Phathom Pharmaceuticals (PHAT) 12th Annual Cantor Fitzgerald Global Healthcare Conference summary

Business overview and financial performance

• Introduced a new class of therapy for gastroesophageal reflux, targeting patients unresponsive to PPIs.

• Achieved significant revenue growth, guiding $310M–$325M for the year, up from $175M last year.

• Reported first quarterly operating profit (excluding stock comp), marking a financial turning point.

• Strong balance sheet and recent cash raise provide flexibility for future investments.

• Expecting to generate positive cash flow for the full year by next year.

Market opportunity and growth strategy

• Peak revenue potential estimated at over $1B from gastroenterologists and another $1B from primary care.

• As-needed use trial planned to expand patient base, addressing those preferring non-daily therapy.

• Significant refill and awareness opportunities as patients return to primary care after specialist treatment.

• Year-over-year revenue growth rates approaching 90% in the first half, with strong momentum expected to continue.

Reimbursement, access, and physician adoption

• 97% of gastroenterologists believe in the efficacy of the therapy, but access friction remains a barrier.

• Partnership with BlinkRx streamlines prior authorization and improves patient access, with over 80% commercial coverage.

• Encouraging physicians to use BlinkRx for higher dispense rates and smoother workflow.

• Top prescribers now direct over 30% of new acid suppression prescriptions to the therapy.