Phathom Pharmaceuticals Inc

Phathom Pharmaceuticals updated its full-year 2026 revenue guidance to $310 million to $325 million and announced plans to initiate a Phase 3 trial for as-needed use of VOQUEZNA in non-erosive GERD during the fourth quarter. The company reported second-quarter net revenues of $74.3 million, a 27% sequential increase, and achieved positive operating profit excluding stock-based compensation for the first time, ahead of its prior guidance. Management cited physician friction in obtaining VOQUEZNA for GERD patients as a factor in the refined revenue outlook, while noting that nearly 1.7 million prescriptions have been filled since launch. The Phase 3 as-needed trial is expected to support a potential label update by 2029 and expand the market opportunity into primary care. Phathom also expects top-line data from its EoE Phase 2 study in the fourth quarter and reiterated its gross-to-net discount range of 55% to 59% and gross margin of approximately 80%.

Phathom Pharmaceuticals has completed enrollment in its Phase 2 pHalcon-EoE-201 clinical trial evaluating VOQUEZNA tablets for eosinophilic esophagitis in adults. The randomized, double-blind, placebo-controlled study enrolled 95 adults with endoscopically confirmed EoE and dysphagia, who were evenly randomized to receive VOQUEZNA 20 mg or placebo once daily for 12 weeks in Part 1. Patients completing Part 1 are eligible to enter a 12-week extension phase where all participants receive VOQUEZNA 20 mg once daily. Topline results are anticipated in the fourth quarter of 2026, and if positive, Phathom expects to discuss future development plans with the FDA, including pediatric evaluation.