Phathom Pharmaceuticals - Public Comps and Valuation Multiples

Phathom Pharmaceuticals Overview

About Phathom Pharmaceuticals

Phathom Pharmaceuticals Inc operates as a clinical-stage biopharmaceutical company. The firm is focused on developing and commercializing novel treatments for gastrointestinal, or GI, diseases. Its product comprises vonoprazan, an oral small-molecule potassium competitive acid blocker medicine that blocks acid secretion in the stomach. Vonoprazan shows rapid, potent, and durable anti-secretory effects and has demonstrated clinical benefits in the treatment of gastroesophageal reflux disease, and in combination with antibiotics for the treatment of Helicobacter pylori infection.

Founded

2018

HQ

Employees

427

Website

phathompharma.com

Sectors

Drug Development & Therapeutics
Biopharmaceuticals
BioTech

Financials

LTM Revenue $135M

LTM EBITDA -$179M

EV

$896M

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Phathom Pharmaceuticals Financials

As of August 2025, Phathom Pharmaceuticals reported last 12-month revenue of $135M and EBITDA of -$179M.

In the same period, Phathom Pharmaceuticals generated $117M in LTM gross profit and -$267M in net income.

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Phathom Pharmaceuticals P&L

In the most recent fiscal year, Phathom Pharmaceuticals reported revenue of $55.3M and EBITDA of -$262M.

Phathom Pharmaceuticals expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$135M	XXX	$55.3M	XXX	XXX	XXX
Gross Profit	$117M	XXX	$47.3M	XXX	XXX	XXX
Gross Margin	86%	XXX	86%	XXX	XXX	XXX
EBITDA	-$179M	XXX	-$262M	XXX	XXX	XXX
EBITDA Margin	-132%	XXX	-473%	XXX	XXX	XXX
EBIT	-$200M	XXX	-$277M	XXX	XXX	XXX
EBIT Margin	-147%	XXX	-502%	XXX	XXX	XXX
Net Profit	-$267M	XXX	-$334M	XXX	XXX	XXX
Net Margin	-198%	XXX	-605%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Phathom Pharmaceuticals including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $135M. EBITDA for the last twelve months was -$179M. In the most recent fiscal year, Phathom Pharmaceuticals achieved $55.3M in revenue and -$262M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$135M	Analyst estimates available to subscribers	$55.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$117M	Analyst estimates available to subscribers	$47.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	86.1% gross margin	Analyst estimates available to subscribers	85.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$179M	Analyst estimates available to subscribers	-$262M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-132.2% EBITDA margin	Analyst estimates available to subscribers	-473.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$200M	Analyst estimates available to subscribers	-$277M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-147.4% EBIT margin	Analyst estimates available to subscribers	-502.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$267M	Analyst estimates available to subscribers	-$334M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-197.5% net profit margin	Analyst estimates available to subscribers	-605.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Phathom Pharmaceuticals

This financial data table provides comprehensive performance metrics for Phathom Pharmaceuticals, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Phathom Pharmaceuticals generated $135M in revenue over the last twelve months.
The company achieved -$179M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $117M.
Net income over the last twelve months reached -$267M.

Fiscal Year Performance

In the most recent fiscal year, Phathom Pharmaceuticals reported $55.3M in total revenue.
Fiscal year EBITDA was -$262M.
The company maintained a gross profit margin of 85.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was -473.3%.
Net profit margin reached -605.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Phathom Pharmaceuticals. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Phathom Pharmaceuticals Stock Performance

Phathom Pharmaceuticals has current market cap of $840M, and EV of $896M.

Market Cap Evolution

Phathom Pharmaceuticals Stock Data

As of September 12, 2025, Phathom Pharmaceuticals's stock price is $12.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$896M	$840M	XXX	XXX	XXX	XXX	$-3.79

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Phathom Pharmaceuticals Valuation Multiples

Phathom Pharmaceuticals's trades at 16.2x EV/Revenue multiple, and -3.4x EV/EBITDA.

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Phathom Pharmaceuticals Financial Valuation Multiples

As of September 12, 2025, Phathom Pharmaceuticals has market cap of $840M and EV of $896M.

Equity research analysts estimate Phathom Pharmaceuticals's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Phathom Pharmaceuticals has a P/E ratio of -3.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$840M	XXX	$840M	XXX	XXX	XXX
EV (current)	$896M	XXX	$896M	XXX	XXX	XXX
EV/Revenue	6.6x	XXX	16.2x	XXX	XXX	XXX
EV/EBITDA	-5.0x	XXX	-3.4x	XXX	XXX	XXX
EV/EBIT	-4.5x	XXX	-3.2x	XXX	XXX	XXX
EV/Gross Profit	7.7x	XXX	n/a	XXX	XXX	XXX
P/E	-3.1x	XXX	-2.5x	XXX	XXX	XXX
EV/FCF	-4.2x	XXX	-3.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Phathom Pharmaceuticals Margins & Growth Rates

Phathom Pharmaceuticals's last 12 month revenue growth is 106%

Phathom Pharmaceuticals's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.8M for the same period.

Phathom Pharmaceuticals's rule of 40 is -23215% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Phathom Pharmaceuticals's rule of X is 133% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Phathom Pharmaceuticals Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	106%	XXX	143%	XXX	XXX	XXX
EBITDA Margin	-132%	XXX	-473%	XXX	XXX	XXX
EBITDA Growth	-94%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-23215%	XXX	-367%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	133%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.8M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	62%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	588%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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