GoodRx Holdings Inc (GDRX) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the GoodRx third-quarter 2025 earnings call. As a reminder, today's conference call is being recorded.

女士們、先生們，感謝各位的耐心等待，歡迎參加 GoodRx 2025 年第三季財報電話會議。再次提醒，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.

現在我謹向大家介紹今天電話會議的主持人，投資人關係總監奧布里‧雷諾茲。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 2025. Joining me today are Wendy Barnes, our Chief Executive Officer; and Chris McGinnis, our Chief Financial Officer.

謝謝接線生。各位早安，歡迎參加 GoodRx 2025 年第三季財報電話會議。今天與我一同出席的有我們的執行長溫蒂·巴恩斯和我們的財務長克里斯·麥金尼斯。

Before we begin, I'd like to remind everyone that this call will contain forward-looking statements. All statements made on this call that do not relate to matters of historical facts 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.

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。本次電話會議中所有與歷史事實無關的陳述均應視為前瞻性陳述，包括但不限於有關管理層計劃、戰略、目標和目的、我們的市場機會、我們預期的財務業績、我們業務和行業的潛在趨勢（包括藥房生態系統的持續變化）、我們的價值主張、我們的長期增長前景、我們的直接和混合合同、與第三方的合作夥伴關係

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, 2024, and 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. 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.

這些聲明既不承諾也不保證，而是涉及已知和未知的風險、不確定性以及其他重要因素。這些因素，包括我們在截至 2024 年 12 月 31 日的年度報告（表格 10-K）的「風險因素」部分討論的因素，以及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作出的前瞻性陳述所表達或暗示的內容存在重大差異。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，即使後續事件導致我們的觀點發生變化，我們也不承擔更新這些陳述的任何義務。

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. I would also like to remind everyone that a replay of this call will become available there shortly as well.

此外，我們將在今天的演講中提及一些非GAAP指標。我們已在公司獲利新聞稿中將每項非GAAP指標與最接近的GAAP指標進行了核對，該新聞稿可在我們投資者關係網站 investors.goodrx.com 的「概覽」頁面找到。我還想提醒大家，本次電話會議的錄音回放也將很快在該頁面上線。

With that, I'll turn it over to Wendy.

接下來，我將把麥克風交給溫迪。

Thank you, Aubrey, and thank you to everyone for joining us today. Q3 was a strong quarter of focused execution and measurable progress across each of our key strategic priorities. Since our last earnings call, we expanded our access and affordability programs with leading pharmaceutical manufacturers, including with Novo Nordisk to deliver direct-to-consumer cash prices for Ozempic and Wegovy, and with Amgen for Repatha, among others.

謝謝你，奧布里，也謝謝今天所有到場的各位。第三季我們在各項關鍵策略重點方面都取得了顯著的執行力和可衡量的進展。自上次財報電話會議以來，我們擴大了與領先製藥廠商的藥品可及性和可負擔性計劃，包括與諾和諾德合作，為消費者提供 Ozempic 和 Wegovy 的直接現金價格，以及與安進合作，為 Repatha 等產品提供可及性和可負擔性。

We strengthened our partnership with one of the nation's largest grocery retailers, launching our RxSmartSaver counter solution at Kroger pharmacies nationwide. And we continue to invest in the strength of the GoodRx brand, launching our new Savings Wrangler campaign to reinforce that GoodRx is the most trusted and recognizable name in prescription access and affordability.

我們加強了與全國最大的食品零售商之一的合作關係，在全國各地的 Kroger 藥房推出了我們的 RxSmartSaver 櫃檯解決方案。我們將繼續投資增強 GoodRx 品牌實力，推出新的 Savings Wrangler 活動，以鞏固 GoodRx 作為處方藥獲取和價格可承受性方面最值得信賴和最知名的品牌的地位。

These initiatives demonstrate the strength of our platform and show how we're executing our strategy with speed, scale and purpose, delivering tangible value to consumers, pharmacies and manufacturers while positioning GoodRx for sustainable long-term growth. I'm incredibly proud of the progress our teams delivered this quarter and of the strong foundation we're building for continued momentum ahead.

這些舉措展現了我們平台的實力，並表明了我們如何以速度、規模和目標執行我們的策略，為消費者、藥房和製造商帶來實際價值，同時為 GoodRx 的可持續長期增長奠定基礎。我為我們團隊本季取得的進展以及我們為未來持續發展奠定的堅實基礎感到無比自豪。

Before diving into business updates, I want to acknowledge the broader US healthcare environment and how prescription drug pricing is undergoing a profound transformation. With the pending introduction of TrumpRx and the renewed focus on most favored nation or MFN pricing, the market is shifting decisively toward greater transparency and direct-to-consumer access.

在深入探討業務最新進展之前，我想先談談美國更廣泛的醫療保健環境，以及處方藥定價正在發生的深刻變化。隨著 TrumpRx 即將推出以及對最惠國待遇或 MFN 定價的重新關注，市場正果斷地朝著更高的透明度和直接面向消費者的方向轉變。

We view this evolution as both an opportunity and a clear validation of our mission. We are actively engaged with the administration and HHS helping to inform policy efforts that expand access and affordability for all Americans. The GoodRx platform is designed to deliver on many of the same goals driving these initiatives, providing transparent consumer-direct pricing for medications at scale. We enable consumers to fill their prescriptions at nearly all pharmacies nationwide, so they can continue to work with their trusted pharmacists to manage all of their prescribed medications or get their prescriptions shipped via home delivery partners. This is a significant differentiator.

我們認為這種演變既是機遇，也是對我們使命的強大驗證。我們積極與政府和衛生與公眾服務部合作，為擴大所有美國人獲得醫療服務的機會和降低醫療費用提供政策建議。GoodRx 平台旨在實現與這些舉措相同的許多目標，即大規模地提供透明的消費者直接藥品定價。我們讓消費者在全國幾乎所有藥房配藥，以便他們能夠繼續與值得信賴的藥劑師合作管理所有處方藥物，或透過送貨上門合作夥伴將處方藥送到客戶手中。這是一個顯著的差異化優勢。

Many other affordability programs or new pricing initiatives are limited to select home delivery pharmacies, which can restrict access and slow adoption. With more than a decade of experience, deep relationships across the pharmacy ecosystem and proven operational capabilities, I believe GoodRx is uniquely positioned to lead the evolution of direct-to-consumer healthcare while also supporting the ambition of this administration. And while it's still early in the landscape continues to evolve, we believe these policy developments will ultimately be a long-term tailwind for GoodRx.

許多其他可負擔性計劃或新的定價措施僅限於部分送藥上門藥房，這可能會限制其普及，減緩其推廣速度。憑藉著十多年的經驗、在整個藥房生態系統中建立的深厚關係以及成熟的運營能力，我相信 GoodRx 擁有獨特的優勢，能夠引領直接面向消費者的醫療保健的發展，同時也能支持本屆政府的雄心壯志。雖然目前情況仍處於早期階段，且情況仍在不斷變化，但我們相信這些政策發展最終將成為 GoodRx 的長期利好因素。

As the market shifts towards greater price transparency and consumer direct models, we'll be positioned to bring even more D2C cash pricing to our platform, expanding choice, access and savings for millions of Americans.

隨著市場向價格透明度更高、消費者直銷模式轉變，我們將能夠為我們的平台帶來更多 D2C 現金定價，從而為數百萬美國人擴大選擇範圍、增加購買管道並節省開支。

I also want to recognize the growing uncertainty around the future of health insurance coverage in the US Changes to the Affordable Care Act marketplace subsidies and Medicaid support could lead to more Americans finding themselves uninsured or facing higher out-of-pocket costs. What is clear is that affordability will remain a pressing issue for millions of people. In this moment, GoodRx becomes even more essential and relevant to consumers and to the healthcare providers who are tasked with supporting their patients. Whether a patient is insured, underinsured or uninsured, we are here to help them access and afford the full range of prescriptions they need to stay healthy.

我還想指出，美國醫療保險覆蓋範圍的未來存在著日益增長的不確定性。 《平價醫療法案》市場補貼和醫療補助支持的改變可能會導致更多美國人發現自己沒有保險或面臨更高的自付費用。顯而易見的是，對於數百萬人來說，價格負擔仍將是一個迫切的問題。在此時此刻，GoodRx 對於消費者和負責支援患者的醫療保健提供者變得更加重要和重要。無論患者是否有醫療保險、醫療保險不足或沒有醫療保險，我們都將竭誠幫助他們獲得並負擔得起保持健康所需的全部處方藥。

Turning to our third quarter performance. We delivered solid financial results driven by disciplined execution. While we're pleased with our overall momentum, we have continued to navigate industry headwinds that have modestly impacted our results. The ongoing and now complete Rite Aid store closures reduced prescription volume across certain geographies.

接下來來看看我們第三季的業績。我們憑藉嚴謹的執行力取得了穩健的財務表現。儘管我們對整體發展勢頭感到滿意，但我們仍然面臨著行業逆風，這些逆風對我們的業績產生了一定的影響。Rite Aid門市的持續關閉（現已全部關閉）導致某些地區的處方藥銷量下降。

We are actively working to recapture displaced users, both through direct communications where available and in partnership with acquiring pharmacy retailers. But as we noted on the last call, this takes some time. As always, we remain focused on the long-term health and growth of the business and creating lasting value for our consumers, partners and shareholders alike.

我們正在積極努力重新吸引流失的用戶，包括在條件允許的情況下透過直接溝通，以及與收購藥局零售商合作。但正如我們在上次通話中提到的，這需要一些時間。一如既往，我們將繼續專注於業務的長期健康發展和成長，並為我們的消費者、合作夥伴和股東創造持久價值。

Now let's dive into key business updates. Starting with Pharma Manufacturer Solutions, which we'll refer to as Manufacturer Solutions, we delivered strong results during the third quarter with 54% year-over-year revenue growth.

現在讓我們深入了解重要的業務更新。首先是製藥製造商解決方案（以下簡稱「製造商解決方案」），我們在第三季取得了強勁的業績，營收年增 54%。

We continue to sell new brands and expand relationships with existing partners, reinforcing our position as the go-to partner for manufacturers seeking to improve access and affordability for patients. Our value proposition is clear. We deliver measurable results, proving strong ROI by helping manufacturers reach the right patients, drive adherence and remove barriers to treatment. This is why more brands are choosing to work with GoodRx and why our existing partners continue to deepen their investment with us.

我們不斷推出新品牌，並擴大與現有合作夥伴的關係，鞏固了我們作為製造商的首選合作夥伴的地位，致力於改善患者的用藥可及性和可負擔性。我們的價值主張很明確。我們透過幫助製造商找到合適的患者、提高依從性並消除治療障礙，提供可衡量的結果，證明強大的投資報酬率。這就是為什麼越來越多的品牌選擇與 GoodRx 合作，以及為什麼我們現有的合作夥伴不斷增加對我們的投資。

As I mentioned earlier on the call, we see potentially strong tailwinds from the policy environment for Manufacturer Solutions. 3Initiatives like TrumpRx and potential most favored nation mandates are causing the pharmaceutical landscape to shift in meaningful ways as manufacturers face growing momentum and pressure to bring direct-to-consumer or D2C affordability programs to market.

正如我之前在電話會議中提到的，我們認為政策環境可能會為製造商解決方案帶來強勁的利多因素。3. 像 TrumpRx 這樣的舉措以及潛在的最惠國待遇強制措施，正在導致製藥行業格局發生重大變化，因為製造商面臨著越來越大的勢頭和壓力，需要將直接面向消費者或 D2C 的可負擔性計劃推向市場。

Price transparency, brand access and patient affordability have become front and center priorities across the industry, and GoodRx continues to be uniquely positioned to be the solution that operationalizes these D2C strategies. We've already built the infrastructure, the partnerships and the trust to help manufacturers turn affordability commitments into reality.

價格透明度、品牌可近性和患者負擔能力已成為整個行業的首要任務，而 GoodRx 憑藉其獨特的優勢，繼續成為實現這些 D2C 策略的解決方案提供者。我們已經建立了基礎設施、合作夥伴關係和信任，以幫助製造商將價格可負擔性承諾變為現實。

A clear example of this is the collaboration with Novo Nordisk we announced in Q3 to offer both Ozempic and Wegovy at $499 per month. GLP-1s are a drug class that we see continuing to grow and be divisive with insurers in terms of coverage. With most Americans still not having these drugs covered by insurance for weight loss, GoodRx has a tremendous opportunity to help. By leveraging the unmatched reach and scale of the trusted GoodRx platform, we can more effectively meet the growing demand for GLP-1s and deliver savings directly to patients who need them.

一個明顯的例子是我們在第三季宣布與諾和諾德合作，以每月 499 美元的價格提供 Ozempic 和 Wegovy。GLP-1 類藥物是一類我們認為會持續成長，但在保險覆蓋範圍方面卻與保險公司有分歧的藥物。由於大多數美國人的減肥藥物仍然不在醫療保險範圍內，GoodRx 有一個巨大的機會來提供幫助。透過利用值得信賴的 GoodRx 平台無與倫比的覆蓋範圍和規模，我們可以更有效地滿足日益增長的 GLP-1 需求，並將節省的費用直接帶給需要的患者。

We're incredibly excited about this partnership and look forward to expanding access to these savings through our subscription offering later this month. In October, we also announced a new partnership with Amgen to offer Repatha for nearly 60% off the retail pharmacy list price. Savings like this help patients overcome traditional insurance hurdles such as restrictive formularies and high deductibles that often delay or prevent treatment.

我們對此次合作感到無比興奮，並期待在本月稍後透過我們的訂閱服務讓更多人享受這些優惠。10 月份，我們也宣布與安進公司建立新的合作關係，以零售藥局標價的近 60% 的折扣提供 Repatha。這樣的節省有助於患者克服傳統保險的障礙，例如限制性處方集和高額自付額，這些障礙往往會延遲或阻止治療。

This further demonstrates how GoodRx is pioneering direct-to-consumer solutions that give brands a trusted, scalable channel to deliver real savings directly to patients. To date, we have over 200 brand affordability programs on our platform, nearly 80 of which are cash prices.

這進一步表明 GoodRx 正在開創直接面向消費者的解決方案，為品牌提供值得信賴、可擴展的管道，從而直接為患者節省實際成本。到目前為止，我們的平台上已有超過 200 個品牌優惠活動，其中近 80 個是現金價。

Looking ahead, we're investing further in our manufacturer solutions capabilities, expanding how we deliver a true end-to-end e-commerce model to the pharmaceutical industry. Today, we deliver affordability and access across channels, and we will continue to strengthen our ability to connect manufacturers not only with patients, but also with healthcare professionals who play an increasingly important role in driving awareness and adoption of these programs. We expect these investments to continue fueling growth into 2026 and beyond.

展望未來，我們將進一步投資於我們的製造商解決方案能力，擴大我們向製藥業提供真正的端到端電子商務模式的方式。今天，我們透過各種管道提供價格合理且易於獲取的產品，我們將繼續加強我們的能力，將製造商不僅與患者聯繫起來，還與醫療保健專業人員聯繫起來，後者在提高人們對這些項目的認識和採用方面發揮著越來越重要的作用。我們預計這些投資將繼續推動成長，直至 2026 年及以後。

Now, turning to prescription marketplace, we continue to serve as a trusted ally to retail pharmacies, helping them improve profitability, reduce prescription abandonment and drive innovation in the prescription experience. As I've shared on past calls, we are focused on delivering this through pharmacy counter integrations, e-commerce experiences and direct contracting capabilities.

現在，轉向處方藥市場，我們繼續作為零售藥局值得信賴的合作夥伴，幫助他們提高盈利能力、減少處方棄用率並推動處方體驗的創新。正如我在之前的電話會議中分享的那樣，我們專注於透過藥房櫃檯整合、電子商務體驗和直接簽約能力來實現這一目標。

I'm proud of the progress we have made against this strategic priority in 2025, having launched multiple initiatives that are helping pharmacies streamline workflows, improve consumer engagement, lower cost to fill and expand their digital presence. For example, our e-commerce experience for retail pharmacies allows consumers to check inventory, validate prescriptions and pay online before picking up in store, giving them greater convenience while helping pharmacies reduce the cost to fill and eliminate administrative hurdles, so there's more time to engage with patients.

我為我們在 2025 年實現這一戰略重點方面取得的進展感到自豪，我們推出了多項舉措，幫助藥店簡化工作流程、提高消費者參與度、降低配藥成本並擴大其數位化業務。例如，我們為零售藥局提供的電子商務體驗允許消費者在到店取貨前在線查看庫存、驗證處方和付款，這為他們提供了更大的便利，同時幫助藥局降低配藥成本並消除行政障礙，從而有更多時間與患者互動。

And we also launched CommunityLink, our new offering designed specifically for independent pharmacies, which offers a cost-plus pricing model that provides the retailer with predictable pricing and better economics. Since going live on July 1, we've been seeing positive momentum and are encouraged by the number of independent pharmacies that have directly contracted with us thus far.

我們還推出了 CommunityLink，這是我們專為獨立藥局設計的新產品，它採用成本加成定價模式，為零售商提供可預測的價格和更好的經濟效益。自 7 月 1 日上線以來，我們看到了積極的發展勢頭，並且對迄今為止與我們直接簽約的獨立藥房數量感到鼓舞。

In addition to these retail initiatives, we announced a new counter solution, Rx Smart Saver powered by GoodRx. Rx Smart Saver is a turnkey ready-to-deploy solution that brings medication affordability directly to the pharmacy counter, improving the patient experience while delivering stronger economics for the retail partner.

除了這些零售措施之外，我們還宣布了一項新的櫃檯解決方案，即由 GoodRx 提供支援的 Rx Smart Saver。Rx Smart Saver 是一款即插即用的解決方案，可將藥品價格優勢直接帶到藥局櫃檯，在改善病患體驗的同時，也為零售合作夥伴帶來更強勁的經濟效益。

This solution is already being used by multiple retailers, including Kroger, who launched Rx Smart Saver at all of their pharmacies nationwide. This program gives their customers instant access to GoodRx savings when they are picking up their prescriptions, including co-pay cards and nearly 80 unique cash prices for brand medications that often aren't covered by insurance or have poor coverage. Patients simply use their smartphone to scan the code at the pharmacy counter, enter the Rx Smart Saver portal and then show the savings to the pharmacists during checkout to save on essential treatments.

包括 Kroger 在內的多家零售商已經開始使用此解決方案，Kroger 已在全國所有藥局推出了 Rx Smart Saver 服務。該計劃讓顧客在領取處方藥時立即享受 GoodRx 的優惠，包括共付卡和近 80 種品牌藥的現金價格，這些藥物通常不在保險範圍內或保險覆蓋範圍很窄。患者只需使用智慧型手機掃描藥局櫃檯上的條碼，進入 Rx Smart Saver 入口網站，然後在結帳時向藥劑師出示節省的金額，即可節省必要的治療費用。

Each prescription filled strengthens the savings flywheel. Pharma manufacturers gain greater visibility for their affordability programs and are able to extend their direct-to-consumer channel efforts. Pharmacies improve profitability and deepen patient relationships by lowering out-of-pocket costs and consumers gain more affordable access to the medications they need. We look forward to rolling out counter savings programs with additional retailers in the fourth quarter.

每完成一次處方配藥，就能增強儲蓄的良性循環。製藥公司可以提高其價格親民計畫的知名度，並能夠擴大其直接面向消費者的管道。藥局透過降低患者自付費用來提高獲利能力並加深與患者的關係，消費者也能以更實惠的價格獲得所需的藥物。我們期待在第四季與更多零售商合作推出櫃檯優惠活動。

We also made progress expanding our subscription offering, launching GoodRx for hair loss. We're leveraging our e-commerce capabilities to create an integrated end-to-end digital experience that prioritizes affordability, convenience and trusted care. This offering provides men with clinically proven treatments that help slow hair loss and promote regrowth, all through a single seamless platform they can trust.

我們在拓展訂閱服務方面也取得了進展，推出了針對掉髮問題的 GoodRx 服務。我們正在利用我們的電子商務能力，打造一個以價格實惠、方便快速且值得信賴的服務為優先的端到端一體化數位體驗。這項服務透過一個值得信賴的無縫平台，為男士提供經臨床驗證的治療方案，幫助減緩脫髮並促進頭髮生長。

We expect to launch our third subscription offering for weight loss in the coming weeks, combining our GLP-1 savings programs with our trusted GoodRx brand to deliver a convenient, low-cost solution. As we continue to expand the reach and impact of our brand across the industry, we also know how important it is to stay top of mind for consumers.

我們預計在未來幾週內推出第三款減肥訂閱產品，將我們的 GLP-1 節省計劃與我們值得信賴的 GoodRx 品牌相結合，以提供便利、低成本的解決方案。隨著我們不斷擴大品牌在產業內的影響力，我們也深知維持消費者對我們品牌的關注度有多麼重要。

Our new brand campaign, the Savings Wrangler, marks a pivotal moment in GoodRx's brand evolution, translating our mission into a bold, culturally resonant campaign. Building on our strong foundation of trust and credibility, the savings Wrangler taps into a familiar truth that navigating prescription prices can feel like the Wild West. This campaign is a scalable creative platform and long-term brand asset that we believe will help drive further growth, deepen consumer connection and reinforce GoodRx is the most trusted name in prescription savings.

我們全新的品牌宣傳活動「省錢達人」標誌著 GoodRx 品牌發展歷程中的一個關鍵時刻，它將我們的使命轉化為一場大膽的、具有文化共鳴的宣傳活動。憑藉我們強大的信任和信譽基礎，Wrangler 提供的優惠利用了人們熟知的現實，即在處方藥價格方面摸索就像在蠻荒西部一樣。我們相信，這項活動是一個可擴展的創意平台和長期的品牌資產，它將有助於推動進一步成長，加深與消費者的聯繫，並鞏固 GoodRx 作為處方藥節省領域最值得信賴的品牌的地位。

Since launch, we've seen that key marketing metrics such as unaided awareness and GoodRx search volume are up across the board. We've made meaningful progress this quarter, strengthening our partnerships with manufacturers and pharmacies, expanding access and affordability for consumers and continuing to build on our trusted brand. We're executing with discipline and intent, and we're well positioned to meet the growing demand for transparency, affordability and access across the healthcare landscape.

自推出以來，我們發現關鍵行銷指標（如非輔助認知度和 GoodRx 搜尋量）全面上升。本季度我們取得了實質進展，加強了與製造商和藥房的合作關係，擴大了消費者的購買管道和可負擔性，並繼續鞏固我們值得信賴的品牌。我們以嚴謹的態度和明確的目標執行計劃，並已做好充分準備，以滿足醫療保健領域對透明度、可負擔性和可及性的日益增長的需求。

We're also making good on our commitment to engage meaningfully in policy discussions that shape the future of drug pricing and patient access, ensuring GoodRx continues to be a trusted voice and strategic partner in advancing affordability solutions nationwide. I'm incredibly proud of what our teams have achieved and I am confident in the momentum we're carrying into the remainder of the year.

我們也正在履行承諾，積極參與塑造藥品定價和患者獲取未來的政策討論，確保 GoodRx 繼續成為值得信賴的聲音和戰略合作夥伴，在全國範圍內推進藥品可負擔性解決方案。我為我們團隊所取得的成就感到無比自豪，並且對我們今年餘下的比賽能夠保持這種勢頭充滿信心。

I will now turn the call over to Chris to discuss third quarter results.

現在我將把電話交給克里斯，讓他討論第三季業績。

Thank you, Wendy, and good morning, everyone.

謝謝你，溫迪，大家早安。

For the third quarter, total revenue was $196 million, up approximately $1 million versus the prior year. Consistent with our expectations, prescription transaction revenue was down 9% versus the prior year. primarily driven by the impact of Rite Aid store closures, which are now complete and lower transaction volume in our integrated savings program with one of our PBM partners.

第三季總營收為 1.96 億美元，比上年同期成長約 100 萬美元。與預期一致，處方藥交易收入較上年下降9%，主要原因是Rite Aid門市關閉的影響（現已全部關閉）以及我們與一家藥品福利管理合作夥伴的整合優惠計劃的交易量下降。

These factors also drove the decline in monthly active consumers, an outcome we anticipated and discussed on our last earnings call. As our business continues to evolve, we are reassessing this metric as a primary indicator of performance to ensure it aligns with how we measure growth and profitability.

這些因素也導致了每月活躍用戶數量的下降，這是我們在上次財報電話會議上預料到並討論過的結果。隨著我們業務的不斷發展，我們正在重新評估這一指標作為主要績效指標的地位，以確保它與我們衡量成長和獲利能力的方式保持一致。

Turning to Manufacturer Solutions, revenue for the quarter was $43.4 million, representing growth of 54% compared to the prior year, reflecting strong execution and expansion across both new and existing brand partnerships. As we have previously discussed, Manufacturer Solutions has quarterly variability due to the nature of expected deal timing.

再來看製造商解決方案，該季度營收為 4,340 萬美元，比上年同期增長 54%，反映出在新舊品牌合作關係方面均取得了強勁的執行力和擴張。正如我們之前討論過的，由於預期交易時間的性質，製造商解決方案存在季度波動。

And during the third quarter, we closed several deals that were initially projected for the fourth quarter. Therefore, we believe the trend across the first 9 months of the year, which is up approximately 35% year-over-year, is a more accurate indication of underlying momentum and our expectations for the full year.

第三季度，我們完成了幾筆原本預計在第四季完成的交易。因此，我們認為今年前 9 個月的趨勢（年成長約 35%）更能準確地反映潛在的成長動能以及我們對全年的預期。

For the third quarter, adjusted EBITDA was $66.3 million, an increase of 2% versus the prior year, which constitutes an adjusted EBITDA margin of 33.8%. This marks an improvement of 50 basis points compared to the prior year and reflects our commitment to expanding margins through strong cost discipline and operational efficiency.

第三季調整後 EBITDA 為 6,630 萬美元，比去年同期成長 2%，調整後 EBITDA 利潤率為 33.8%。這比去年提高了 50 個基點，體現了我們致力於透過嚴格的成本控制和營運效率來擴大利潤率的承諾。

Our balance sheet remains strong, ending the third quarter with $273.5 million of cash on hand with about $80 million of unused capacity available under our revolving credit facility.

我們的資產負債表依然強勁，第三季末我們手頭現金達 2.735 億美元，循環信貸額度下還有約 8,000 萬美元的未使用額度。

During the quarter, we repurchased approximately 13.4 million shares of our stock at an average price of $4.61 per share, totaling $61.6 million. At the end of the third quarter, approximately $81.4 million of capacity remained under our $450 million share repurchase program.

本季度，我們以每股 4.61 美元的平均價格回購了約 1,340 萬股股票，總計 6,160 萬美元。第三季末，我們4.5億美元的股票回購計畫下還剩餘約8,140萬美元的產能。

Turning now to our outlook for the remainder of the year, we are leaving our revenue guidance unchanged as we continue to expect full-year revenue above prior year or at least $792 million. Fourth quarter revenue is now expected to decline sequentially from the third quarter, reflecting the acceleration of manufacturer solutions deals that closed earlier than originally anticipated.

現在展望今年剩餘時間，我們維持營收預期不變，繼續預期全年營收將高於上年，或至少達到 7.92 億美元。預計第四季度營收將比第三季環比下降，反映出製造商解決方案交易的完成速度加快，這些交易的完成時間比原先預期的要早。

Our full year adjusted EBITDA projections are also unchanged, which represent approximately 2% to 6% growth compared to 2024 with an adjusted EBITDA margin roughly in line with our year-to-date trend.

我們全年的調整後 EBITDA 預測也保持不變，與 2024 年相比成長約 2% 至 6%，調整後 EBITDA 利潤率與我們年初至今的趨勢大致一致。

Overall, we delivered a solid financial performance this quarter, underscored by our strength of our manufacturing solutions offering, which, as I stated previously, we now project approximately 35% revenue growth in 2025.

總體而言，本季我們取得了穩健的財務業績，這主要得益於我們強大的製造解決方案產品。正如我之前所說，我們現在預計到 2025 年，該產品的收入將成長約 35%。

Our leadership team remains committed to executing on strategic priorities and enhancing operational efficiency as demonstrated by the expected year-over-year increase in adjusted EBITDA. We believe our continued investment in these initiatives will drive sustainable, profitable growth while creating lasting value for consumers in the pharmacy ecosystem.

我們的領導團隊將繼續致力於執行策略重點和提高營運效率，正如調整後 EBITDA 預計將年比成長所證明的那樣。我們相信，對這些措施的持續投資將推動可持續的獲利成長，同時為藥房生態系統中的消費者創造持久價值。

With that, I will turn the call back over to Wendy.

這樣，我就把電話轉回溫迪了。

Thanks, Chris. As I approach my 1-year anniversary at GoodRx, I'm incredibly proud of how far we've come, and I'm even more excited about where we're headed.

謝謝你，克里斯。在 GoodRx 即將迎來一週年之際，我為我們所取得的成就感到無比自豪，也對我們未來的發展方向感到更加興奮。

Q3 was a solid quarter that showcased the power of our strategy in action, deepening partnerships with pharmacies, expanding affordability solutions with manufacturers and strengthening the GoodRx brand with consumers nationwide.

第三季業績穩健，充分展現了我們策略的有效性，深化了與藥局的合作關係，擴大了與製造商的平價解決方案，並在全國範圍內加強了 GoodRx 品牌在消費者中的影響力。

It also opened new opportunities for us to engage with the federal government as a key partner in the development of GoodRx, further reinforcing our role in advancing national affordability initiatives. Together, these efforts are building a more connected and sustainable healthcare ecosystem, one where consumers can access affordable medications, pharmacies can thrive and manufacturers can deliver real savings directly to patients.

這也為我們與聯邦政府作為 GoodRx 發展的重要合作夥伴開展合作開闢了新的機遇，進一步鞏固了我們在推動國家可負擔性計劃方面的作用。這些努力共同建構了一個更互聯互通、可持續發展的醫療保健生態系統，在這個生態系統中，消費者可以獲得價格合理的藥品，藥局可以蓬勃發展，製造商可以直接為患者節省真正的成本。

We're executing from a position of strength with a trusted brand, a differentiated platform and a business model built for this moment in healthcare. The national focus on affordability and direct-to-consumer access plays directly to our capabilities, and we're well positioned to lead as the market continues to evolve.

我們憑藉著值得信賴的品牌、差異化的平台以及專為當前醫療保健情勢打造的商業模式，從強大的優勢地位出發，積極執行各項任務。全國上下都重視價格可負擔性和直接面向消費者的管道，這正好符合我們的能力，隨著市場不斷發展，我們已做好充分準備引領市場。

As we look to the remainder of the year and into 2026, our priorities are clear: continue to expand partnerships across retail and pharma, accelerate digital and e-commerce innovation to simplify the consumer experience and invest in our brand and technology to deliver even greater value at scale.

展望今年剩餘時間以及 2026 年，我們的優先事項很明確：繼續擴大與零售和製藥行業的合作關係，加速數位化和電子商務創新，以簡化消費者體驗，並投資於我們的品牌和技術，以大規模地提供更大的價值。

With consumers facing higher out-of-pocket costs and shrinking insurance benefits, we anticipate a renewed shift toward cash pay prescriptions. We view these dynamics, combined with growing pharma investment and direct-to-consumer engagement as supportive of our long-term growth opportunity. We have built a powerful trusted platform that we're continuing to leverage in new and meaningful ways, which should ultimately drive sustainable growth and long-term stakeholder value.

由於消費者面臨更高的自付費用和不斷縮減的保險福利，我們預期現金支付處方藥的趨勢將再次抬頭。我們認為這些動態，加上不斷增長的醫藥投資和直接面向消費者的參與，將有利於我們的長期成長機會。我們已經建立了一個強大的、值得信賴的平台，我們正在繼續以新的、有意義的方式利用該平台，最終將推動永續成長和長期利害關係人價值。

Our mission has never been more relevant, and I'm deeply proud of our teams for the focus and innovation they bring to helping millions of Americans save time and money on their prescriptions.

我們的使命從未像現在這樣重要，我為我們的團隊深感自豪，他們專注於創新，幫助數百萬美國人在處方藥上節省時間和金錢。

I will now turn the call over to the operator for questions.

現在我將把電話轉交給接線員，回答問題。

(Operator Instructions) Lisa Gill, JPMorgan Chase.

（操作說明）Lisa Gill，摩根大通。

Operator, this is a company.

操作員，這是一家公司。

We can't hear if Lisa is talking, we can't hear on our side.

我們聽不到麗莎在說話，我們這邊聽不到。

Shall we move on to the next?

我們繼續下一個問題嗎？

Sure. We'll come back to Lisa next if we can, if we can't get our audio to work.

當然。如果音訊還是無法正常運作，我們接下來會再聯絡 Lisa。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Can you hear me?

你聽得到我嗎？

We can. Mike.

我們可以。麥克風。

Okay. Perfect. Congratulations, especially on the nice manufacturer solutions performance. Maybe if we can just start with PTR. I appreciate all the commentary that you had, Wendy, about the market and how the market is coming to the GoodRx model.

好的。完美的。恭喜，尤其恭喜你們在廠商解決方案上表現優異。或許我們可以先從PTR開始。Wendy，我非常感謝你對市場以及市場如何轉變為 GoodRx 模式的所有評論。

Whether you've changed the metrics or not, how do you think about what a stabilizing PTR environment should look like? I'm not asking for '26 guidance, but more some of the dynamics about the continued shift towards more pricing transparency. How does that translate functionally into GoodRx's ability to win?

無論你是否更改了指標，你認為一個穩定的 PTR 環境應該是什麼樣的？我並不是尋求 2026 年的業績指引，而是想了解持續轉向更高定價透明度的一些動態。這在功能上如何轉化為 GoodRx 的勝利能力？

Yes. Michael, maybe I'll start and then let Wendy sort of come in on the back end.

是的。邁克爾，或許我可以先開始，然後讓溫迪在後面加入。

I mean, look, this '25 in some respects, has been a bit of a perfect storm against the cash market. I mean, specifically with respect to us, I mean, you got Rite Aid and ISP, which we talked about. But then the macro conditions really are around a couple of things. One, the change in the reimbursement models at retail. I mean, it had the unfortunate impact of just raising prices on the consumer.

我的意思是，你看，從某些方面來看，2025 年對現金市場來說簡直是一場完美風暴。我的意思是，具體來說，就我們而言，例如我們之前提到的 Rite Aid 和 ISP。但宏觀形勢其實主要圍繞著以下幾個面向。第一，零售業報銷模式的改變。我的意思是，它帶來的不幸後果就是提高了消費者的價格。

And when you couple that with what we're seeing out of the payers, which is high utilization, a good benefit profile this year. I mean, look, we've been clear that we believe we're a supplement to insurance and people -- everybody in America that's insured or not should come to us and check the cash price against other payer options. And we think people are going back on benefit in '25. So -- when we think about the trends going forward, the '26 trends, it's -- from a macro perspective, it looks like there will be a potential for a lot more people that are uninsured due to a variety of factors.

再加上我們從支付方看到的情況，即今年的高利用率和良好的福利狀況。我的意思是，你看，我們已經明確表示，我們相信我們是保險的補充，美國每個人，無論是否擁有保險，都應該來我們這裡比較一下現金價格與其他付款方式的價格。我們認為人們將在 2025 年重新開始領取福利。所以——當我們考慮未來的趨勢，2026 年的趨勢時，從宏觀角度來看，由於各種因素，可能會有更多的人沒有保險。

Although the data suggests that the benefit profile won't be as good going into '26. I mean we look at the CMS premiums on the Part D side, up 33%, depending on what you believe around the subsidies and how this gets negotiated on the government shutdown. Out-of-pocket costs are estimated to be somewhere between 25% and 100% increases for those that are covered. So there are a lot of factors as we go into '26 that we think really sort of reversed course from '25 to '26 and put a tailwind at our back, around the number of scripts in the cash market itself. So -- and I think we're well positioned to win more than our fair share of the market as it returns to an expanding market.

儘管數據顯示，到 2026 年，福利待遇可能不會那麼好。我的意思是，我們來看看醫療保險和醫療補助服務中心 (CMS) 在 D 部分方面的保費，上漲了 33%，這取決於你對補貼的看法以及在政府停擺期間如何進行談判。對於有健保的人來說，自付費用預計會增加 25% 到 100%。因此，進入 2026 年，我們認為有很多因素真正扭轉了 2025 年到 2026 年的局面，並為我們帶來了順風，尤其是在現金市場本身的劇本數量方面。所以——我認為，隨著市場回歸擴張，我們已經做好充分準備，贏得遠超我們應得的市場份額。

Michael, it's Wendy. I would just add, in addition to the trends that Chris called out that to reaffirm, we do believe should be tailwinds. We're then also focused on a strategic priority that you've heard us talk about a couple of times in truly owning that pharmacy counter and that consumer journey. And the more retailers that we partner with in that capacity then also allow us to capture more when the consumer is actually standing at that counter. So you combine both what we believe should be an expansion of Cash RXs in 2026 with a greater presence at that counter, and we do believe that helps us reverse this trend, if you will, that we're seeing in '25.

麥可，我是溫迪。我只想補充一點，除了克里斯提到的那些趨勢之外，我們再次確認，我們認為這些趨勢應該會帶來正面影響。此外，我們還專注於一項策略重點，你們也聽我們談過幾次了，那就是真正掌控藥局櫃檯和消費者的購買旅程。我們與越多的零售商建立這種合作關係，就能在消費者實際站在收銀台前時獲得更多收益。因此，我們認為 2026 年現金處方藥的擴張應該與在該櫃檯更大的存在相結合，我們相信這有助於我們扭轉 2025 年看到的這種趨勢。

But I would also be remiss without pointing out we do believe that overall, for us as a company, we are going to see a greater proportion of our revenue be attributed to manufacturer solutions. I think that is a fair observation and one actually that we are focused on. We think that is the right direction for us as a company. But I wouldn't say that it's going to come at the expense of our core growth. It's just simply going to become a larger component of our overall revenue mix.

但我也必須指出，我們相信，總體而言，對於我們公司而言，我們將看到更大比例的收入歸功於製造商解決方案。我認為這是一個合理的看法，而這正是我們目前關注的重點。我們認為這對公司來說是正確的發展方向。但我不會說這會以犧牲我們的核心成長為代價。它將成為我們整體收入結構中更重要的組成部分。

That's helpful. And maybe just sticking on manufacturer solutions. You have a number of companies that you compete against. Obviously, different companies have different definitions of what they do for manufacturer solutions. As you think about your strategic positioning, where do you feel like you have the best opportunity to win against various different peers from here?

那很有幫助。或許只是堅持使用廠商提供的解決方案。你有很多競爭對手。顯然，不同的公司對他們為製造商提供的解決方案有不同的定義。在思考你的策略定位時，你覺得從哪個角度來看，你最有機會戰勝各種不同的競爭對手？

That's a good question. I mean I will say, to your point, there are a lot of different ways in which competitors play with manufacturers. I think I would start with the just broad affordability program definition, which is when manufacturers are thinking about conveying a cash price at point of sale, we have the #1 digital prescription marketplace for pricing. Therefore, they know that in partnering with us through us on our site, embedded in whatever fashion they determine to do so, they're automatically getting connected to the largest set of eyeballs where Americans are coming to check their pricing. So that for me is kind of thing one from a competitive advantage.

這是個好問題。我的意思是，正如你所說，競爭對手與製造商之間有很多不同的博弈方式。我認為應該從廣義的負擔能力計劃定義開始，也就是當製造商考慮在銷售點傳達現金價格時，我們擁有排名第一的數位處方定價市場。因此，他們知道，透過我們的網站與我們合作，無論他們決定以何種方式進行合作，他們都會自動與美國人查看價格的最大受眾群體建立聯繫。所以對我來說，這是競爭優勢的第一要素。

I think part two is we've now demonstrated over multiple years in our manufacturer solutions business that we are delivering an outsized ROI to these manufacturers. And so as a result, they're seeing the new Rx, the refills, they're seeing the connectivity to the HCPs that are prescribing their medications. Again, we also know we are the number one-utilized drug marketplace by prescribers as well. You combine those 2 things, and I believe that is where we candidly have a distinct advantage against competitors.

我認為第二點是，經過多年在製造商解決方案業務中的實踐，我們已經證明，我們正在為這些製造商帶來超乎尋常的投資回報率。因此，他們可以看到新的處方、續藥情況，可以看到與開處方的醫療保健專業人員之間的關聯。此外，我們也知道，我們也是處方醫師使用最多的藥品市場。將這兩點結合起來，我相信這就是我們相對於競爭對手擁有明顯優勢的地方。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

There's been a lot of chatter about PBMs moving from the traditional rebate model to offering lower prices at the point of sale, which actually seems to have some legs now given Cigna's recent announcement. So Wendy, Chris, you both have deep experience at PBMs. I'd love just to get your thoughts on the evolution of the PBM model, potential employer receptivity to that shift in rebates to point-of-sale discounts and how this impacts your strategy going forward?

關於藥品福利管理機構 (PBM) 從傳統的返利模式轉向在銷售點提供更低價格的討論很多，鑑於信諾保險 (Cigna) 最近的聲明，這種做法似乎確實有一定可行性。Wendy、Chris，你們兩位在藥品福利管理機構（PBM）都有豐富的經驗。我想了解您對藥品福利管理 (PBM) 模式演變的看法，潛在雇主對從回扣轉向銷售點折扣的接受程度，以及這將如何影響您未來的策略？

Yes, I appreciate the question. Look, I think it's a combination of meeting the moment, if you will. Clearly, there's a lot of regulatory pressure on payers to contemplate a clear model at point of sale. But candidly, they've had the opportunity to convey this type of pricing for some time. And we, of course, have been integrated with the top PBMs through our integrated savings program for some time as well, giving them the ability to compare cash to funded price.

是的，感謝您的提問。我覺得這可以說是順應時代潮流的結果。顯然，支付方面臨著很大的監管壓力，需要在銷售點考慮採用清晰的模式。但坦白說，他們早就有機會傳達這種定價策略了。當然，我們也透過我們的綜合儲蓄計劃與頂級藥品福利管理機構 (PBM) 合作了一段時間，使他們能夠比較現金價格和融資價格。

Be that as it may, the notion of pushing rebate to the point-of-sale discount, if you will, candidly, it's nothing new. We actually applaud it. I mean if it's going to underscore more affordability for Americans at the counter, we are all in. And given how we already partner with the top payers, particularly the one that you mentioned in your question, we largely are that cash engine behind how they're providing that comparative pricing, so we feel like we're well positioned to take advantage as more payers embrace what I would call a more open aperture of what already exists.

儘管如此，將返利轉移到銷售點折扣的做法，坦白說，並不是什麼新鮮事。我們其實很讚賞它。我的意思是，如果它能提高美國人在櫃檯購物的負擔能力，我們都舉雙手贊成。鑑於我們已經與頂級支付方建立了合作關係，特別是您在問題中提到的那家，我們很大程度上是他們提供這種比較定價背後的資金引擎，因此我們感覺我們處於有利地位，可以充分利用更多支付方接受我所說的對現有模式更加開放的態度。

And whether or not they're doing that based upon regulatory pressure or pressure from their clients, we're somewhat indifferent because we think it's the right answer to be able to have cash always present at the point of sale. I think Chris mentioned it in his opening question, we view ourselves as a complement to insurance. It should really always be an and, not an or, and this just puts more in the wind column for that and in my view. Chris, is there anything you'd add?

不管他們這樣做是出於監管壓力還是客戶壓力，我們對此都不太在意，因為我們認為在銷售點始終能夠使用現金才是正確的做法。我認為克里斯在開場提問中提到過，我們把自己視為保險業的補充。它應該始終是“和”，而不是“或”，在我看來，這只會讓風向標更加偏向“和”。克里斯，你還有什麼要補充的嗎？

Yes. I would start by just echoing that I applaud them for doing it. This is a challenging thing for them to do, a bold move, but I think it ultimately at the end of the day, the right move. It shows that they're listening to not only the administration, but others in the ecosystem. And so when I saw the press release, I think about ISP and the original sort of strategic intent behind that program was to sit inside a PBM who had access to benefit profile and could automate what I think consumers should be doing anyway, which is look at the on-benefit price versus off benefit.

是的。首先，我想再次表達我對他們這樣做的讚賞。這對他們來說是一件具有挑戰性的事情，一個大膽的舉動，但我認為最終這是一個正確的舉動。這顯示他們不僅聽取政府的意見，也聽取生態系統中其他參與者的意見。所以當我看到新聞稿時，我想到了ISP，以及該計劃背後的最初戰略意圖，即加入一家PBM，這家PBM可以訪問福利概況，並可以自動執行我認為消費者無論如何都應該做的事情，即查看福利內價格與福利外價格。

Now I don't think that program has worked the way we intended. But when I read the press release from a company like Cigna, they -- it was a press release we could have written, right? And the fact that they wanted -- they're talking about bringing down consumer pricing and price transparency. That's been our mission for 1.5 decades at GoodRx. And so that's not an immediate benefit to us, but I think because their program doesn't start until 2027 and they'll phase it in.

現在我認為那個項目並沒有達到我們預期的效果。但當我讀到像信諾這樣的公司發布的新聞稿時，他們──那份新聞稿我們自己也能寫出來，對吧？他們想要降低消費者價格並提高價格透明度。15年來，這始終是GoodRx的使命。所以這對我們來說不會立即帶來好處，但我認為因為他們的計劃要到 2027 年才開始，他們會分階段實施。

But I think over the longer term, that aligns with our core mission. I couldn't be happier that they're doing it. And I think it invigorates some of the products that we've already put out in the marketplace.

但我認為從長遠來看，這與我們的核心使命是一致的。他們這樣做我真是太高興了。我認為這能為我們已推出市場的一些產品注入新的活力。

Yes. Yes, makes sense. And then I would love to just get a little bit more detail on how you intend to work with TrumpRx. Would it be something like a link to the GoodRx website? Would you be directly integrated with a potential TrumpRx website?

是的。是的，有道理。然後，我很想了解您打算如何與 TrumpRx 合作的更多細節。會不會是類似 GoodRx 網站的連結之類的東西？您是否願意直接與潛在的 TrumpRx 網站對接？

There's been a lot of chatter about others like Markin's cost plus doing a similar kind of integration with TrumpRx. So I'd love to just get your thoughts on how this will actually be operationalized and how GoodRx and other lower cash pay companies could also work with TrumpRx and you guys?

有許多傳言說像 Markin 的 Cost Plus 這樣的公司也在與 TrumpRx 進行類似的整合。所以我很想聽聽你們對這項服務實際運作方式的看法，以及GoodRx和其他低現金支付公司如何與TrumpRx和你們合作？

Look, first of all, I appreciate the question. You're not wrong in that I think there are a lot of stories floating around on what it is or what it isn't. I would start by saying we are in active engagement with HHS and the team that is actually building out this website, as in architects to architects, engineers to engineers, on how we integrate from an API perspective, and we intend to do so. So we will be a partner and participating in TrumpRx.

首先，我很感謝你的提問。你說的沒錯，關於它是什麼或不是什麼，有很多說法流傳開來。首先我想說的是，我們正在與美國衛生與公眾服務部 (HHS) 以及實際構建該網站的團隊積極合作，就像建築師對建築師、工程師對工程師一樣，討論我們如何從 API 的角度進行集成，而且我們打算這樣做。因此，我們將成為 TrumpRx 的合作夥伴並參與其中。

But for clarity, and then backing up where I think some of the misinformation continues to circulate, is that TrumpRx is really functioning as just a repository of pricing. So think about it as reflecting the partnerships that are integrated into it and displaying said pricing. So think about it as like a Panfinder tool, but for effectively pharmacy pricing. And we believe, just given the expansive nature of the pricing that already exists through GoodRx and the 60-plus thousand pharmacies that we work with, when you think about how GoodRx will show up in that environment compared to perhaps one of the much smaller competitors that you just mentioned in your question and/or others, we feel like we're really well positioned to take advantage of whatever opportunity that presents for us. They have an ambition to launch in early January.

但為了澄清事實，並反駁我認為一些錯誤訊息仍在流傳的說法，TrumpRx 實際上只是一個價格存儲庫。所以，你可以把它看作是反映了其中整合的合作夥伴關係，並顯示了相應的定價。所以你可以把它想像成一個類似 Panfinder 的工具，但它實際上是用來決定藥局價格的。我們相信，鑑於 GoodRx 現有的定價體係以及我們合作的 6 萬多家藥店，考慮到 GoodRx 在這種環境下將如何與您剛才在問題中提到的規模小得多的競爭對手或其他競爭對手相比，我們感覺我們已經做好了充分的準備，可以抓住任何機遇。他們計劃在1月初啟動計畫。

I don't know whether they will or not. But if they do, we'll be well-positioned to take advantage whenever that goes live.

我不知道他們會不會這麼做。但如果他們真的這麼做了，一旦上線，我們就能做好充分準備，把握機會。

I would also say that given our deep pharma relationships, they, too, even in the deals that they're striking with the administration, are then engaged with us, for the most part, suggesting that same pricing will be deep-linked to us. And in many instances, we are the conduit for that pricing for that manufacturer. That's not how all of those relationships will work. But generally speaking, if you think about TumpRx displaying a pricing, they're not a fulfillment opportunity. They're not going to function as a pharmacy.

我還要說，鑑於我們與製藥公司有著深厚的合作關係，即使在他們與政府達成的交易中，他們也大多會與我們保持溝通，這意味著同樣的定價將與我們緊密掛鉤。在很多情況下，我們是製造商定價的管道。並非所有的關係都會如此發展。但總的來說，如果你考慮 TumpRx 展示定價，他們就不是一個履行機會。它們不會像藥房那樣運作。

They're not going to contract directly with pharmacies. It will need to go through a third party, such as ourselves, to facilitate that cash transaction, and we believe we are really in an excellent position to take advantage of whatever this turns out to be in 2026.

他們不會直接與藥局簽訂合約。這筆現金交易需要透過第三方（例如我們）來促成，我們相信，無論 2026 年發生什麼，我們都處於非常有利的地位，能夠從中獲益。

Lisa Gill, JPMorgan.

Lisa Gill，摩根大通。

Wendy and Chris, sorry for that technical difficulty on my side. Wendy, I just really want to go back to the comment that you and Chris made around ISP and the evolving market around ISP, what the original intent was, your comments around how you see the PBM market evolving and changing. Do you see a new product coming to market? Do you see that you change what ISP looks like in some way? How do I think about that market and that market opportunity going forward?

Wendy和Chris，很抱歉我這邊出現了技術故障。Wendy，我真的很想回到你和Chris之前關於ISP以及ISP市場發展演變的評論，最初的意圖是什麼，以及你對PBM市場發展演變的看法。你認為會有新產品上市嗎？你有沒有發現你在某種程度上改變了網路服務供應商（ISP）的外觀？我該如何看待這個市場以及未來的市場機會？

Yes. I would say the original thesis, Lisa, and the way ISP was designed to begin with, that still holds. I think the difference is PBMs are rethinking perhaps the ubiquitousness of the product itself, and how supportive they are of opening it up to their client book. I mean, as originally designed, it's precisely what PBMs are talking about today. I think there's an added difference now, of course, with more brands in the mix compared to perhaps when that product originally launched, and it was largely focused on generics only. So now you've got an even broader opportunity for brands that aren't covered, 80 of which we already have point-of-sale discounts on.

是的。麗莎，我認為最初的論點，以及ISP最初的設計方式，仍然成立。我認為差異在於藥品福利管理機構 (PBM) 可能正在重新思考產品本身的普及程度，以及他們支持向客戶推廣該產品的意願。我的意思是，按照最初的設計，這正是PBM（藥品福利管理機構）今天所討論的內容。當然，現在的情況有所不同，與該產品最初推出時相比，現在有更多的品牌參與其中，而當時該產品主要只專注於仿製藥。現在，對於那些尚未涵蓋的品牌來說，機會更加廣闊了，其中 80 個品牌我們已經提供了銷售點折扣。

And so that allows a PBM with their litany of clients to say, "Hey, even if you can't afford to cover this on benefit, you can have this wrapped in program whereby at a minimum, you're getting access to deeply discounted cash pricing and it's largely seamless at point of sale. Now, having said all of that, I still think in parallel, there is an opportunity largely because these employers, coalitions, and broader groups are coming to us saying, hey, we may have interest too, and contemplating just our own carve-out cash list, and could we perhaps do that directly with you, GoodRx.

因此，藥品福利管理機構 (PBM) 可以向其眾多客戶表示：“嘿，即使您無法通過福利支付這項費用，您也可以將其納入計劃中，至少您可以獲得大幅折扣的現金價格，而且在銷售點幾乎是無縫銜接的。”說了這麼多，我仍然認為與此同時，存在著一個機會，這主要是因為這些雇主、聯盟和更廣泛的團體正在向我們表示，嘿，我們可能也有興趣，並且正在考慮我們自己的專項現金清單，以及我們是否可以直接與你們 GoodRx 合作。

That is of interest to us. And you've heard us mention that we have been thinking through what that strategy should be. And you'll hear us outline that in more detail, Lisa, in our 2026 plan. But the short answer is, yes, that will be an and on top of ISP.

這引起了我們的興趣。你們也聽我們說過，我們一直在思考應該採取什麼樣的策略。麗莎，我們將在 2026 年計畫中對此進行更詳細的闡述。但簡而言之，答案是肯定的，那將是 ISP 以外的服務。

Lisa, I might just add, like it's an interesting question, one we could probably go on for a while about, because when you think about the nature of the PBMs, the sort of the way you framed the question, PBMs are selling this to businesses, right? They're selling it to payers who have to make a decision, the way I understood their announcement around ultimately in the out years, whether they want to opt in or out of the program, meaning whether they want to keep the rebate as a part of their broader pool of money to keep premiums down or whether they want to pass that through to their ultimate patients. For us, so that's a business decision for a payer to make. We want to participate more upstream in the Rx journey. We want to get into the physician's office.

麗莎，我還要補充一點，這是一個很有趣的問題，我們或許可以就此展開討論一段時間，因為當你思考藥品福利管理機構 (PBM) 的性質時，就像你提出的問題一樣，PBM 就是在向企業銷售這些產品，對吧？他們向支付方推銷這項服務，據我理解，他們的公告最終是為了在未來幾年內決定支付方是否要加入或退出該計劃，也就是說，他們是想將回扣作為其更廣泛的資金池的一部分來降低保費，還是想將其轉嫁給最終的患者。對我們來說，這是付款方需要做出的商業決定。我們希望更多參與Rx（處方藥）研發的上游階段。我們想去醫生辦公室。

We're thinking through strategic initiatives to make this a consumer choice ultimately, right, where it's not necessarily light on. So PBMs will always be a critical partner, but we are always focused on consumer choice as opposed to payer choice.

我們正在思考一些策略性舉措，最終使其成為消費者的選擇，對吧，但這並不一定意味著它很輕。因此，藥品福利管理機構 (PBM) 將始終是重要的合作夥伴，但我們始終關注的是消費者的選擇，而不是支付者的選擇。

I know you're not prepared to talk about 2026 at this point. But Chris, as we think about modeling, is there anything that we need to keep in mind from either a headwind or tailwind? If I think about Rite Aid, I would expect that you'll anniversary that as we go into 2026. Wendy has talked about the opportunity, whether it's ACA, Medicaid, less insured people. Like, just anything that we should be thinking about as we start modeling for '26?

我知道你現在還沒準備好談論2026年的事。但是克里斯，當我們考慮建模時，無論是順風還是逆風，我們都需要注意些什麼嗎？如果我考慮 Rite Aid，我預計到 2026 年，你們會慶祝週年紀念。Wendy 談到了各種機會，無論是 ACA、醫療補助計劃，還是保險覆蓋率較低的人口。例如，在開始為 2026 年建模時，我們應該考慮哪些方面？

Yes, you've highlighted--- We obviously have some headwinds and some revenue that occurred in 2025 that will not repeat in 2026. So we have to lap some comps, there will be a clear headwind. That's not an immaterial number when you think about ISP, when you think about more than half the year of Rite Aid being in, but look, we've got a lot of things that we're thinking through and assessing that I kind of highlighted earlier around 2026 and some of the opportunity we think it presents.

是的，您已經指出了——我們顯然面臨一些不利因素，而且 2025 年的一些收入在 2026 年不會重現。所以我們必須超越一些對手，而且會遇到明顯的逆風。當你考慮到 ISP，考慮到 Rite Aid 已經進入了超過半年的時間，這可不是一個無關緊要的數字。但是，我們有很多事情正在思考和評估，我之前也重點提到 2026 年左右的情況，以及我們認為它帶來的一些機會。

Our intention is to overcome those headwinds. So I don't want to get into '26 guidance. But in terms of color, we intend to overcome the headwinds that we're faced with.

我們的目標是克服這些不利因素。所以我不想討論 2026 年的指導。但在色彩方面，我們打算克服我們面臨的逆境。

Lisa, if I may just coming in, Chris, quickly on that. I would say the opportunity set that are the strategic initiatives that we're shaping up for '26, they're meaningful. We're purposely not outlining those here. Candidly, we're still kind of -- we're modeling what we think they're actually worth, and we want to get it right when we share that with you and others. And so for that reason, you'll hear us do that on our next call.

麗莎，如果我可以插一句的話，克里斯，快點說完。我認為，我們為 2026 年制定的策略性舉措所帶來的機會是意義重大的。我們特意不在此列出這些內容。坦白說，我們目前仍在摸索階段——我們正在模擬我們認為它們實際的價值，我們希望在與您和其他人分享時能夠做到準確無誤。所以，出於這個原因，你們會在下次通話中聽到我們這樣做。

But I'm pleased with the way the strategic list of opportunities are framing up for '26 thus far.

但我對目前為止 2026 年的策略機會清單的建構方式感到滿意。

Jailendra Singh, Truist Securities.

賈倫德拉辛格，Truist Securities。

So my first question is around -- you guys have talked about building capabilities to better serve HCP within your PMS business, including rolling out products similar to those already in the market. Can you update us on the progress there? Any early learnings you can share as you continue to evaluate ways to further deepen your relationship with HCP?

所以我的第一個問題是——你們曾談到要建立能力，以便更好地服務於你們的 PMS 業務中的 HCP，包括推出與市場上已有的產品類似的產品。您能向我們報告那邊的進展嗎？在您繼續評估如何進一步加深與醫療保健專業人員（HCP）關係的過程中，您有什麼初步經驗可以分享嗎？

Thank you for the question. You're right. Yes, we have talked a little bit about the technological capabilities that we invested in this year meaningfully to be able to set ourselves up for a strong 2026 selling season, specifically aimed at how pharma partners with and focuses on specific HCP and of course, those affiliated NTIs. I will say in the early innings, it's looking promising.

謝謝你的提問。你說得對。是的，我們已經稍微談到了我們今年在技術能力方面的投資，以便為強勁的 2026 年銷售季做好準備，特別是針對製藥公司如何與特定的 HCP 合作並專注於特定的 HCP，當然還有那些相關的 NTI。就目前來看，情況很有希望。

You'll hear us talk about that as well when we provide '26 guidance. I would say we're well positioned to take advantage of that. And I'm thankful that the investment that we made to prepare for this '26 selling season remained on track. In fact, it was ahead of schedule such that it largely set up our manufacturer solutions team where that HCP sales arm resides to hit the ground running because obviously, this is a big setup to what the '26 selling season looks like. We're deep in RFP season as we speak.

當我們提供 2026 年指導意見時，您也會聽到我們談到這一點。我認為我們已做好充分準備，可以利用這一點。我很慶幸我們為 2026 年銷售季所做的投資沒有偏離軌道。事實上，它比計劃提前完成，這使得我們的製造商解決方案團隊（HCP 銷售部門所在地）能夠迅速投入工作，因為很明顯，這對於 2026 年的銷售季來說是一個重要的準備工作。我們現在正處於招標季的高峰期。

So too early for me to outline specific results. I would just tell you that we're well positioned, and I think it sits where we would have presumed we would have been per plan.

現在要給出具體結果還為時過早。我只想說，我們目前處境有利，而且我認為它與我們按計劃預期的位置完全一致。

Okay. And then my follow-up, I actually want to follow up on the timing of certain manufacturer deals you talked about, which kind of impact Q3 versus Q4. Can you elaborate on that? Is it possible to quantify the impact of this shift? Are these deals like onetime in nature? And isn't Q4 generally a seasonally stronger quarter for PMS? Just trying to better understand the messaging on Q3 versus Q4 for the PMS business.

好的。然後，我的後續問題是，我想跟進您提到的某些製造商交易的時間安排，這些交易會對第三季和第四季產生什麼影響。能詳細解釋一下嗎？能否量化這種轉變的影響？這些交易是一次性的嗎？通常來說，第四季是PMS（石油產品銷售）的旺季，不是嗎？我只是想更了解PMS業務第三季和第四季的資訊傳遞情況。

Yeah, I mean, look, this time of year, pharma spends up at times. And so we had some of these deals baked in and it just -- it was accelerated some of those deals. I don't want to get into the sizing it at all. I just think it's -- they're not onetime sort of revenue.

是的，我的意思是，你看，每年的這個時候，製藥業的支出都會增加。因此，我們之前已經計劃了一些交易，而現在——這些交易加速完成了。我完全不想討論尺寸問題。我只是覺得——它們不是一次性收入。

I mean, typically speaking, deals come in and they're 12 months in nature. This time of year, they can be shorter duration like intra-quarter, they could cross over the quarters, that kind of stuff.

我的意思是，通常情況下，交易的期限是 12 個月。每年的這個時候，它們的持續時間可能會比較短，例如​​季度內，也可能跨越季度，諸如此類。

So we just -- we pulled some revenue in based on the timing of the closing of the deals we just originally anticipated in Q4. It will drive manufacturing solutions up for the year. I think we said 35%. I think it will probably sneak above that level actually for the year. But other than that, Jailendra, it's just -- I think it's normal course of this kind of time of year to see some deals come in, and we don't know the exact timing when we're forecasting.

所以，我們只是——根據我們最初預計在第四季度完成的交易的時間，我們獲得了一些收入。這將推動今年的製造業解決方案價格上漲。我想我們說的是35%。我認為它今年很可能會超過這個水平。但除此之外，Jailendra，我認為每年的這個時候都會有一些交易達成，這是很正常的，我們在預測的時候並不知道確切的時間。

John Ransom, Raymond James.

約翰·蘭索姆，雷蒙德·詹姆斯。

Just a couple for me. Your ISP partner where you've had an interruption in the relationship, should we assume that that's a permanent state of affairs or is there some hope that, that might be reconciled?

就我一個人用。如果您與網路服務供應商 (ISP) 的合作關係出現中斷，我們是否應該認為這種情況是永久性的，還是仍有希望能夠修復？

Yes. I mean, I would say less of an interruption and more of them taking a multi-network approach. We still have a fine relationship and continue to see volume flow through it. I think it's a matter of them having added additional partners to that relationship. As to whether or not that narrows again, it's an interesting question. There's always a possibility for something like that to happen, but nothing that I would call out today, John.

是的。我的意思是，與其說是乾擾，不如說是他們採取的多網路方法。我們仍然保持良好的合作關係，並且交易量也持續成長。我認為這與他們為這段關係增添了其他伴侶有關。至於這個範圍是否會再次縮小，這是一個有趣的問題。這類事情總是有可能發生，但約翰，我今天不會特別指出這一點。

I would say we're assuming for our purpose, just -- I mean, we kind of have it as status quo, and it now probably represents a little more upside than downside for us, but I don't think we'll return to it like baking in upside.

我覺得我們目前的做法是——我的意思是，我們把它當作現狀，現在它可能對我們來說利大於弊，但我認為我們不會再像以前那樣把利好因素考慮進去了。

And just a second question. I mean, this is a very crude metric. But just looking at your marketing spend; it's still running about 40% of sales and you're spending about the same money to get a 9% decline in PTR. So how do we think about long-term customer acquisition cost, marketing spend? And how do you calibrate that relative to your revenue?

還有一個問題。我的意思是，這只是一個非常粗略的衡量標準。但僅從你的行銷支出來看，它仍然佔銷售額的 40% 左右，而你花的錢卻只使點擊率下降了 9%。那我們該如何看待長期客戶獲取成本和行銷支出呢？那麼，如何將其與收入進行校準呢？

Yes. We -- look, from our perspective, it's very important to invest in our brand. And so, we do -- we think about the metrics that you're talking about, but they don't drive necessarily the decisions. We want to think about where it's appropriate, the effectiveness of dollars, where we spend it, the timing of it. As we launch subscription offerings, for example, we're sort of relitigating how we think about putting dollars behind that from a marketing perspective.

是的。我們—從我們的角度來看，投資我們的品牌非常重要。所以，我們確實會考慮你提到的那些指標，但它們不一定會影響我們的決策。我們想考慮一下在哪裡使用、資金的有效性、資金的用途以及使用時機。例如，隨著我們推出訂閱服務，我們正在從行銷的角度重新思考如何投入資金。

We've got a new brand campaign out there. Unaided awareness is up across the board as we measure it. So, it's working. But when we think about the macro trends that I outlined earlier, and we -- for the most part this year, as cash has contracted as a market, we've increased market share. That's important because that's the way you take advantage of getting more than your fair share in an expanding market for 2026.

我們推出了一項新的品牌推廣活動。據我們衡量，所有人群的自主意識程度都有所提高。所以，它奏效了。但當我們考慮到我之前概述的宏觀趨勢時，而且今年大部分時間裡，隨著現金市場萎縮，我們的市佔率卻增加。這很重要，因為這是你在 2026 年不斷擴大的市場中獲得超額份額的方法。

So look, we believe we'll return to growth in our platform. And I think those marketing dollars as measured in any one year in a year like this, where I think we faced multiple headwinds, I'm less concerned about it. So, we just make that decision in the totality as we sort of do a multiyear planning.

所以，我們相信我們的平台將會恢復成長。而且我認為，在像今年這樣面臨多重不利因素的年份裡，如果以任何一年的時間來衡量這些行銷投入，我並不太擔心。所以，我們會在製定多年計畫時，將所有因素考慮在內，做出最終決定。

(Operator Instructions) Steven Valiquette, Mizuho Securities.

（操作員說明）史蒂文·瓦利奎特，瑞穗證券。

I also just wanted to come back to the Manufacturer Solutions segment for a moment on the pull forward that you talked about. So, I guess as we think about 2026, the quarterly cadence for that segment and the normal seasonality, should we assume for now then that the revenues would just increase sequentially every quarter throughout the calendar year? And then if there's a pull forward next year, we just focus on that if that happens. But -- so what's the normal pattern when thinking about 2026? If you can provide any color on that, that would be helpful.

我還想再回到您提到的“製造商解決方案”部分，談談您剛才提到的“拉動式發展”。所以，我想當我們展望 2026 年，考慮到該業務板塊的季度節奏和正常的季節性因素時，我們是否應該假設該業務板塊的收入會在整個日曆年內每個季度都逐季增長呢？如果明年出現提前開賽的情況，我們就專注於此。那麼──當我們展望 2026 年時，正常的模式是什麼呢？如果你能提供一些相關信息，那就太好了。

Yes. Look, I mean, I think generally speaking, the trend is up as those sales close throughout the year. And just to be clear, when I -- when we talk about sequential revenue coming down, it's more total revenue. I'm not talking specifically about manufacturing solutions, just to be clear about that.

是的。你看，我的意思是，我認為總體而言，隨著全年銷售的結束，趨勢是上升的。需要澄清的是，當我——當我們談到環比收入下降時，指的是總收入下降。需要澄清的是，我指的並非具體的製造解決方案。

So -- but look, it can be a little lumpy in terms of when and how those deals close, right? We're looking to go deeper into existing manufacturer relationships. We're looking to add new ones. We track a traditional sales pipeline with a funnel. We estimate probability of close, timing of close, and those don't always happen exactly as we forecast them.

所以——但你看，這些交易何時以及如何完成可能會有點不穩定，對吧？我們希望深化與現有製造商的合作關係。我們正在考慮增加新的項目。我們用銷售漏斗來追蹤傳統的銷售流程。我們估計收盤的機率和收盤時間，但這些並不總是像我們預測的那樣發生。

But generally speaking, we think it's growth. This is a growth engine for us. I think it will continue to be manufacturer solutions, that is. I think it will continue to be an increasing part of our revenue. So I anticipate it continuing to grow.

但總的來說，我們認為這是成長。這是我們的成長引擎。我認為最終仍將由廠商提供解決方案。我認為它在我們收入中所佔的比例將繼續增長。所以我預計它會繼續增長。

Stan Berenshteyn, Wells Fargo.

史丹貝倫斯坦，富國銀行。

On Manufacturing Solutions, you called out the point-of-sale discount programs as being contributors here. I'm just curious, what percent of the growth that we saw in the quarter can be ascribed to the point of sale? And can you maybe give us some examples of what those at-the-counter promotions or customer interactions look like?

在「製造解決方案」欄位中，您指出銷售點折扣計劃是造成這種情況的原因之一。我只是好奇，本季我們看到的成長中有多少百分比可以歸因於銷售點？您能否舉例說明櫃檯促銷或顧客互動的具體情況？

We don't, I mean, I appreciate the question, Stan. We don't break out like the percentage of growth between sort of the media side and the point-of-sale side, and some of the other revenue streams within pharma manufacturers. So we have over 80 deals that drive the revenue there. So for us, it's more a reflection of expanding deeper into the portfolio of drugs with our existing partners and then adding more manufacturers to the mix, which we continue to do.

我們不……我的意思是，我很感謝你的提問，史丹。我們沒有細分媒體方面和銷售點方面以及製藥製造商的其他一些收入來源之間的成長百分比。因此，我們有超過 80 筆交易推動了那裡的收入。因此，對我們來說，這更反映了我們與現有合作夥伴進一步拓展藥品組合，並增加更多製造商加入其中，而我們也一直在這樣做。

And then look, I think as we talked about, while we don't really know how TrumpRx will play out, when I listen to [Dr. Oz] was interviewed on TV over the last 72 hours talking about exactly what Wendy said and reaffirming what we're being told in our discussions with the government, which is they intend to link out to the lowest cost available. And we think we're well-positioned to be that provider. And look, consumers have near complete access to their medicine cabinet through us, so I think that positions us well. And I think TrumpRx will continue to be a tailwind for manufacturer solutions as well.

然後你看，我認為正如我們之前討論過的，雖然我們並不真正知道 TrumpRx 將如何實施，但我聽了 [奧茲醫生] 在過去 72 小時內接受電視採訪的內容，他談到的內容與溫迪所說的完全一致，並重申了我們在與政府的討論中得到的說法，即他們打算將藥品價格降至最低。我們認為我們有能力成為這樣的供應商。而且，消費者幾乎可以透過我們完全獲得他們所需的藥品，所以我認為這使我們處於有利地位。我認為 TrumpRx 也將繼續為製造商的解決方案帶來利好。

And if I may add, I will also say it's providing momentum for manufacturers who may be, while they may have had interest in point-of-sale conversations, it's giving them, I think, a little bit more energy around, oh gosh, well, maybe now is the time for us to do this. And it's providing, I think, some momentum to move some deals and negotiations along a bit faster between us and manufacturer partners as well.

如果允許我補充一點，我還想說，這也為製造商們提供了動力，他們可能對銷售點對話感興趣，我認為這讓他們更有動力去思考，哦，天哪，也許現在是我們做這件事的時候了。我認為這也能為我們和製造商合作夥伴之間的一些交易和談判帶來一些動力，使談判進展得更快一些。

And just more on the tactical end of this, as you think about the mix that is all of the pharma affordability programs, of which a component, of course, are the brand point-of-sale deals, some of the ones notably that are contributing to our growth include our partnership with Novo around Ozempic and Wegovy. I mean, that is no small feat, given that it is the most competitive cash price on Ozempic.

從戰術層面來說，考慮到所有藥品價格可承受性計劃的組合，其中當然包括品牌銷售點交易，一些顯著促進我們增長的計劃包括我們與諾和諾德圍繞 Ozempic 和 Wegovy 的合作。我的意思是，考慮到這是 Ozempic 上最具競爭力的現金價格，這絕非易事。

And we just recently announced a partnership with Amgen around Repatha. And that retail price is considerably less expensive than the historical price point. So again, we are seeing that mix certainly shift and pointing towards point-of-sale deals, but we continue to have interest in all of the affordability programs, provided they improve access and affordability across the board for our shared consumers.

我們最近也宣布與安進公司就瑞百安（Repatha）展開合作。而且這個零售價比歷史價格便宜很多。因此，我們看到這種組合確實在發生變化，並指向銷售點交易，但我們仍然對所有可負擔性計劃感興趣，前提是這些計劃能夠全面改善我們共同消費者的可及性和可負擔性。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

Hey, guys. This is Jack Senft on for Kevin. In your prepared remarks, you mentioned that GoodRx search volumes are up across the board. Is this coming from one particular initiative or advertising campaign? And kind of curious how these search volumes have trended over the past few months since the launch? And then if you can just discuss, like any conversion rates or anything like that, that would be very helpful.

嘿，夥計們。這裡是傑克森夫特，他替凱文報道。您在事先準備好的演講稿中提到，GoodRx 的搜尋量全面上升。這是來自某個特定的項目或廣告活動嗎？我很好奇自上線以來，這幾個月來這些搜尋量的變化趨勢如何？如果你還能討論一下轉換率之類的問題，那就太好了。

Yeah, I mean, Jack, we've seen with our new campaign that unawaited awareness is up, access is up. I'd love to make sure I answer your question. I'm not sure I can get you. Like, I can follow up with you on the data.

是的，傑克，我的意思是，透過我們的新活動，我們看到人們的認知和獲取管道都出現了意想不到的提升。我很樂意回答你的問題。我不確定我能不能聯絡你。例如，我可以跟你跟進數據方面的事情。

I don't have a lot more data from a marketing perspective at my fingertips, but I'm happy to sort of give you the right information in terms of what you're asking. And if you want to clarify exactly what you're looking for, Jack, I'm happy to see if I can address it more accurately.

從行銷的角度來看，我手邊沒有太多數據，但我很樂意根據你的要求提供一些相關資訊。傑克，如果你想更清楚地說明你想要什麼，我很樂意看看我能否更準確地回答你的問題。

Yes, that's okay. I was just more curious about how those search trends have kind of trended just over the past few months. You don't have to go into too much detail on that, so I appreciate it.

是的，沒問題。我只是比較好奇這些搜尋趨勢在過去幾個月的變化。您不必詳細說明，謝謝。

Yes. We're really tracking it. And just to be clear, like it's coinciding with the launch of our new overall brand campaign, right? And so some of the metrics that were key to us that we sort of set out upfront, while we're meeting and exceeding the benchmarks that we had planned for in those campaigns. This goes back to the earlier point about our advertising dollar.

是的。我們正在密切關注此事。需要說明的是，這是否與我們全新的整體品牌推廣活動同時進行？因此，我們預先設定了一些關鍵指標，這些指標對我們來說至關重要，而我們也達到了甚至超過了我們在這些活動中所規劃的基準。這又回到了我們之前提到的廣告預算問題。

The one thing we want to ensure ourselves is that we're spending those dollars effectively and we're driving the right eyeballs. These are very important statistics for us as we go back to manufacturers and show them and demonstrate that we are the right platform to get eyeballs on their portfolio of drugs. And so it's why we spend what we spend, and right now, the campaigns seem to be working.

我們最想確保的是，我們有效地利用了這些資金，並吸引了正確的受眾。這些數據對我們來說非常重要，因為我們需要向製造商展示這些數據，並證明我們是讓更多人專注於其藥品組合的合適平台。所以這就是我們花錢的原因，而且目前來看，這些活動似乎正在發揮作用。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Just staying on Manufacturing Solutions and understanding you already have some nice momentum in that market. When I look more broadly, you have a very high gross margin, and, high EBIT margin business. Are there opportunities to reinvest more of that into driving even further growth in manufacturing? How do you think about just kind of reinvestment in the business here?

繼續專注於製造解決方案，並了解您在該市場已經取得了一些不錯的進展。從更廣闊的角度來看，你們的業務毛利率和息稅前利潤率都非常高。是否有機會將更多資金再投資於製造業，以推動其進一步成長？您如何看待企業再投資這件事？

Yes. I mean, look, the one thing I would say, obviously, we don't break out margin specific to Manufacturing Solutions versus PTR. But look, the business has been growing and our margins have been expanding, right? So I think you can have an implied there. In terms of investment, as Wendy noted, I mean, we've made specific investments into capabilities like directed media at the NPI level, which is, I think, the important thing to do.

是的。我的意思是，你看，有一點我必須說明，很顯然，我們沒有單獨列出製造解決方案與 PTR 的利潤率。但你看，業務一直在成長，我們的利潤率也在擴大，對吧？所以我認為這裡可以隱含一個意思。就投資而言，正如 Wendy 指出的那樣，我的意思是，我們已經對新產品導入 (NPI) 層面的定向媒體等能力進行了專門投資，我認為這是應該做的重要事情。

We are actually investing in capabilities to own more of the Rx journey, which is ACP-type initiatives and accessing HCPs, and kind of engaging them and influencing decisions at the point of the clinical encounter.

我們實際上正在投資提升自身能力，以便更好地掌控處方流程，包括 ACP 類型的舉措、接觸醫療保健專業人員，以及在臨床診療過程中與他們互動並影響決策。

And then obviously, from there, obviously, engaging with the consumer on pricing, transparency, affordability programs, pharmacy choice, and all of the above. So the answer across the board is yes. We continue to pursue initiatives and reinvest in the right initiatives that we think will drive Mantol's growth.

然後，很顯然，接下來就要與消費者就定價、透明度、可負擔性計劃、藥房選擇以及以上所有方面進行溝通。所以答案大致上是肯定的。我們將繼續推動各項舉措，並對那些我們認為能夠推動曼托爾發展的正確舉措進行再投資。

I would say, though, in balancing that as an executive leadership team, we do spend considerable time on how we balance reinvestment with also being good stewards of overall dollars. And you will continue to see us try and keep a healthy balance there, such that we're balancing SG&A with the appropriate bottom line outcome. It's an incredibly important component to both Chris and I that the cost where it's added needs to drive favorable returns. So it's a balance we're striking, but I very much appreciate the question.

不過，我想說的是，作為執行領導團隊，我們在平衡這兩者時，確實花費了大量時間來思考如何平衡再投資和如何妥善管理整體資金。您將會看到我們繼續努力保持健康的平衡，以便在銷售、一般及行政費用與適當的最終利潤之間取得平衡。對我和克里斯來說，成本增加的地方必須帶來有利的回報，這一點至關重要。所以我們正在努力尋求一種平衡，但我非常感謝你的提問。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Maybe just to take the other side of the ISP question. As we think about the Rite Aid headwinds, I mean, a matter of anniversarying it? Or are there initiatives that you're rolling out to try to drive that recovery quicker?

或許只是想從另一個角度來看網路服務供應商（ISP）的問題。當我們思考Rite Aid面臨的逆境時，我的意思是，這是否與它的周年紀念有關？或者，你們是否正在推出一些措施來加速經濟復甦？

Yes. I mean, we obviously target recapture. It's not an exact science at times, right? Where we've got data on the actual consumer and there's contactability, we obviously are doing outreach. It is one of the reasons you've seen us increase our overall brand awareness because, one of the things we believe is the good thing about our business, unlike many other aspects of the sort of, I guess, all of the medical or health ecosystem, is our consumers actually choose to do business with us, right?

是的。我的意思是，我們顯然以重新捕獲為目標。有時候，這並非一門精確的科學，對吧？如果我們有關於實際消費者的數據，並且可以聯繫到他們，我們顯然會進行外聯。這也是你們看到我們整體品牌知名度提高的原因之一，因為我們相信，我們業務的優勢之一，與醫療或健康生態系統的許多其他方面不同，那就是我們的消費者實際上是選擇與我們做生意，對吧？

And so they've come to our platform looking for access and affordability to their medication. And when they choose a pharmacy, that stays on file. If they get ported over to somebody, it's not clear that they are even aware that they may have come off the GoodRx platform, and so the idea of making sure that they come back and recheck for affordability, I think, is important.

因此，他們來到我們的平台，尋求獲得價格合理且方便的藥物。當他們選擇藥房時，該資訊會被記錄在案。如果他們的訊息被轉移到其他人那裡，他們甚至可能不知道自己已經離開了 GoodRx 平台，因此，確保他們回來重新檢查價格是否合理，我認為很重要。

And look, we will continue to invest in initiatives, as I just talked about in terms of owning the Rx journey and e-commerce solutions, and other ways to get people fully committed and have sort of a durable relationship with those patients. But the sort of long and short answer to your question is, yes, we will always seek to recapture that volume as soon as possible.

而且，正如我剛才提到的，我們將繼續投資於各項舉措，例如掌控處方流程和電子商務解決方案，以及其他讓人們完全投入並與患者建立持久關係的方式。但對於你的問題，長話短說，答案是肯定的，我們將始終努力盡快恢復到那個銷售水準。

Yes. And if I may add, I mean, the counter initiatives that we've continued to talk about, that is largely your answer, right? When we contract directly with the retailer to own that counter, and particularly when e-commerce is a component of it, that's largely where we invest. And in many instances, we are actually spending marketing dollars through those same retailers to ensure that we are not only capturing the attention, but then we're retaining that same consumer at that counter. And that's how you offset instances of a Rite Aid closure and the manner in which you just outlined that question. That's how you go about doing that strategically, in my view.

是的。如果我能補充一點，我的意思是，我們一直在討論的反制措施，這基本上就是你的答案，對嗎？當我們直接與零售商簽訂合約來擁有該櫃檯，特別是當電子商務是其中的一部分時，這就是我們主要的投資方向。很多情況下，我們實際上是透過這些零售商投入行銷資金，以確保我們不僅能吸引他們的注意力，還能讓他們留在收銀台前。這就是你如何抵消 Rite Aid 門市關閉的情況，以及你剛才提出的問題的方式。在我看來，這就是實現這目標的策略方法。

That concludes the question-and-answer session, and this concludes today's conference call. Thank you for joining. You may now disconnect.

問答環節到此結束，今天的電話會議也到此結束。感謝您的參與。您現在可以斷開連線了。