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Sep 30, 2024
Phathom Q3 2024 Earnings Report
Reported net revenues of $16.4 million and growth in prescriptions and prescriber base for VOQUEZNA.
Key Takeaways
Phathom Pharmaceuticals reported strong third quarter results, driven by the commercial launch of VOQUEZNA. Net revenues reached $16.4 million, and there was significant growth in prescriptions and the prescriber base. The company's cash and cash equivalents totaled $334.7 million as of September 30, 2024.
Net revenues for Q3 2024 were $16.4 million, compared to $7.3 million in Q2 2024, representing over 120% sequential quarterly increase.
Over 69,000 prescriptions for VOQUEZNA products were filled in Q3 2024, nearly double the 35,000 filled prescriptions in Q2 2024.
The number of VOQUEZNA prescribers grew to more than 13,600 cumulative prescribers as of October 18, 2024, up from 8,200 writers since the last quarterly report, an increase of over 65%.
Commercial access for VOQUEZNA tablets has expanded to cover over 80% of U.S. commercial lives, representing over an estimated 120 million covered lives.
Forward Guidance
Phathom anticipates sufficient cash resources to fund operations and achieve cash flow positivity.
Positive Outlook
- VOQUEZNA has the potential to displace standard of care PPIs.
- VOQUEZNA can address unmet needs in GERD treatment.
- There is potential for future growth in demand.
- There is potential to secure additional commercial coverage for products.
- The company anticipates sufficient cash resources to fund operations and achieve cash flow positivity.
Challenges Ahead
- The company may not be able to successfully commercialize VOQUEZNA, VOQUEZNA TRIPLE PAK and VOQUEZNA DUAL PAK.
- Capital resources may be used sooner than expected.
- The operating plan may overestimate expected product revenues.
- Unexpected adverse side effects or inadequate efficacy of vonoprazan may limit its development, regulatory approval and/or commercialization, or may result in recalls or product liability claims.
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