Phathom Pharmaceuticals (PHAT) Goldman Sachs 45th Annual Global Healthcare Conference summary

Commercial performance and market access

• Six months post-launch, over 43,000 prescriptions have been written, with 17,500 filled as of late April.

• Commercial coverage stands at 63% for H. pylori and 49% for GERD, with further payer expansion expected in the next 6–9 months.

• Government reimbursement is not a core focus; commercial patients drive value.

• BlinkRx digital pharmacy streamlines fulfillment, increasing fill rates and reducing administrative burden for physicians.

• The fill rate for prescriptions improved from 17% in Q4 to 42% by mid-April, indicating closing access gaps.

Product positioning and patient experience

• Most initial patients are refractory to PPIs, with positive feedback on rapid symptom relief.

• The majority of prescribers are gastroenterologists, followed by nurse practitioners and physician assistants.

• Repeat prescribing is increasing, with more physicians writing and re-prescribing.

• Reimbursement improvements are expected to drive further adoption and close the gap between written and filled scripts.

Market expansion and future opportunities

• Approval for non-erosive GERD (NERD) is anticipated in July, potentially doubling or tripling the addressable market to 22 million patients.

• The commercial footprint of 320 reps is sufficient for both erosive and non-erosive indications.

• Increased direct-to-consumer (DTC) spending is planned to boost awareness and patient demand.