- At the Needham Healthcare Conference, Phathom Pharmaceuticals Inc (NASDAQ:PHAT) says that licensor Takeda Pharmaceutical Co Ltd (NYSE: 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.
