Phathom Pharmaceuticals (PHAT) H.C. Wainwright 26th Annual Global Investment Conference 2024 summary

Market overview and treatment landscape

• GERD affects about 65 million people in the U.S., with 22 million diagnosed and treated adults, mostly managed by primary care physicians.

• Standard of care has been proton pump inhibitors (PPIs), but about 50% of patients switch therapies annually due to inadequate symptom control.

• Voquezna, a novel P-CAB, offers a new mechanism, binding both active and inactive proton pumps, leading to faster and more durable symptom relief.

• Clinical trials showed Voquezna's superiority in healing and maintaining erosive esophagitis and eradicating H. pylori.

• Most patients use Voquezna as a standalone therapy, not in combination with other drugs.

Commercial performance and access

• Over 122,000 prescriptions have been written, with fill rates improving from 28% to 50% as commercial coverage expanded.

• Commercial formulary coverage increased from 48% to 77% of lives, with contracts requiring only one step through a PPI.

• The majority of patients have already tried PPIs before being prescribed Voquezna, reflecting high dissatisfaction with existing therapies.

• Primary care physicians are increasingly prescribing Voquezna, especially for non-erosive GERD, as label covers both types.

• Nurse practitioners and physician assistants are also key prescribers, attracted by rapid symptom relief.

Promotional strategy and market penetration

• Direct-to-consumer (DTC) campaign has significantly increased patient and physician awareness, driving more patients to request Voquezna.

• 24% of surveyed physicians reported patients proactively asking for Voquezna after seeing DTC ads.

• The campaign emphasizes Voquezna's differentiation and motivates both prescribers and patients.

• Key levers for further market penetration include DTC efforts, commercial access, and new clinical programs.

• Planned phase 3 trials for on-demand use and studies in eosinophilic esophagitis and pediatric populations aim to expand indications and displace PPIs in more settings.