Phathom Pharmaceuticals, Inc.

phathompharma.com

What Do They Do?

Sells prescription medicines for acid reflux and Helicobacter pylori infection to U.S. wholesale distributors and select pharmacies.

How Do They Make Money?

Phathom sells its medicines mainly to U.S. wholesale distributors, with each sale made when products are delivered; distributors can receive invoice discounts for prompt payment.

FY2025 revenue

Who Are Their Customers?

Phathom sells primarily to pharmaceutical wholesale distributors and select pharmacies, which resell products to retail pharmacies, institutions, clinics and patients.

Do Revenues Turn Into Profits?

No. It lost $221.2M in FY2025.

Operating income, FY2025

−91% of revenue

▼ −42% (Loss) vs FY2024 (−$277.5M, −502%)

Net income, FY2025

−126% of revenue

▼ −34% (Loss) vs FY2024 (−$334.3M, −605%)

Free cash flow, FY2025

−95% of revenue

▼ −37% (Loss) vs FY2024 (−$266.9M, −483%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +88%; vs $39.5M in Q2 FY2025
Net income: ▼ −77% (Loss); vs −$75.8M in Q2 FY2025

Jul 30, 2026 Lowers its full-year revenue guidance The net revenue range was reduced from $320–345 million to $310–325 million.

From development to sales The older report described vonoprazan as a development program, with its infection-treatment packs approved and VOQUEZNA still a candidate; the latest describes U.S. sales of VOQUEZNA products for reflux and Helicobacter pylori infection.

Who Do They Compete With?

Competes with Sebela Pharmaceuticals, Daewoong Pharmaceutical, Cinclus Pharma Holding AB, and RedHill Biopharma

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