OpenEvidence Revenue Run Rate Doubles to $300 Million, Posing Threat to Doximity, BofA Says

Private health-tech firm OpenEvidence is now generating close to $300 million in annualized revenue, effectively doubling its revenue run rate in about seven months and signaling intensifying competition in the digital health sector, according to a Bank of America research note published Monday.

Rapid Revenue Growth

Citing reports from The Information and Bloomberg, Bank of America analysts stated that OpenEvidence's revenue pace has accelerated significantly from the roughly $150 million annualized run rate it recorded at the end of 2025.

The bank's note also mentioned that OpenEvidence had recently considered a $200 million capital raise after receiving investor interest at a valuation of approximately $20 billion. However, the company is now reportedly unlikely to proceed with the funding round due to concerns about diluting the stakes of its founders and existing shareholders.

Market Implications and Competitive Pressure

Bank of America analysts suggest that OpenEvidence's rapid expansion poses a direct challenge to its publicly traded competitor, Doximity (NYSE: DOCS). The note warned that the pace of growth could "constrain growth from players like Doximity in the near-term or require Doximity to invest more to defend share."

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This analysis follows the bank's recent decision to downgrade Doximity shares to an Underperform rating, citing what it described as "execution risk on the pivot to AI." The competitive threat from fast-growing private firms like OpenEvidence appears to be a factor in that assessment.

Industry Context

The competition is unfolding within a lucrative market. Bank of America estimates the pharmaceutical advertising market is worth approximately $3 billion and is growing at an annual rate of 5% to 7%. Analysts added that OpenEvidence may also pursue revenue from health system enterprise contracts, which would be an additional opportunity beyond the pharma market.

However, Doximity recently pushed back on the competitive narrative. Last week, the company announced that its clinical AI platform, Doximity Ask, outperformed leading AI models, including OpenEvidence's, in an independent Stanford-Harvard study focused on clinical AI safety.