Partner sees spending on Doximity growing at faster rate, Raymond James says

Raymond James analyst Brian Peterson says the firm hosted a webinar with a marketing agency partner that oversees $100M-$150M in annual spending for pharma, who indicated that there’s been little change to pharma budget projections over the course of 2025. This assumes that healthcare provider digital growth will be in the 5%-7% range while direct to consumer grows 10%-15%, with expectations for similar budget growth rates in 2026. The partner indicated that spending on Doximity (DOCS) is growing at a faster rate than the overall market, with ROI figures higher than other digital HCP offerings, Raymond James points out. He did mention strong interest in OpenEvidence from customers and that it has taken innovation budgets in 2026, but he doesn’t believe that this spending is taking share from Doximity or other digital HCP platforms. The firm has a Strong Buy rating on Doximity.