Phathom Pharmaceuticals' novel gastrointestinal treatment VOQUEZNA (vonoprazan) has demonstrated remarkable commercial success in its first full year on the market, achieving $55.3 million in net revenue for 2024, with fourth-quarter sales of $29.7 million representing an 81% increase from the previous quarter.
The potassium-competitive acid blocker (PCAB) has shown strong market adoption, with over 300,000 prescriptions filled since launch, marking a 110% increase from the previous earnings report. The fourth quarter alone saw more than 118,000 filled prescriptions, a 70% sequential growth from Q3 2024's approximately 69,000 prescriptions.
"VOQUEZNA's first full year on the market has been exceptional, with impressive commercial execution, increasing brand recognition, and growing demand," said Terrie Curran, President and CEO of Phathom. "Our momentum continues to accelerate, driven by broad, high-quality commercial access, consistent refills, and a growing base of new prescribers across both gastroenterology and primary care."
Expanding Market Presence and Healthcare Provider Adoption
The medication's prescriber base has grown substantially, with more than 20,000 healthcare providers having written filled prescriptions as of February 14, 2025, representing a 47% increase from 13,600 writers in the previous quarter. This growth reflects significant uptake among primary care providers treating Non-Erosive GERD patients.
Commercial access remains strong, with over 120 million covered lives having access to VOQUEZNA tablets, representing more than 80% of U.S. commercial lives. Many of these coverage plans require only one step through a prior proton pump inhibitor (PPI).
Strategic Marketing and Patient Engagement
Phathom launched its first broadcast ad and full-scale direct-to-consumer campaign, "VOQUEZNA Can Kick Some Acid," in March 2024. The campaign, running across multiple platforms including streaming services, traditional broadcast, and digital channels, has successfully reached millions of GERD sufferers and driven increased prescription requests.
Clinical Development Pipeline
The company is preparing to initiate a Phase 2 study evaluating VOQUEZNA as a potential treatment for eosinophilic esophagitis (EoE) in adults and adolescents. The pHalcon-EoE-201 study is expected to begin enrollment in Q2 2025, positioning VOQUEZNA as a potential first-line, pre-biologic treatment option for EoE patients.
Financial Position and Future Outlook
With $297.3 million in cash and cash equivalents as of December 31, 2024, and an additional $100 million available under its term loan with Hercules, Phathom believes it has sufficient resources to fund operations until achieving cash flow positivity.
Research and development expenses decreased to $34.1 million for the full year 2024, down from $49.9 million in 2023, reflecting the completion of various clinical trials. However, selling, general, and administrative expenses increased to $290.7 million, up from $117.9 million in 2023, due to ongoing commercial infrastructure development and marketing activities.
The company continues to strengthen its intellectual property position, with patent protection expected to extend into at least mid-2030. Additionally, Phathom is developing an orally disintegrating tablet formulation that could potentially extend IP protection and expand use across diverse patient populations.
