Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 39

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1
Chunk 39
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AB® for the following indications: 

•Healing and maintenance of healing of erosive esophagitis; 

•Adjunct to antibiotics in H. pylori treatment; 

•Gastric ulcer; 

•Duodenal ulcer; 

•Prevention of recurrence of gastric ulcer or duodenal ulcer during low-dose aspirin administration; and 

•Prevention of recurrence of gastric ulcer or duodenal ulcer during nonsteroidal anti-inflammatory drug (NSAID) administration. 

Vonoprazan was subsequently approved in Japan in February 2016 for the treatment of H. pylori in combination packs with antibiotics (Vonosap Pack 400, Vonosap Pack 800, and Vonopion Pack), and has since been approved in numerous other countries in Asia and Latin America as well as Russia.  

Vonoprazan Commercialization in Japan 

Vonoprazan generated peak net sales of approximately $850 million and continues to achieve volume growth during its tenth full year on the market since its approval in 2014. Based upon sales during the 3-month period ending March 2024, vonoprazan had achieved a 34% share based on volume and a 63% market share based on sales among acid suppression therapies in Japan.

We believe that the market dynamic for anti-secretory agents in Japan is similar to that in the United States. In both countries, the anti-secretory market is largely genericized. Ahead of the vonoprazan launch in Japan, all PPIs, other than Nexium, were available as generics. As of September 2022, generic drugs in Japan represent approximately 80% of the market by volume, compared to the United States where generics are currently approximately 90% of the market by volume. Although vonoprazan and 

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Dexilant are priced at a premium to generic PPIs in Japan and the United States, respectively, both have experienced commercial success.  

VOQUEZNA Commercial Opportunity and Strategy 

The market for prevention and treatment of acid-related GI diseases in the United States and Europe is large. In the U.S., there were approximately 7.9 billion prescription PPI doses dispensed during the 12 months ended December 31, 2024. 

Over many decades of use, multiple drug classes and individual drugs have demonstrated the substantial commercial opportunity for therapies treating acid-related GI diseases. H2RAs including Axid, Pepcid, Tagamet, and Z