Phathom Pharmaceuticals Upgraded by Barclays to Overweight With $18 Target

Phathom's sole commercial asset, VOQUEZNA (vonoprazan), is a potassium-competitive acid blocker approved for GERD and H. pylori treatment. Prescription momentum has been consistent: quarterly fills grew from ~127,000 in Q1 2025 to ~273,000 in Q4 2025, pushing cumulative totals past 1.1 million prescriptions. That commercial traction drove Q4 revenue to $57.58 million, up 94.12% year-over-year, while EPS of -$0.08 significantly beat the -$0.42 consensus estimate. Operating expenses fell to $55.87 million fro ...