Phathom Pharmaceuticals Reports Strong Third Quarter 2024 Financial Results and Business Updates

Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT) recently released its financial results for the third quarter of 2024, showcasing notable growth and positive developments in its commercial endeavors. The company, dedicated to advancing innovative treatments for gastrointestinal diseases, demonstrated significant progress in its operations.

Phathom reported a remarkable increase in net revenues for the third quarter of 2024, amounting to $16.4 million compared to $7.3 million in the previous quarter. This marked an impressive 120% sequential quarterly growth. The company also noted over 143,000 prescriptions filled for its leading gastroesophageal reflux disease (GERD) treatment, VOQUEZNA, indicating a 138% rise since the last quarterly report.

Moreover, the company expanded the commercial access for VOQUEZNA tablets, now encompassing over 80% of U.S. commercial lives. Phathom’s President and CEO, Terrie Curran, expressed enthusiasm about the continued success of VOQUEZNA, highlighting the strong demand from both physicians and patients. Curran emphasized the growing payer coverage, which now extends to an estimated 120 million U.S. commercially covered lives.

Phathom’s recent financial results reflected the following:

– Revenue: Net revenues of $16.4 million were driven primarily by sales of VOQUEZNA and related products.
– Research and development (R&D) expenses: R&D expenses decreased to $8.7 million in the third quarter of 2024.
– Selling, general and administrative (SG&A) expenses: SG&A expenses surged to $76.1 million, reflecting increased commercial activity and infrastructure buildout.
– Net loss: The net loss for the third quarter of 2024 was $85.6 million, compared to $43.2 million in the same period last year.

Phathom also provided insights into its future initiatives, including new data presentations and planned studies for VOQUEZNA. The company aims to deepen its understanding of consumer usage patterns and prescribing behaviors to enhance treatment efficacy.

Despite challenges and risks inherent in the pharmaceutical industry, Phathom Pharmaceuticals remains optimistic about its strategic positioning and growth prospects. The company’s recent achievements underscore its commitment to revolutionizing GI disease management and embracing innovation in its product development and commercialization efforts.

Phathom hosted a conference call on November 7, 2024, to discuss these financial results and business updates. For further details and a comprehensive review of the company’s operations and plans, interested parties can refer to the official filing and related materials available on Phathom Pharmaceuticals’ website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Phathom Pharmaceuticals’s 8K filing here.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals, Inc, biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases. The company has the rights in the United States, Europe, and Canada for an investigational potassium-competitive acid blocker (P-CAB) that blocks acid secretion in the stomach.