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, indicating strong initial demand and revenue generation.

• Commercial coverage stands at 63% for H. pylori and 49% for GERD, with expectations for further increases as more payers are added in the next 6–9 months.

• Government reimbursement is not a core focus due to process lags; commercial patients remain the primary target.

• The gap between written and filled prescriptions is narrowing, with fill rates rising from 17% in Q4 to 42% by mid-April.

• Gross-to-net discounts are tracking as expected, with initial rates around 75% and a steady-state target of 50–65%, consistent with industry benchmarks.

Patient and physician experience

• BlinkRx, a digital pharmacy, streamlines fulfillment and patient support, especially for commercial patients, improving fill rates and reducing administrative burden.

• Most prescriptions are for patients who have tried PPIs and still experience symptoms, aligning with the product’s intended positioning.

• Physicians report rapid and significant symptom relief, with positive feedback and repeat prescribing patterns emerging.

• The commercial strategy targets 52,000 high-volume prescribers, focusing initially on gastroenterologists and expanding to primary care over time.

• Increased utilization of BlinkRx is observed as both physicians and patients become more familiar with the process.

Growth drivers and market expansion

• A major inflection point is anticipated with the upcoming non-erosive GERD (NERD) approval, potentially doubling or tripling the addressable market from 7 million to 22 million patients.

• Direct-to-consumer (DTC) marketing spend is increasing to drive awareness, especially with the broader NERD opportunity.

• The current sales force of 320 reps is considered sufficient for both erosive and non-erosive indications, leveraging overlap in prescriber base.

• Lifecycle management includes planned studies for on-demand use and eosinophilic esophagitis (EOE), with phase II and III trials set to begin by year-end.

• Additional lifecycle initiatives include development of an orally disintegrating tablet (ODT) and ongoing evaluation of business development opportunities.