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Phathom Pharmaceuticals (PHAT) investor relations material
Phathom Pharmaceuticals Evercore ISI 8th Annual HealthCONx Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Evercore ISI 8th Annual HealthCONx Conference summary2 Dec, 2025
Strategic transformation and operational focus
Shifted strategy to prioritize sales calls on gastroenterologists, reducing cash operating expenses by nearly 50% while maintaining or increasing sales activity in the most productive segment.
Sales force size and compensation remain unchanged, but incentive compensation caps have increased, offering higher earning potential.
Significant reduction in marketing spend, especially direct-to-consumer advertising, as focus shifted from primary care to gastroenterology due to higher script productivity.
Data showed no impact on prescription growth from direct-to-consumer campaigns, validating the new focus on gastroenterology.
Expectation that primary care will become more receptive in 2-3 years as patient advocacy increases.
Financial performance and guidance
Achieved approximately $50 million in Q3 revenue, with IQVIA TRX up 17%, suggesting potential to exceed consensus estimates.
No significant quarter-over-quarter changes in gross-to-net; seasonality expected with Q1 typically flat and growth in Q2–Q4.
Not providing updated guidance mid-quarter, but current script trends and execution are strong.
Internal metrics target operating profitability during 2026, with expenses held below $55 million per quarter and only modest increases planned.
Potential for $3–$5 in future earnings power as sales increase by $100–$150 million over the next few years.
Product adoption and market dynamics
Majority of scripts are for the higher 20mg dose, indicating treatment of more severe or erosive cases, but mix is hard to track due to physician discretion.
Early data shows strong persistence, with patients averaging 3.3 refills in the first six months, suggesting high motivation to remain on therapy.
BlinkRx used as an intermediary to maximize coverage and access, with cash pay options supporting patient access and future primary care adoption through patient advocacy.
Expectation that patient advocacy will drive future growth in primary care as more patients report positive outcomes to their physicians.
OpEx stability with future growth?
Timeline for PCP receptivity via patient advocacy?
Key milestones for $3-5 earnings power?
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Next Phathom Pharmaceuticals earnings date
Q4 202513 Mar, 2026
Next Phathom Pharmaceuticals earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Phathom Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. The company’s research is centered around novel therapies that address acid-related disorders, such as gastroesophageal reflux disease (GERD) and related conditions. Phathom aims to provide new treatment options that improve the management of these chronic conditions, particularly in areas where current therapies may be inadequate. The company is headquartered in Florham Park, New Jersey, and its shares are listed on the NASDAQ.
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