GoodRx Holdings Inc. (NASDAQ: GDRX) shares surged nearly 10% Wednesday afternoon following the announcement of a new direct contracting agreement with Kroger Co. (NYSE: KR).
What To Know: The agreement, spanning over 2,200 Kroger Family Pharmacy locations nationwide, aims to enhance prescription pricing accessibility and affordability for consumers.
GoodRx and Kroger said the companies reached a mutually beneficial agreement that enables them to deliver lower prices directly to patients. GoodRx noted that it had been focused on transforming how it delivers value to retail pharmacies in recent years.
"We are excited to renew our relationship with Kroger. Kroger has been a valuable participant in the GoodRx marketplace over the years and an innovator in healthcare, nutrition and wellness. We've leveraged our direct contracting model to reach an agreement that we believe supports Kroger's business goals and helps patients get the prescriptions they need at affordable prices," said Scott Wagner, interim CEO of GoodRx.
As a result of the agreement, patients will be able to present a GoodRx coupon at Kroger Pharmacies to receive more savings on the expected patient price for most generics, beginning on June 1.
GoodRx remains steadfast in its commitment to providing transparent and affordable prescription pricing. The direct-contracting agreement with Kroger promises nearly 50% more savings on most generics.
GoodRX shares were up 9.43% at $7.29 at the time of writing, according to Benzinga Pro.