Phathom Pharmaceuticals
Phathom Pharmaceuticals is a US biopharmaceutical company that commercializes VOQUEZNA (vonoprazan), the first FDA-approved PCAB for GERD and H. pylori eradication, selling through a 290+ rep specialty sales force targeting gastroenterologists and expanding into primary care.
- Company typePublic
- Founded2018
- HeadquartersFlorham Park, United States
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What Phathom Pharmaceuticals does
Phathom Pharmaceuticals is a US-based, publicly traded (NASDAQ: PHAT) specialty biopharmaceutical company founded in 2018 and headquartered in Florham Park, New Jersey, with R&D operations in Buffalo Grove, Illinois. The company is built around a single asset: vonoprazan, a small-molecule Potassium-Competitive Acid Blocker (PCAB) licensed from Takeda, marketed in the United States as VOQUEZNA. VOQUEZNA is the first FDA-approved PCAB for GERD, offering rapid and sustained acid suppression for erosive esophagitis and non-erosive reflux disease (NERD) without requiring the acid activation step characteristic of proton pump inhibitors (PPIs). The company also markets VOQUEZNA Triple Pak and VOQUEZNA Dual Pak as combination therapies for Helicobacter pylori eradication, addressing rising antibiotic resistance in a condition affecting roughly 35% of the US population.
The core technology, vonoprazan, reversibly inhibits the hydrogen-potassium ATPase enzyme in gastric parietal cells, providing rapid onset, dose-dependent, and sustained 24-hour acid suppression. Phathom is currently running the Phase 2 pHalcon-EoE-201 trial, the first large placebo-controlled study of an acid suppression therapy for eosinophilic esophagitis, signaling pipeline diversification beyond the approved indications. Regulatory exclusivity extends through May 2032 with potential extensions to 2033-2034.
The business model is a classic single-asset specialty pharma model: product revenue is generated from wholesale distribution through authorized distributors of record (ADRs) and commercialized via a field sales force of 290+ representatives targeting gastroenterologists, Advanced Practice Practitioners (APPs), and select primary care physicians. Pricing follows standard unit (WAC) pricing under US statuary disclosure regimes. Revenue scaled from $55.3M in FY2024 to $175.1M in FY2025 (217% growth) with 85% gross margins, and management has guided to $320-$345M for FY2026. The customer base is fragmented across thousands of prescribers with no large anchor accounts, but the company's revenue is concentrated in a single molecule and product family. Phathom supplements its dilutive and non-dilutive financing (over $540M raised in equity, plus a $175M Hercules term loan and $300M revenue interest facility) to fund the path to operating profitability targeted for Q3 2026 and positive cash flow in 2027.
Phathom Pharmaceuticals firmographics
Firmographics- Name
- Phathom Pharmaceuticals
- Legal name
- Phathom Pharmaceuticals, LLC
- Website
- https://phathompharma.com
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Phathom Pharmaceuticals is a US biopharmaceutical company that commercializes VOQUEZNA (vonoprazan), the first FDA-approved PCAB for GERD and H. pylori eradication, selling through a 290+ rep specialty sales force targeting gastroenterologists and expanding into primary care.
- Ownership category
- akta.pro rank
Phathom Pharmaceuticals industry classification
Industry- Product category
- Gastroenterology Pharmaceuticals
- NAICS
- Pharmaceutical Preparation Manufacturing (325412)
- SIC
- Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Primary Care & General Medicine Pharmaceuticals (HLAIAAAA)
Keywords
Where Phathom Pharmaceuticals is headquartered
LocationHeadquarters
- HQ city
- Florham Park
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
Phathom Pharmaceuticals business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Marketing or Sales, Operations, Technology or R&D, Supply Chain
Revenue model
- VOQUEZNA (vonoprazan) Prescription Drug Sales: Phathom generates revenue from the sale of its FDA-approved drug VOQUEZNA for treatment of GERD (erosive esophagitis and non-erosive reflux disease) and related conditions. The company also sells VOQUEZNA Triple Pak and VOQUEZNA Dual Pak for H. pylori eradication. Revenue has grown significantly: Q1 2026 net revenues of $58.3 million (104% year-over-year growth), with full-year 2025 revenue of $175.1 million (217% year-over-year growth).
- Stock Offerings and Equity Financing: The company has raised capital through multiple public stock offerings: August 2024 ($130 million), January 2026 ($130 million), and June 2023 ($150.3 million). These are dilutive financing events to fund commercialization and clinical development.
- Revenue Interest Financing: Non-dilutive capital secured from investors under revenue interest financing agreements, tied to FDA approvals and sales milestones. Total available funding increased to $300 million including an additional $40 million secured in 2022.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | VOQUEZNA (vonoprazan) for GERD treatment |
| Unit Pricing | Pay-as-you-go | VOQUEZNA Triple Pak and Dual Pak for H. pylori |
| Unit Pricing | Pay-as-you-go | VOQUEZNA brand products |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels9 records
Phathom Pharmaceuticals product offering
Product offeringCore offering
Phathom Pharmaceuticals develops and commercializes FDA-approved prescription drugs based on vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB). Its commercial portfolio consists of VOQUEZNA tablets for erosive esophagitis and non-erosive GERD, plus VOQUEZNA Triple Pak and VOQUEZNA Dual Pak combination therapies for H. pylori eradication. The products are sold in the United States under exclusive license from Takeda.
Product overview
Phathom Pharmaceuticals offers a focused portfolio of three FDA-approved products centered on its novel potassium competitive acid blocker (PCAB), vonoprazan, marketed as VOQUEZNA. The portfolio includes VOQUEZNA (vonoprazan) for the treatment of erosive and non-erosive GERD, along with two combination therapy packs (VOQUEZNA Triple Pak and VOQUEZNA Dual Pak) designed for H. pylori eradication treatment. All three products utilize the same active ingredient (vonoprazan) but are formulated and packaged differently to address distinct gastrointestinal conditions.
Differentiator
Problem solved
Functional benefit
Brands
- VOQUEZNA: FDA-approved potassium-competitive acid blocker (PCAB) for treatment of GERD and H. pylori infection
- VOQUEZNA Triple Pak
- VOQUEZNA Dual Pak
Products and services
- VOQUEZNA (vonoprazan) FDA-approved potassium-competitive acid blocker (PCAB) tablet for the treatment of erosive GERD (erosive esophagitis) and non-erosive GERD (NERD) in adults, providing rapid and sustained 24-hour acid suppression. Marketed in the United States and prescribed primarily by gastroenterologists and APPs.
- VOQUEZNA Triple Pak Combination therapy pack containing vonoprazan tablets, amoxicillin capsules, and clarithromycin tablets for the treatment of H. pylori infection in adults. FDA-approved co-packaged regimen.
- VOQUEZNA Dual Pak Combination therapy pack containing vonoprazan tablets and amoxicillin capsules for the treatment of H. pylori infection in adults. FDA-approved co-packaged regimen offering a dual-therapy alternative.
Quantifiable outcome
- 150% year-over-year revenue growth to $205 million trailing twelve months
- +5 more outcomes
Companies that use Phathom Pharmaceuticals
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
Phathom Pharmaceuticals technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Phathom Pharmaceuticals partnerships and signals
Strategic signalScale indicators16 records
Recent moves7 records
Expansion highlights5 records
Phathom Pharmaceuticals competitors and assessment
Company assessmentBroad incumbents
- AbbVie: Major pharma with established GI franchise (Creon, LINZESS via the Allergan acquisition) and deep commercial infrastructure in the gastroenterology specialist channel that Phathom targets.
- Salix Pharmaceuticals (Bausch Health): Specialty GI business (Xifaxan, Relistor) built on a similar model of dedicated GI field sales and specialist-focused commercialization, ultimately sold to Bausch Health for ~$11B; provides a precedent for the value a specialty GI franchise can capture.
- Takeda Pharmaceutical: Original licensor of vonoprazan to Phathom and major global GI player (ENTYVIO for IBD, Dexilant). Provides a useful reference for the long-term global value of a leading acid-suppression franchise.
- AstraZeneca: Created and previously commercialized Nexium (esomeprazole), the leading PPI that VOQUEZNA is designed to disrupt. Useful benchmark for the trajectory of an acid-suppression blockbuster through genericization.
- Pfizer: Previously commercialized Protonix (pantoprazole), another leading PPI. Provides a comparison point for the commercial scale and eventual commoditization of a PPI franchise.
Emerging players
- RedHill Biopharma: Smaller specialty GI company commercializing Talicia (H. pylori eradication) and Aemcolo, directly competing in the H. pylori treatment space where Phathom sells VOQUEZNA Triple Pak and Dual Pak.
- Evoke Pharma: Single-asset specialty GI company commercializing GIMOTI (metoclopramide nasal spray) for diabetic gastroparesis. Comparable small commercial-stage GI company with concentrated field sales and prescriber focus.
Others
- Dr. Reddy's Laboratories: Large generic manufacturer that markets generic omeprazole and other PPIs in the US, including authorized generics of leading acid suppressors; relevant as the structural backdrop of cheap PPI competition that Phathom must overcome.
Direct peers
- Ardelyx: Specialty GI biopharma commercializing IBSRELA (tenapanor) for IBS-C and XPHOZAH for hyperphosphatemia. Comparable small-cap commercial-stage GI company targeting similar specialist prescriber bases.
- Ironwood Pharmaceuticals: Specialty GI biopharma commercializing LINZESS (linaclotide) for IBS-C/CIC. Closest US-listed peer in terms of single-franchise specialty GI model, prescriber targeting, and revenue scale trajectory.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Phathom Pharmaceuticals social profiles
Digital presencePhathom Pharmaceuticals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Phathom Pharmaceuticals leadership team
Management profileNumber of profiles
Profiles18 records
Phathom Pharmaceuticals funding detail
Funding detailFunding overview
Funding rounds7 records
Investors16 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Phathom Pharmaceuticals M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Phathom Pharmaceuticals
What does Phathom Pharmaceuticals do?
Phathom Pharmaceuticals develops and commercializes FDA-approved prescription drugs based on vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB). Its commercial portfolio consists of VOQUEZNA tablets for erosive esophagitis and non-erosive GERD, plus VOQUEZNA Triple Pak and VOQUEZNA Dual Pak combination therapies for H. pylori eradication. The products are sold in the United States under exclusive license from Takeda.
Is Phathom Pharmaceuticals a public or private company?
Phathom Pharmaceuticals is a public company. It is classified as public and is currently operating.
When was Phathom Pharmaceuticals founded?
Phathom Pharmaceuticals was founded in 2018. It employs 251 to 500 people.
Where is Phathom Pharmaceuticals based?
Phathom Pharmaceuticals is headquartered in Florham Park, United States, in the North America region.
How does Phathom Pharmaceuticals make money?
Three revenue lines are on record. VOQUEZNA (vonoprazan) Prescription Drug Sales are the primary driver. The others are stock Offerings and Equity Financing and revenue Interest Financing.
Who are Phathom Pharmaceuticals's main competitors?
Broad incumbents on record are AbbVie, Salix Pharmaceuticals (Bausch Health), Takeda Pharmaceutical, AstraZeneca and Pfizer. Emerging players are RedHill Biopharma and Evoke Pharma. Dr. Reddy's Laboratories is listed as an others. Direct peers are Ardelyx and Ironwood Pharmaceuticals.
Does Phathom Pharmaceuticals have an API?
No public API is recorded for Phathom Pharmaceuticals.
What industry is Phathom Pharmaceuticals in?
Phathom Pharmaceuticals's product category is Gastroenterology Pharmaceuticals. Its primary akta.pro industry code is HLAIAAAA, Primary Care & General Medicine Pharmaceuticals. Its NAICS code is 325412 and its SIC code is 2834.