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Phathom Pharmaceuticals, Inc., a biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases in the United States. It develops VOQUEZNA, which has completed Phase III clinical trials for the treatment of erosive gastroesophageal reflux disease (GERD) and related heartburn in adults; and VOQUEZNA Triple Pak and VOQUEZNA Dual Pak that have completed Phase III clinical trials for treating Helicobacter pylori, as well as VOQUEZNA and vonoprazan for the treatment of heartburn associated with non-erosive GERD and eosinophilic esophagitis in adults and adolescents. The company was incorporated in 2018 and is headquartered in Florham Park, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $175M | $-152M | $-221M | $-167M | 50.5% | 216.9% | - |
| 2024 | $55M | $-262M | $-334M | $-267M | 131.8% | 8001.5% | - |
| 2023 | $1M | $-159M | $-202M | $-139M | 277.1% | - | - |
| 2022 | $0M | $-170M | $-198M | $-148M | 264.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0.68 | 55.25 | 175.11 |
| Cost Of Revenue | 0 | 0.17 | 7.97 | 22.60 |
| Gross Profit | 0 | 0.52 | 47.28 | 152.51 |
| Operating Expense | 172.44 | 167.83 | 324.75 | 312.50 |
| Operating Income | -172.44 | -167.31 | -277.47 | -159.99 |
| EBITDA | -169.80 | -159.05 | -261.52 | -152.50 |
| EBIT | -170.42 | -159.62 | -262.32 | -153.13 |
| Pretax Income | -197.72 | -201.59 | -334.33 | -221.25 |
| Net Income | -197.72 | -201.59 | -334.33 | -221.25 |
| Net Income Common Stockholders | -197.72 | -201.59 | -334.33 | -221.25 |
| Total Expenses | 172.44 | 167.99 | 332.72 | 335.10 |
| Interest Expense | 27.30 | 41.97 | 72.01 | 68.11 |
| Interest Income | 2.13 | 7.88 | 15.16 | 7.04 |
| Research And Development | 71.44 | 49.90 | 34.08 | 32.78 |
| Selling General And Administration | 101 | 117.93 | 290.66 | 279.72 |
| Normalized EBITDA | -169.80 | -159.05 | -261.52 | -152.50 |
| Normalized Income | -197.72 | -201.59 | -334.33 | -221.25 |
| Basic EPS | -5.05 | -3.93 | -5.29 | 0 |
| Diluted EPS | -5.05 | -3.93 | -5.29 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -197.72 | -201.59 | -334.33 | -221.25 |
| Reconciled Depreciation | 0.62 | 0.57 | 0.80 | 0.63 |
| Reconciled Cost Of Revenue | 0 | 0.17 | 7.97 | 22.60 |
| Net Interest Income | -25.17 | -34.09 | -56.85 | -61.07 |
| Net Income From Continuing And Discontinued Operation | -197.72 | -201.59 | -334.33 | -221.25 |
| Total Operating Income As Reported | -172.44 | -167.31 | -277.47 | -159.99 |
| Diluted Average Shares | 39.12 | 51.29 | 63.18 | 0 |
| Basic Average Shares | 39.12 | 51.29 | 63.18 | 0 |
| Diluted NI Availto Com Stockholders | -197.72 | -201.59 | -334.33 | -221.25 |
| Net Income Including Noncontrolling Interests | -197.72 | -201.59 | -334.33 | -221.25 |
| Net Income Continuous Operations | -197.72 | -201.59 | -334.33 | -221.25 |
| Other Income Expense | -0.11 | -0.19 | -0.01 | -0.19 |
| Other Non Operating Income Expenses | -0.11 | -0.19 | -0.01 | -0.19 |
| Net Non Operating Interest Income Expense | -25.17 | -34.09 | -56.85 | -61.07 |
| Interest Expense Non Operating | 27.30 | 41.97 | 72.01 | 68.11 |
| Interest Income Non Operating | 2.13 | 7.88 | 15.16 | 7.04 |
| General And Administrative Expense | 101 | 0 | 0 | 0 |
| Other Gand A | 101 | 0 | 0 | 0 |
| Operating Revenue | 0 | 0.68 | 55.25 | 175.11 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Phathom Pharmaceuticals, Inc.this co. | PHAT | $936M | - | -1.92 | 50.5% | -8.71 |
| Amphastar Pharmaceuticals, Inc. | AMPH | $1.0B | 9.72 | 1.21 | 12.4% | 6.78 |
| Geron Corporation | GERN | $968M | - | 4.28 | -37.0% | -14.32 |
| Annexon, Inc. | ANNX | $957M | - | 4.16 | -97.7% | -3.42 |
| Lumexa Imaging Holdings, Inc. | LMRI | $901M |
| - |
| 1.54 |
| -8.0% |
| 19.62 |
| Sana Biotechnology, Inc. | SANA | $877M | - | 5.39 | -151.8% | -4.57 |
| LB Pharmaceuticals Inc | LBRX | $877M | - | 2.57 | -8.4% | -20.06 |
| Bright Minds Biosciences Inc. | DRUG | $872M | - | 10.63 | -14.9% | - |
| Talkspace, Inc. | TALK | $869M | 129.75 | 7.39 | 6.7% | 128.51 |
| Peer Median | - | 69.74 | 4.22 | -11.6% | -3.42 | |