Phathom Pharmaceuticals reported continued growth for its acid-reflux treatment VOQUEZNA, with third-quarter revenue rising 71% from a year earlier and the company generating positive cash flow from operations for a second consecutive quarter. It also reported passing two million prescriptions filled since launch and reaffirmed its 2026 financial guidance.
The update combines commercial progress with clinical-development milestones. Phathom is advancing studies that could broaden VOQUEZNA’s use, including a Phase 3 trial of as-needed treatment for non-erosive reflux disease.
Key details
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Revenue and cash flow: Third-quarter 2026 net revenue was $84.7 million, up 71% from the third quarter of 2025 and 14% from the second quarter of 2026. Phathom reported positive operating cash flow for the second consecutive quarter and reaffirmed its full-year 2026 financial guidance.
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Prescription growth: More than two million VOQUEZNA prescriptions had been filled through October 16. The company reached its first million just over two years after launch and its second million less than a year later.
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Third-quarter prescriptions: About 380,000 prescriptions were filled during the quarter: roughly 248,000 covered by insurance and 132,000 cash-pay. Covered prescriptions made up about 65% of the total and rose approximately 19% from the prior quarter; cash-pay prescriptions increased about 6%.
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Access initiatives: Phathom introduced “Access First” messaging and promotional materials aimed at improving access. Near the end of the quarter, it also launched a copay offer through pharmacy partner BlinkRx under which eligible commercially insured patients may pay as little as $0.
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Phase 3 study in non-erosive reflux disease: Phathom began a registrational Phase 3 trial testing VOQUEZNA for as-needed use in non-erosive gastroesophageal reflux disease. The first participant has been dosed and U.S. sites are enrolling. Topline results are expected in the first quarter of 2028. If successful and approved, the approach could give some patients an alternative to daily treatment.
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Eosinophilic esophagitis study: Phathom expects topline results in the fourth quarter of 2026 from the 12-week blinded treatment portion of its Phase 2 trial evaluating VOQUEZNA in patients with eosinophilic esophagitis.
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Conference data: At the American College of Gastroenterology’s 2026 meeting, the company presented a predictive cost-effectiveness analysis that projected VOQUEZNA could be cost-effective compared with proton pump inhibitors for healing and maintaining healing in adults with erosive reflux disease. The analysis also projected potential healthcare savings, based on clinical healing outcomes and fewer anticipated downstream interventions. The company said vonoprazan, VOQUEZNA’s active drug, was featured in 38 independent, investigator-initiated abstracts spanning reflux disease, H. pylori eradication and other gastrointestinal conditions.
Plain-English implications
VOQUEZNA’s prescription growth and rising share of insured prescriptions show expanding commercial use, while two consecutive quarters of positive operating cash flow mark an improvement in cash generation. The planned studies could broaden the drug’s potential uses, but the as-needed treatment opportunity depends on successful trial results and regulatory approval.