Phathom Pharmaceuticals (PHAT) investor relations material

Commercial performance and financial outlook

• Voquezna achieved nearly $75 million in quarterly revenue, annualizing to a $300 million run rate.

• First operating profit (non-GAAP, excluding stock-based compensation) was delivered a quarter ahead of plan, with continued profitability targeted for the next two quarters.

• Revenue grew 88% year-over-year in Q2, with a projected 70% growth for the second half of the year.

• Expenses are expected to remain stable, with only modest increases due to clinical trials.

• Positive cash flow and full-year operating profit are anticipated for the next fiscal year.

Market strategy and growth drivers

• Initial adoption focused on severe erosive esophagitis patients, with plans to expand to moderate severity cases.

• Key growth lever is reducing perceived workload for prescribers, especially through streamlined access and affordability initiatives.

• Partnership with BlinkRx enhances prescription fulfillment, prior authorization, and patient affordability, with most patients paying $25 or $55 per month.

• Over 80% of commercial lives are covered, and broad access is available for government-insured patients.

• The path to $1 billion in revenue relies on deeper penetration within GI practices and expanding to less severe patient populations.

Competitive landscape and product differentiation

• Voquezna is positioned as a superior therapy for patients not adequately managed by PPIs, targeting the 40% of GERD patients with persistent symptoms.

• Physicians report high confidence in Voquezna’s efficacy, with 97% of gastroenterologists supportive.

• Voquezna demonstrates best-in-class healing rates for erosive esophagitis, with 93% healed by eight weeks.

• Entry of additional PCABs is expected to expand the market, benefiting the established player.

• Voquezna is not intended to replace PPIs for all GERD patients, but to serve those with unmet needs.