Doximity Inc: OpenEvidence doubles its revenue; framing the market dynamics

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Doximity Inc: OpenEvidence doubles its revenue; framing the market dynamics

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Doximity Inc

OpenEvidence doubles its revenue; framing

the market dynamics

Maintain Rating: UNDERPERFORM | PO: 20.00 USD | Price: 21.52 USD

The news: OpenEvidence at $300MM revenue run rate 20 July 2026

According to the news site The Information and sourced on Bloomberg OpenEvidence is Equity

generating close to $300MM in annualized revenue, double its revenue run-rate from

Allen Lutz, CFA

about seventh months ago. The article also cites the company was considering a Research Analyst

$200MM capital raise after receiving offers from investors at a valuation of around BofAS +1 646 855 4380

$20Bn, but that the company is unlikely to proceed given concerns around diluting allen.lutz@bofa.com

founders and shareholders. Refer to our private profile on OpenEvidence (link here). Dev Weerasuriya

Research Analyst

Why it matters: Competition for limited ad budgets BofAS+1 646 855 5707

We recently downgraded Doximity shares to Underperform around the execution risk on dev.weerasuriya@bofa.com

the pivot to AI (link to downgrade note). OpenEvidence exited 2025 at a ~$150MM Hanna Lee Research Analyst

annualized revenue run-rate. Given the size of the pharma advertising market is ~$3Bn BofAS

and growing 5-7% per year, OpenEvidence’s trajectory is capturing a meaningful portion +1hanna.y.lee@bofa.com646 855 3682

of the industry’s growth and could be siphoning spend from incumbent platforms.

Importantly, some of OpenEvidence’s revenue could come from health system enterprise

contracts (which is additive to the $3bn pharma TAM) – something the CEO discussed as

Stock Dataa potential growth avenue on our KOL call from a few months ago (link to that note

here).