Phathom Pharmaceuticals (PHAT) 7th Annual Evercore ISI HealthCONx Conference summary

Launch performance and market access

• Weekly TRx numbers have shown consistent growth, with access secured and a strong outlook for 2025.

• Over 80% of commercial lives are now covered, and the share of scripts through BlinkRx cash has declined from 50% to 30%.

• Primary care physicians have recently outpaced GI specialists in new prescriptions, especially after non-erosive approval.

• Direct-to-consumer investment increased in Q4 and will continue into the first half of next year to support growth.

• The company remains comfortable with 2024 expectations and has not yet provided 2025 guidance.

Regulatory and exclusivity updates

• FDA has not updated the Orange Book to reflect the full 10-year exclusivity for H. pylori, despite ongoing discussions.

• The company intends to pursue a Citizen Petition to prompt FDA action, as litigation is not currently viable.

• If the Citizen Petition process is prolonged, court resolution could be delayed until 2027.

• Drug substance patent is expected to be extended to April 2030, with a PTE filed and 599 days added.

• Nitrosamine-related formulation updates could provide new IP into the 2030s or 2040s, but this is not assumed in the base case.

OTC strategy and market dynamics

• OTC transition is not expected before five years; current focus remains on prescription business.

• OTC market for PPIs is about 15% of total, with the majority remaining prescription.

• OTC launch would require a lower price point and represents a different business model, likely post-generic entry.

• The product's rapid onset and long-acting effect could create a unique OTC opportunity in the future.