GICS Sector : Healthcare
Phathom Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases.The company has the rights in the United States, Europe, and Canada to vonoprazan, a potassium-competitive acid blocker (P-CAB) that blocks acid secretion in the stomach.It is also developing vonoprazan, which is in Phase III clinical trials for the treatment of erosive gastroesophageal reflux disease; and in combination with antibiotics for the treatment of Helicobacter pylori infection.
Phathom Pharmaceuticals reported its fourth quarter and full year 2025 earnings results, showcasing a significant increase in revenue. The company's net revenues were $175.1 million for the full year 2025, representing 217% year-over-year growth, and Q4 revenue was $57.6 million. The company achieved a net cash usage of approximately $5 million in Q4, with cash operating expenses of $50.3 million for the quarter and $284 million for the full year. The actual EPS was -$0.08, beating estimates of -$0.09.
Publication Date: Mar -09
The company's financial performance was strong, driven by the growing adoption of its product, VOQUEZNA. The revenue growth is expected to continue, with analysts estimating a 59.0% increase in revenues for the next year. The company's guidance for 2026 is $320 million to $345 million in revenue, with cash operating expenses expected to be $235 million to $255 million.
Phathom Pharmaceuticals is seeing consistent signs of momentum in its growth strategy, with a focus on converting new writers and growing existing writers of VOQUEZNA. The company has a strong sales force, with over 285 sales representatives currently filled out of 300 positions. More than 1.1 million VOQUEZNA prescriptions have been filled to date, with a broad penetration within the GI community.
The company is driving towards consistent growth month-over-month and quarter-over-quarter, with a near-term focus on GI conversion. Phathom expects to achieve operational profitability by Q3 2026 and cash flow positivity in 2027. The company's long-term growth plan is to build a GI company, bring in additional assets, and leverage the existing GI network, potentially through partnerships or bringing in commercial or Phase II/III clinical stage products.
The company's valuation metrics indicate a high growth expectation. The P/S Ratio is 4.8, and the EV/EBITDA is -14.53. The ROE is negative due to the company's net loss, but the return on assets is not available. The company's high P/S ratio and negative ROE suggest that the market is pricing in high growth expectations.
Phathom Pharmaceuticals is tracking competitive developments in the P-CAB space, including Sebela's tegoprazan, which is expected to be approved by early 2027. The company believes that a second entrant in the P-CAB space will grow category awareness, benefiting both parties, and that VOQUEZNA's lead position will still garner the most prescriptions.
Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) Receives Consensus Rating of “Moderate Buy” from Analysts
Apr -14
Phathom Pharmaceuticals to Participate in Upcoming Investor Conferences
Apr -06
Phathom Pharmaceuticals Upgraded by Barclays to Overweight With $18 Target
Mar -27
Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) Receives $22.25 Consensus PT from Brokerages
Mar -23
Phathom Pharmaceuticals, Inc. (PHAT) Presents at Barclays 28th Annual Global Healthcare Conference Transcript
Mar -11
Phathom Pharmaceuticals, Inc. (PHAT) Q4 2025 Earnings Call Transcript
Feb -26
Phathom Pharmaceuticals, Inc. (PHAT) Reports Q4 Loss, Beats Revenue Estimates
Feb -26
Phathom Pharmaceuticals Reports Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Financial Guidance
Feb -26
Vonoprazan's 8.5% growth is driven by increasing adoption in gastroesophageal reflux disease (GERD) treatment, expanding label indications, and growing demand for proton pump inhibitor (PPI) alternatives. Additionally, Phathom's strategic partnerships, strong marketing efforts, and favorable reimbursement landscape contribute to the drug's rapid growth.
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Phathom Pharmaceuticals, Inc. has a moderate threat of substitutes due to the presence of alternative treatments and therapies for gastrointestinal diseases.
Phathom Pharmaceuticals, Inc. has a low bargaining power of customers due to the lack of negotiating power among individual patients and the complexity of the pharmaceutical supply chain.
Phathom Pharmaceuticals, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers for raw materials and the company's dependence on these suppliers.
Phathom Pharmaceuticals, Inc. has a high threat of new entrants due to the growing demand for gastrointestinal treatments and the increasing number of biotech startups entering the market.
Phathom Pharmaceuticals, Inc. operates in a highly competitive market with several established players, leading to a high intensity of rivalry among competitors.
| Value | |
|---|---|
| Debt Weight | 209.79% |
| Debt Cost | 7.27% |
| Equity Weight | -109.79% |
| Equity Cost | 7.27% |
| WACC | 7.27% |
| Leverage | -191.08% |
Value: 8.2
Growth: 4.6
Quality: 5.8
Yield: 0.0
Momentum: 10.0
Volatility: 1.0
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Value: 7.7
Growth: 5.3
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Value: 8.2
Growth: 3.2
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Yield: 0.0
Momentum: 10.0
Volatility: 2.0
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Value: 6.0
Growth: 3.8
Quality: 4.7
Yield: 0.0
Momentum: 9.5
Volatility: 1.7
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Value: 6.8
Growth: 2.2
Quality: 4.5
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Value: 7.8
Growth: 5.3
Quality: 3.8
Yield: 0.0
Momentum: 5.0
Volatility: 0.3
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