Phathom Pharmaceuticals (PHAT) Jefferies Global Healthcare Conference 2026 summary

Business overview and recent progress

• Launched the first PCAB for gastroesophageal reflux, VOQUEZNA, with rapid growth and strong adoption in the gastroenterology community.

• Achieved $175 million in revenue last year, with 2026 guidance of $320–$345 million.

• Strategic pivot to focus sales efforts on gastroenterologists, targeting early adopters and high-need patients.

• Path to profitability expected in the second half of this year, with positive cash flow projected for next year.

• Long-term vision includes $1 billion revenue opportunities in both GI and primary care segments.

Sales force strategy and market penetration

• Refined sales strategy to prioritize gastroenterology practices, with 70% of sales calls now targeting this segment.

• Gastroenterologists convert faster and write more scripts per physician than primary care, driving higher adoption.

• Top 300 writers switch nearly half of therapy-change patients to VOQUEZNA; top 3,000 writers switch one in three.

• Growth seen in both number of prescribers and frequency of prescriptions in GI practices.

• Expansion into primary care will be gradual, with focus on GI through at least 2027.

Market opportunity and competitive landscape

• U.S. GERD market includes 60–65 million patients, with 22 million on prescription PPIs and 7 million with erosive esophagitis.

• Targeting patients who fail PPI therapy, representing about 40% of the PPI market.

• Treated 250,000–300,000 patients to date, with significant room for growth.

• New competitor PCAB launching in 2027, but VOQUEZNA maintains superior healing rates (93% vs. 85% at 8 weeks).

• Anticipates category awareness and adoption will increase with new entrants, benefiting VOQUEZNA as the established leader.