Phathom Pharmaceuticals, Inc.

Phathom Pharmaceuticals is a U.S.-based biopharmaceutical company focused on developing and commercializing vonoprazan-based therapies for acid-related gastrointestinal diseases. Its commercial products include VOQUEZNA tablets, VOQUEZNA DUAL PAK, and VOQUEZNA TRIPLE PAK, which are marketed in the United States for conditions such as GERD and H. pylori infection.

−91,0 %

87,1 %

−126,3 %

+216,9 %

1.73

1.69

— Phathom Pharmaceuticals, Inc.
%
Commercial prescription products85% Approved VOQUEZNA-branded therapies sold in the U.S. for GERD and H. pylori-related indications.
Patient access and support services5% Third-party pharmacy support and access programs that help patients obtain and stay on therapy.
Clinical development10% Research, clinical, and regulatory work to expand vonoprazan into additional indications and formulations.

Phathom sells primarily into the U.S. prescription drug channel, with product flowing through wholesale distributors...

  • Wholesale distributorsprimary

    Buy finished product in the U.S. channel and distribute it to pharmacies and other outlets; they are the main revenue conduit.

  • Select pharmaciesprimary

    Purchase VOQUEZNA products for dispensing to retail, institutional, clinic, and cash-pay patients.

  • Gastroenterologistsprimary

    High-prescribing specialists targeted for VOQUEZNA adoption in GERD and H. pylori treatment.

  • Primary care physicianssecondary

    Selected PCPs who treat acid-related disorders and can expand prescribing beyond specialists.

  • Payers and pharmacy benefit managersprimary

    Influence formulary placement, prior authorization, and patient out-of-pocket cost exposure.

Phathom is centered in the United States, where it commercializes VOQUEZNA and conducts most of its operating activity...

  • •United States is the core commercial market for VOQUEZNA
  • •U.S. sales run through national wholesale and pharmacy channels
  • •Commercial coverage depends on U.S. payer and formulary access
  • •Takeda milestones/royalties reference U.S., Europe, and Canada
  • •Headquarters are in Florham Park, New Jersey

Phathom’s strategy is to expand adoption of VOQUEZNA by targeting high-prescribing gastroenterologists, selected...

01
Increase U.S. prescription adoptionshort-term

Revenue depends on converting specialist awareness into sustained VOQUEZNA prescribing.

02
Improve payer access and formulary coverageshort-term

Coverage and prior authorization determine whether patients can start therapy and remain on treatment.

03
Expand vonoprazan lifecycle opportunitiesmedium-term

Additional indications and formulations can extend the product franchise beyond the initial launch set.

Phathom is highly dependent on the commercial success of a small number of VOQUEZNA products, so demand, payer access,...

critical

Dependence on VOQUEZNA commercial success

The company currently depends entirely on a small set of approved products, especially VOQUEZNA for GERD.

Scope
U.S. prescription demand and prescriber adoption
Materiality
high
high

Customer concentration

A small number of wholesale and retail customers account for a large share of product sales.

Scope
Three customers represented about 69% of product sales in 2025
Materiality
high
high

Payer and reimbursement friction

Utilization management, step edits, and prior authorization can slow or block therapy initiation.

Scope
National and regional health plans
Materiality
high
high

Product liability claims

Pharmaceutical products can generate litigation tied to safety, labeling, or use in patients.

Scope
Commercial products and clinical candidates
Materiality
medium
medium

Third-party supply and service dependence

Manufacturing, distribution, and patient access rely on external vendors and support providers.

Scope
CMOs, wholesalers, pharmacies, pharmacy support services
Materiality
medium
Revenue deductions and reserves
Can materially change recognized revenue versus gross shipments
Takeda royalties and milestones
Affects cost of revenue and long-term cash obligations
Inventory and excess/obsolete reserves
Can increase cost of revenue and reduce reported gross margin
Clinical development expense recognition
Creates volatility tied to development activity

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: 29.4.2026