Overview
OpenEvidence is generating close to $300 million in annualized revenue, according to a Bank of America note citing The Information and Bloomberg. This figure represents a doubling of its revenue run rate from roughly $150 million at the end of 2025, i.e., about seven months earlier.
Capital Raising Consideration
The company had been evaluating a $200 million capital raise after receiving investor offers that valued OpenEvidence at approximately $20 billion. Bank of America indicated that the raise is unlikely to proceed because of concerns about diluting the founders and existing shareholders.
Market Context
Bank of America estimated the pharma advertising market at about $3 billion and noted a growth rate of 5 % to 7 % per year. OpenEvidence may also derive revenue from health‑system enterprise contracts, which would be additive to the pharma advertising market and are considered within the addressable opportunity for Doximity (NYSE:DOCS).
Implications for Doximity
BofA recently downgraded Doximity’s shares to Underperform, citing execution risk on its AI pivot. The bank warned that OpenEvidence’s rapid growth could constrain Doximity’s near‑term expansion in the clinical AI space or force Doximity to increase investment to defend its market share. Doximity’s own clinical AI platform, Doximity Ask, was reported to have outperformed leading frontier AI models, including OpenEvidence, in an independent Stanford‑Harvard study of clinical AI safety.
Additional Notes
The article was generated with AI assistance and reviewed by an editor.