with the PBMs. So, as Scott said earlier, we've factored kind of everything we know into the numbers we've articulated, including the preliminary views on '25 at this point as well.

我是卡斯滕。我們認為，從某種意義上來說，重新談判過程是相當標準的。到目前為止，藥局和 PBM 幾乎每年、幾乎每個合約週期都會就利潤率進行角力。我認為這次的不同之處在於，藥局面臨的壓力迫使他們，也成為他們更積極實施 PBM 的催化劑。因此，正如斯科特之前所說，我們已經將我們所知道的一切都考慮到了我們所表達的數字中，包括此時對 25 年的初步看法。

So, while I think there is a possibility that if pharmacies and PBMs in their arm wrestling end up with pharmacies increasing their reimbursement rates a little and with PBMs decreasing the amount of admin fee they collect a little bit, given as Scott just said a moment ago, just shy of 70% of our volumes are still coming in through PBMs, we would see potentially a little bit less flow-through on that. But at this point, it's really a bit too early to say, which is why we're taking a relatively conservative stance on our perspective going into next year.

因此，雖然我認為，如果藥房和 PBM 之間的較量最終可能會導致藥房稍微提高報銷率，而 PBM 則稍微減少收取的管理費，正如 Scott 剛才所說的那樣之前，我們仍有不到70%的銷售量是透過PBM 流入的，因此我們可能會看到這方面的流量可能會減少一些。但目前來說還為時過早，這就是為什麼我們對明年的前景採取相對保守的立場。

And I'll chime in. The discussion that we're having with retailers, that's happening on a day in, day out basis. And we're now at least starting to have a conversation on the overall category, which is not -- rates at the very micro unit level and everybody is going back and forth on it. But how do you look at this category? What need are you solving, again, for patients at the counter and gaps in insurance and how are you filling that?

我會插話。我們與零售商的討論日復一日地進行。我們現在至少開始就整個類別進行對話，這不是非常微觀單位層級的費率，每個人都在討論這個問題。但你如何看待這個類別呢？再次，您要解決櫃檯病人的什麼需求和保險缺口，您將如何填補這些需求？

And there's ways that a lot more economics can flow to retailers as we continue, honestly, to operate at that level and particularly through brands, which, again, is a way to create a whole bunch of incremental economics to retail that they're not getting today. And more importantly, you're doing what you're supposed to be doing, which is driving traffic, delighting people, adding shoppers into the store. And that's a little bit of the over longer term or strategic view. But if you've looked at some of our press releases, we're doing some really neat things with Hy-Vee, who's a super innovative retailer, around pre-order, pick up in store, that kind of bring all these kinds of things together to really make a better, honestly, overall pharmacy experience. And while we're going through some of the things in the footprint, we're also trying and advancing them at different paces on some of these broader topics with our retail partners.

老實說，隨著我們繼續在這一水平上運營，特別是透過品牌運營，更多的經濟效益可以透過多種方式流向零售商，這也是為零售業創造一大堆增量經濟效益的一種方式。更重要的是，您正在做您應該做的事情，即增加流量、取悅人們、增加商店的購物者。這是一些長期或策略觀點。但如果你看過我們的一些新聞稿，你會發現我們正在與Hy-Vee 一起做一些非常巧妙的事情，Hy-Vee 是一家超級創新的零售商，圍繞預訂、店內提貨，帶來所有這些類型的服務。雖然我們正在研究足跡中的一些事情，但我們也在與我們的零售合作夥伴一起嘗試並在一些更廣泛的主題上以不同的速度推進它們。

Sean Dodge, RBC Capital Markets.

肖恩·道奇，加拿大皇家銀行資本市場部。

Maybe just going back to the ISP rollout. Scott, you said you're in your second year of this now. Is the pace of adoption proceeding pretty similarly across all of your PBM partners there? Or are some of them going a bit faster than others? And then, if there are ones going faster, why is that and the ones going slower, is it just cautiousness on their part that's driving that or are there some technical or other kinds of constraints or barriers that they're running into?

也許只是回到 ISP 的推出。史考特，你說過你現在已經是第二年了。您所有的 PBM 合作夥伴的採用進度是否非常相似？或者他們中的一些人比其他人走得快一點？然後，如果有些人走得更快，為什麼會這樣，而有些人卻走得較慢，是否只是他們的謹慎導致了這種情況，還是他們遇到了一些技術或其他類型的限製或障礙？

Not surprisingly, it's a mix across the PBM environment. And if you take a step back, what need is this solving? I think there's real demand from employers who obviously are the real payers of all of our healthcare, to have a capability for their members, you and I and everybody else, relative to insurance plans. And this was a first step, or a toe in the water, if you will, of how do you complement and bring GoodRx alongside funded plans. And right now we're -- as we've clearly articulated, working with and really through the PBMs in that dynamic and it's been only generics to date.

毫不奇怪，它是整個 PBM 環境的混合體。如果你退後一步，這個解決方案需要什麼？我認為雇主確實有真正的需求，他們顯然是我們所有醫療保健的真正付款人，有能力為他們的成員，你和我以及其他人提供相對於保險計劃的能力。如果你願意的話，這是第一步，或者說是一個嘗試，關於如何補充 GoodRx 並將其與資助計劃一起使用。正如我們已經明確闡述的那樣，現在我們正在與 PBM 合作並真正透過這種動態方式進行工作，但迄今為止它還只是泛型。

What we're excited about is, again, bringing brands into that program with some of the PBMs that we announced. And that's an additional and very big market need because, again, the problem that's being solved here is employers are obviously trying to manage the cost benefit. But we all want our people to get great healthcare, but it's not a blank check. And the need that this is really serving is every employer is trying to both have a really nice plan for their people in appropriate ways and then complement it as so. And again, ISP to date, I'd say, is a piece of that and we're continuing to round out the benefits.

讓我們再次感到興奮的是，透過我們宣布的一些 PBM 將品牌納入該計劃。這是一個額外的、非常大的市場需求，因為這裡要解決的問題是雇主顯然正在努力管理成本效益。但我們都希望我們的人民獲得良好的醫療保健，但這不是一張空白支票。這個真正服務的需求是每個雇主都試圖以適當的方式為其員工製定一個非常好的計劃，然後對其進行補充。再說一次，我想說，迄今為止的 ISP 是其中的一部分，我們正在繼續完善這些好處。

And hopefully, next year, not only with our PBM partners, but even more so with plans and employers having honestly that direct connection to GoodRx to ride alongside somebody's insurance plan because that's really the benefit of what GoodRx does.

希望明年不僅能與我們的 PBM 合作夥伴合作，更能與計劃和雇主真誠地與 GoodRx 建立直接聯繫，與某人的保險計劃並駕齊驅，因為這確實是 GoodRx 所做的好處。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist 證券公司。

I wanted to ask about your PMS business. It looks like you're seeing some good momentum there. Can you provide any update on what you are seeing in terms of pharma companies' willingness to spend and sign on, considering all the cautious commentary we've heard from some of the CROs and other pharma services companies we cover? I understand that GoodRx is working off a small base and the solution is a pay-as-you-go structure for the pharma client. But has there been any change in conversation?

我想問一下你們的 PMS 業務。看來你看到了一些好的勢頭。考慮到我們從一些 CRO 和我們報道的其他製藥服務公司聽到的所有謹慎評論，您能否提供有關製藥公司支出和簽約意願方面的最新情況？據我所知，GoodRx 的基礎規模較小，解決方案是為製藥客戶提供即用即付的結構。但談話內容有變化嗎？

And does your guidance assume any benefit from a potential budget flush you might see at these pharma companies in Q4?

您的指導是否假設您可能會在第四季度看到這些製藥公司潛在的預算充裕帶來任何好處？

Thanks. So broadly, here's what's really nice about what we're doing. GoodRx has -- we have 350 million unique visits a year from people coming to GoodRx looking for affordability. 20% of those are on brand medication. And when we look across our brand drug pages relative to the brand.com, we get between 1.5 and 5x the traffic of a brand.com.

謝謝。總的來說，這就是我們正在做的事情的真正優點。GoodRx 每年有 3.5 億次獨立訪問，人們來到 GoodRx 尋求實惠。其中 20% 正在服用品牌藥物。當我們查看相對於brand.com 的品牌藥品頁面時，我們得到的流量是brand.com 的1.5 到5 倍。

Just think about that. And we don't -- that's got no direct marketing. We're not doing anything for that. It literally is just people coming to our brand drug pages looking for an affordability solution. And so, the last year has been about just meeting that need, particularly through cash, co-pay assistance and some surround on those pages.

想想看。我們沒有——那沒有直接行銷。我們沒有為此做任何事。從字面上看，這只是人們來到我們的品牌藥品頁面尋找負擔得起的解決方案。因此，去年只是為了滿足這一需求，特別是透過現金、共同支付援助和這些頁面上的一些內容。

And a good measure of success is the fact that these brand cash point-of-sale programs, like the Dexcom example that I described in the call -- we entered the year with 20-odd -- somewhere in the 20s. We now have 72 of these programs in place. And the great thing about these programs is, these stack and compound. And we're obviously in discussion to continue to grow that number and integrate all of the assistance programs that these different brands have really with workflow riding on GoodRx. So I think I feel good about the trajectory of where manufacturer solutions is on the face of the P&L.

衡量成功的一個很好的衡量標準是，這些品牌現金銷售點計劃，就像我在電話中描述的 Dexcom 例子一樣，我們進入了今年的 20 多個項目，大約在 20 多歲。我們現在已經實施了 72 個此類計劃。這些程式的偉大之處在於，它們是堆疊和複合的。顯然，我們正在討論繼續增加這個數字，並將這些不同品牌真正擁有的所有援助計劃與 GoodRx 上的工作流程整合。因此，我認為我對製造商解決方案在損益表中的位置感到滿意。

Honestly, when I think about those macro numbers, I get more excited and -- in all honesty, get anxious and excited about making that number go up bigger, because those are really big and compelling numbers with a need. And we're continuing to work with brands to bring all their assistance programs on to GoodRx.

老實說，當我想到這些宏觀數字時，我會變得更加興奮，而且說實話，我對讓這個數字變得更大感到焦慮和興奮，因為這些數字確實很大，而且有需求。我們將繼續與品牌合作，將他們的所有援助計劃引入 GoodRx。

And Jailendra, just to answer the other part of your question, we're not really relying on any sort of budget flush outcomes in relation to the numbers we put out there for the fourth quarter.

Jailendra，只是為了回答你問題的另一部分，我們並不真正依賴與我們在第四季度公佈的數字相關的任何形式的預算充裕結果。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

This is (inaudible) on for Craig. With the growth in pharma manufacturing solutions and the developments with GLP-1s, I was wondering whether you can refresh your thoughts on the market opportunity? And what are your thoughts on compounded GLP-1s on the platform and if that would impact conversations with the branded partners?

這是克雷格的（聽不清楚）。隨著製藥解決方案的成長和 GLP-1 的發展，我想知道您是否可以更新您對市場機會的看法？您對平台上的複合 GLP-1 有什麼看法？

Yes, so same big market stat. In the third quarter, we got 1.9 million unique price page views on GoodRx. So near -- like, effectively 2 million unique views in the quarter for GLP-1s. That is a huge number. And again, that's on brand drug price page.

是的，同樣的大市場統計。第三季度，我們在 GoodRx 上獲得了 190 萬次獨特的價格頁面瀏覽量。GLP-1 在本季度的獨特瀏覽量非常接近——大約 200 萬次。這是一個龐大的數字。再說一次，這是在品牌藥品價格頁面。

So we're working with Lilly and Novo in ways to surround that environment. And so obviously, the growth of mentholl has some nice pickup from GLP-1s and even our posted growth rates. But when you look at that level of activity and think about this category evolving, as affordability continues to become important and we build up these e-commerce capabilities like we just described, GoodRx has the ability to have a very affordable price where you can see inventory at these -- at a retailer, reserve it and either pick it up in store or have it sent to your house. And now we're talking to Lilly and Novo about how can those kind of programs reside. But it's just continued opportunity around a lot of people coming to GoodRx looking for affordability.

因此，我們正在與禮來（Lilly）和 Novo 合作，以各種方式圍繞著這個環境。顯然，薄荷醇的成長得益於 GLP-1 甚至我們公佈的成長率。但是，當您觀察該活動水平並考慮該類別的發展時，隨著負擔能力繼續變得重要，並且我們像我們剛才描述的那樣建立這些電子商務功能，GoodRx 有能力提供非常實惠的價格，您可以看到庫存在這些 - 在零售商處，保留它，然後在商店取貨或將其發送到您的家中。現在我們正在與 Lilly 和 Novo 討論此類程序如何駐留。但這只是許多人來到 GoodRx 尋求負擔得起的機會。

You asked about compounding. We have stood very clearly on the side of working with branded pharma, Lilly and Novo, and have not worked with compounders in contrast to a whole bunch of other people in the system, largely, and 100% because we're trying to work on these programs with Lilly and Novo and the brands themselves and have, in all transparency, turned away things that we could do with compounders out of an effort to build for the long-term. I think these direct-to-consumer capabilities on the brands that I do think the market and the world really wants.

你問的是複合。我們非常明確地站在與品牌製藥公司禮來（Lilly）和諾和（Novo）合作的一邊，與系統中的一大堆其他人相比，我們沒有與複合商合作，很大程度上，100 %，因為我們正在努力工作這些項目與禮來（Lilly）和諾和（Novo）以及品牌本身合作，並且在所有透明的情況下，出於長期建設的努力而拒絕了我們可以與複合商一起做的事情。我認為這些直接面向消費者的品牌能力是市場和世界真正想要的。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

One for Scott or Karsten. How widespread are you seeing pharmacies getting more aggressive with PBMs? And I guess, what's changed there? Trying to understand, is this one pharmacy that's getting more aggressive with PBMs? Or are you seeing it across the board with your pharmacy partners maybe pushing back more aggressively?

一本是給斯科特或卡斯滕的。您認為藥局對 PBM 的積極性有多高？我想，那裡發生了什麼變化？試圖了解這家藥局是否在 PBM 方面變得更加積極？或者您看到您的藥局合作夥伴可能會更積極地反擊？

And then mechanically, how does that impact GoodRx? Would you expect a weaker take rate related to that or less volume flowing through?

那麼從機械角度來說，這對 GoodRx 有何影響？您是否預期與此相關的採用率會下降，或者流通量會減少？

This is Karsten. So a couple of things. First of all, I think you said what are we seeing and is it endemic and why is it happening and then impact on us, if I follow correctly. So, first of all, what we're seeing is that -- been hearing is that pharmacies are more aggressive about reimbursement rates and admin fees. And the why is because of the situation they're in, right?

這是卡斯滕。有幾件事。首先，我認為你說了我們所看到的是什麼，它是否是地方性的，為什麼會發生，然後對我們產生影響，如果我理解正確的話。因此，首先，我們看到的是——我們聽到的是藥局在報銷率和管理費方面更加積極。原因是因為他們所處的情況，對吧？

They desperately need the margin and need to start shifting the balance a little bit from the PBM side to the pharmacy side in terms of total profit pool capture. I think in terms of the pharmacies involved, I think the larger pharmacies are flexing their muscles and leveraging this. And the larger pharmacies are where a lot of the volume is. So, from that perspective, as Scott said too, the majority of our prescription transactions revenue and transactions still flow through PBMs. So if the PBMs are making a bit less, that has the potential for flow-through impact on us and that's factored into what we talked about with respect to our preliminary views on 2025, so already factored in.

他們迫切需要利潤，並且需要開始將總利潤池捕獲方面的平衡從 PBM 方面稍微轉移到製藥方面。我認為就所涉及的藥局而言，我認為較大的藥局正在展示自己的實力並利用這一點。較大的藥局的藥品數量較多。因此，從這個角度來看，正如 Scott 所說，我們的大部分處方交易收入和交易仍然透過 PBM 流動。因此，如果 PBM 的收入減少一點，就有可能對我們產生流動性影響，這已納入我們關於 2025 年初步觀點的討論中，因此已經考慮在內。

I think in terms of more broadly, though, your question, the reality is that, as we continue to direct contract more, as we continue to focus on brand medications and the opportunity to drive value from branded medications into pharmacies, in the way Scott talked about, and the ability to partner with them more broadly, that creates opportunities for us to accept ourselves out of a trend that allows us to be differentiated and create incremental for -- value for pharmacies, particularly as we continue to direct contract.

但我認為，從更廣泛的角度來看，你的問題是，現實是，隨著我們繼續更多地直接簽訂合同，隨著我們繼續關注品牌藥物以及將品牌藥物的價值推向藥房的機會，就像斯科特那樣談到，以及與他們更廣泛合作的能力，這為我們創造了機會，讓我們能夠接受自己脫離這種趨勢，使我們能夠與眾不同並為藥房創造增量價值，特別是在我們繼續直接簽訂合約的情況下。

There's -- one quick add. Our usage growth is healthy. So at the fundamental individual consumer level, we're having clean growth in usage. That's not changing. And so, as we're -- as the industry goes forward, what you're seeing is almost, again, the category relative to insurance because we at GoodRx are still driving consumer usage growth.

快速補充一下。我們的使用量成長健康。因此，在基本的個人消費者層面，我們的使用量正在實現乾淨的成長。這並沒有改變。因此，隨著產業的發展，您所看到的幾乎又是與保險相關的類別，因為我們 GoodRx 仍在推動消費者使用量的成長。

We're growing share in the discount card category and have been consistently doing so over the past several quarters. And so, the dynamic is really a marginal one as these things play out relative probably to insurance. That's kind of how the -- I think, answers your take rate question.

我們在折扣卡類別中的份額正在不斷增長，並且在過去幾個季度中一直在這樣做。因此，這種動態實際上是一種邊緣動態，因為這些事情可能相對於保險而言。我認為這就是回答你的採納率問題的方式。

And I think to your point, Scott, the validator of the fact that consumer pricing remains compelling and GoodRx usage remains compelling is, among other things, the macros you've seen in the recently ended quarter that we're reporting on now at 7%.

我認為，就你的觀點而言，Scott，消費者定價仍然具有吸引力並且GoodRx 使用仍然具有吸引力這一事實的驗證者是，除其他外，你在最近結束的季度中看到的宏，我們現在在7 報告%。

Daniel Grosslight, Citi.

丹尼爾‧格羅斯萊特，花旗銀行。

I'd love to get an update on the Kroger Direct contract. I think when we last spoke about this, you mentioned that it was going a little bit slower than anticipated and maybe some education of the pharmacists needed to be made to let them know that you can take GoodRx now. So curious if that has started to take off a little bit better now? And I think last time you disclosed this in a chart, it looked about 1% or so of your claims are from Kroger. How fast do you think that can get up to where their kind of overall market share is now?

我很想了解克羅格直接合約的最新資訊。我想當我們上次談論這個問題時，您提到它的進展比預期的要慢一些，也許需要對藥劑師進行一些教育，讓他們知道您現在可以服用 GoodRx。很好奇現在情況是否已經開始好一點了？我認為上次您在圖表中披露這一點時，您的聲明中大約有 1% 左右來自克羅格。您認為他們能以多快的速度達到目前的整體市佔率？

It's Scott. Thanks. I'd rather not talk about super specific metrics at a individual retailer level. We're working with Kroger and having Kroger present. And we are driving a lot of views to Kroger within our environment.

這是斯科特。謝謝。我不想談論單一零售商級別的超級具體指標。我們正在與克羅格合作，並邀請克羅格在場。我們在我們的環境中為克羅格帶來了很多觀點。

And I'd say the KPIs at an early stage are probably where we expected. And we hope and look forward to continuing to bring all those retail capabilities that I've been talking about or that you're seeing, for example, with things like we're doing with Hy-Vee to Kroger.

我想說早期階段的 KPI 可能符合我們的預期。我們希望並期待繼續將我一直在談論的或您所看到的所有零售能力帶來，例如我們與 Hy-Vee 一起為克羅格所做的事情。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

So kind of maybe a two-part question here. Number one, I guess, could you update us on the biosimilar strategy as it relates to Humira and your partnership with Boehringer? And whether you're kind of seeing any traction or whether there's been any meaningful contribution there to speak of? And then, I guess kind of like, the last one is a big picture question. As you talk about the Rx choppiness and we all know about the retail pharmacy environment, but kind of the backdrop for drug utilization remains pretty strong, especially in Q3 and looking into Q4.

所以這裡可能是一個由兩個部分組成的問題。第一，我想，您能否向我們介紹與 Humira 相關的生物相似藥策略以及您與勃林格殷格翰的合作關係？您是否看到了任何吸引力，或者是否有任何有意義的貢獻值得一提？然後，我想最後一個問題是一個大局問題。當您談論處方藥的波動性時，我們都知道零售藥房環境，但藥物利用的背景仍然相當強勁，尤其是在第三和第四季度。

So kind of just like -- I guess I would ask, what can you guys do to close the gap between what you guys feel like you're seeing and the kind of the macro backdrop strength?

所以有點像——我想我會問，你們能做些什麼來縮小你們所看到的和宏觀背景強度之間的差距？

Thanks. Relative to Humira and BI and the biosimilar, again, one of now our 72 point-of-sale cash programs that, again, up from [20%] at the beginning of the year, it's awesome. I mean across categories, whether you're a brand that has competition in the brand or generic space, whether your brand is off formulary or has certain gaps in coverage. Whether, again, it's a biosimilar or an OTC competing in that way. We're meeting the need for affordability.

謝謝。相對於 Humira 和 BI 以及生物相似藥，我們目前的 72 個銷售點現金計劃之一再次高於年初的 [20%]，這非常棒。我的意思是跨類別，無論您是一個在品牌或通用領域存在競爭的品牌，無論您的品牌不在處方範圍內還是在覆蓋範圍上存在一定差距。再說一次，無論是生物相似藥還是非處方藥都以這種方式競爭。我們正在滿足負擔能力的需求。

And so, the BI biosimilar is an awesome proof point for that category that we think can and should grow, again, for the broader need of, if we got 1.5 to 5x the traffic of every brand.com page. And there's 80 million to 100 million brand scripts that are sitting at the counter, all that -- left every year due to affordability, there's a lot of upside here.

因此，BI 生物相似藥是該類別的一個很棒的證據，我們認為如果我們將每個Brand.com 頁面的流量增加1.5 至5 倍，我們認為該類別可以而且應該增長，以滿足更廣泛的需求。櫃檯上有 8000 萬到 1 億個品牌腳本，所有這些——每年由於負擔能力而被留下，這裡有很多好處。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

I guess taking a step back, when you think about the strategic priorities and/or the investment priorities for the business looking out towards 2025, we've talked a lot about the headwinds the industry faces from the retail footprint on this call. Are there any things within your control where you feel you want to sort of clarify or sum up ways in which you can sort of reposition the platform or maybe educate the consumer more deeply on the savings they could capitalize on, that could possibly outrun or counteract some of the retail footprints we had? And maybe how those fit into your broader priorities for '25?

我想退一步講，當您考慮企業展望 2025 年的策略優先事項和/或投資優先事項時，我們在這次電話會議上討論了很多行業在零售足跡方面面臨的阻力。在您的控制範圍內，是否有任何事情您覺得您想要澄清或總結如何重新定位平台，或者更深入地教育消費者他們可以利用的節省，這可能會超出或抵消我們有哪些零售足跡？也許這些如何適合您 25 世紀更廣泛的優先事項？

Yes. Thanks, Eric. You're giving me a plug to retail really, because the GoodRx promise of affordability and transparency is super powerful. And so, back to that almost 1 billion scripts and 80 million to 100 million brand scripts that are left, we're creating a way that particularly brand pharma can get an affordable price to people, whether it's direct cash price or whether it's all the various co-pay programs that they have that are honestly only understood by a small amount of consumers, all of that living on GoodRx. And the discussion that we're having and really want to have with retailers, bring those to the counter -- That, plus everything else holistically, bring those programs to the counter.

是的。謝謝，埃里克。你真的給了我零售的機會，因為 GoodRx 對負擔能力和透明度的承諾是非常強大的。因此，回到剩下的近10 億個腳本和8000 萬到1 億個品牌腳本，我們正在創建一種方式，使特定品牌製藥公司能夠獲得人們負擔得起的價格，無論是直接現金價格還是所有價格他們擁有的各種共同支付計劃老實說只有一小部分消費者了解，所有這些消費者都生活在 GoodRx 上。我們正在並真正希望與零售商進行的討論，將這些計劃帶到櫃檯——加上其他所有內容，將這些計劃帶到櫃檯。

And we're the only company that's really investing in technology to help people pre-order. Can you -- Should you be able to pick it up in store or get it sent to your house? Can I pay upfront? It's turning this into a consumer product experience that will help retailers manage their workload at the counter and get them better economics, and again, capture a lot of incrementality.

我們是唯一一家真正投資科技來幫助人們預訂的公司。你能－你能在商店裡取貨還是把它送到你家嗎？我可以預先付款嗎？它將其轉變為消費產品體驗，將幫助零售商管理櫃檯工作量並獲得更好的經濟效益，並再次獲得大量增量。

Michael Cherny, Leerink.

麥可·切爾尼，萊林克。

This is Dan Clark on for Mike. Just a question on '25 in your kind of core prescriptions business. How are you thinking about changes to Medicare Part D plans, particularly a lower out-of-pocket cap and just any impact to your business?

這是麥克的丹·克拉克。只是關於您的核心處方業務中的“25”問題。您如何看待 Medicare D 部分計劃的變化，特別是自付費用上限的降低以及對您業務的影響？

Sure. Thanks for the question. I'll speak to this one quickly because it's a topic I think that we've addressed a couple of times. The out-of-pocket max applies to a tiny proportion of Medicare users. I think you all can look this up empirically too, the tiny percentage that actually have historically spent enough to hit the cap, so with Medicare being sub-30% of the users on GoodRx.

當然。謝謝你的提問。我會很快談到這個問題，因為我認為這個主題我們已經討論過幾次了。自付費用上限適用於一小部分醫療保險使用者。我認為你們也可以根據經驗來查找這一點，歷史上實際支出足以達到上限的微小比例，因此 Medicare 佔 GoodRx 用戶的不到 30%。

And with a couple percent of them hitting the cap, this is like a pretty minute potential impact, especially when you consider that folks don't know if they're going to hit the cap until they do in many cases. So they still have a rationale and basis for using GoodRx in the meantime. So, I think from our perspective, this is not a top 10 worry for us by any means.

其中百分之幾達到了上限，這就像一個相當小的潛在影響，特別是當你考慮到人們在許多情況下不知道他們是否會達到上限時。所以他們同時還是有使用GoodRx的理由和基礎的。因此，我認為從我們的角度來看，這無論如何都不是我們最擔心的十大問題。

And I would now like to turn the call back to Scott for closing remarks.

現在我想將電話轉回給史考特，讓他發表結束語。

I appreciate everybody being with us on the call. Thanks for the questions and we will talk to everybody soon. Thank you.

我感謝大家與我們一起通話。感謝您提出問題，我們很快就會與大家交談。謝謝。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。