Phathom Pharmaceuticals (PHAT) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Strategic priorities and commercial focus

• Emphasis on deepening penetration in gastroenterology (GI) practices, with 60%-70% of sales calls targeting GI and plans to expand further in 2026 before returning focus to primary care.

• Over 16,000 of 24,000 GI prescribers are already writing VOQUEZNA, with top 3,000 GI practices switching to VOQUEZNA in about one out of three new-to-brand cases.

• Sales force realigned and expanded to 300 representatives, optimizing coverage and frequency of calls to GI offices and supporting staff.

• Commercial strategy includes educating entire GI practices on both clinical efficacy and ease of patient access, aiming to build both clinical and market access confidence.

• Long-term plan involves leveraging GI adoption to drive awareness and eventual expansion into primary care, targeting $1 billion in GI and another $1 billion in primary care revenue.

Financial performance and outlook

• Achieved $175 million in revenue last year, up from $55 million in the first year of launch; guidance for this year is $320 million–$345 million.

• Capital structure was modified with a successful capital raise and debt repayment, lowering interest costs and aligning repayments with cash flow.

• Q3 is expected to be the first quarter of positive operating profit, with positive cash flow projected for 2027.

• Business model is highly predictable due to recurring prescriptions, with incremental growth driven by new patient starts.

• Cash and covered scripts each represent about one-third and two-thirds of business, respectively, with trends expected to remain stable as volume grows.

Prescriber and patient behavior trends

• Top 300 GI prescribers now switch to VOQUEZNA in nearly half of new-to-brand cases; top 3,000 prescribers at about 30%.

• Prescriber confidence has shifted from clinical efficacy concerns to focus on market access and ease of prescription fulfillment.

• Patient persistence is strong, with over six refills in 12 months for 2024 cohort; patients often return to VOQUEZNA after gaps due to insurance resets.

• High satisfaction reported among both patients and clinicians, with few reports of therapy failure.

• Product is primarily used as second-line therapy after PPI failure, with significant uptake in the target population.