Phathom Pharma's Vonoprazan Commercial Preparation Update At Needham Healthcare Conference

At the Needham Healthcare Conference, Phathom Pharmaceuticals Inc PHAT says that licensor Takeda Pharmaceutical Co Ltd TAK reported Takecab (vonoprazan) Q4 FY21 sales of $221 million and $900 million in FY21.
Phathom estimates that around 30% is from erosive esophagitis (EE), approximately 60% is from gastroesophageal reflux disease (GERD)/other, and less than 10% is from H. pylori.
PHAT is positioning vonoprazan as an acid blocker, the analysts write.
Related: Phathom's Vonoprazan Non-Inferior To Proton Pump Inhibitor For Esophagitis Inflammation.
The Company submitted an FDA marketing application in March. Needham anticipates the acceptance decision in mid-May 2022. PHAT guiding expects a broad label across all EE Grades.
"Our peaks sales estimate in H. pylori is ~$115 million," writes Needham.
PHAT plans to launch in H. pylori with 65 sales reps and expand to 330 representatives, targeting 46K physicians for EE. Payor discussions are ongoing.
Dexilant is a good pricing comp ($10.28), but PHAT believes it can command a premium based on superiority and different MoA.
PHAT reported positive Phase 2 results in February. Phase 3 trial ongoing with enrollment to complete in 2H 2022 and results in 2023 (unch).
PHAT will meet with FDA following Phase 3 trial results to finalize the details/design Phase 3 on-demand dosing trial, which is likely to start in 2024.
Price Action: PHAT shares are up 1.85% at $14.61 during the market session on the last check Wednesday.

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