Phathom Pharmaceuticals (PHAT) investor relations material

Commercial performance and product differentiation

• Achieved $55 million in revenue last year, with guidance of $165–$175 million for this year, reflecting strong growth and broad physician uptake.

• VOQUEZNA offers rapid, potent, and durable acid suppression, with faster onset and higher, longer-lasting pH elevation than PPIs.

• Demonstrated superior healing rates in erosive esophagitis compared to PPIs, with patients reporting noticeable symptom relief.

• 36% sequential prescription growth over Q1, with 173,000 prescriptions filled in the quarter and 70% of scripts from GI specialists.

• IQVIA data shows script volume trends remain on track through July and August.

Strategic focus and market approach

• Shifted sales strategy from broad prescriber base to focusing on gastroenterologists, reallocating salesforce to high-need specialist practices.

• Plan to focus on GI specialists for the next 18 months, with broader primary care and DTC campaigns considered for 2027.

• Patient journey typically flows from primary care to GI and back, supporting future primary care adoption.

• Main hurdle to adoption is physician inertia due to decades-long PPI prescribing habits; patient feedback is key to driving change.

• Both retail pharmacy and BlinkRx channels are being grown organically, optimizing for patient access and outcomes.

Financial outlook and profitability

• Targeting EBIT positive status during 2026, with current guidance of $165–$175 million in revenue and quarterly OpEx below $55 million by Q4.

• Profitability path depends on continued top-line growth and disciplined expense management, with incremental OpEx increases expected mainly from inflation and clinical trials.

• Revenue must exceed the $55 million quarterly baseline to achieve profitability, with more granularity to be provided as 2026 approaches.