Phathom Pharmaceuticals PHAT hits breakeven in Q2 2026 as VOQUEZNA surges
As seen on the 24/7 Wall St. homepage on July 30, 2026.
Phathom swung to non-GAAP operating profitability as VOQUEZNA prescriptions nearly doubled year-over-year to 325,000, crushing EPS expectations despite trimming full-year revenue guidance to $310M-$325M from $320M-$345M.
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Phathom Pharmaceuticals reached a significant milestone in Q2 2026, reporting non-GAAP EPS of exactly $0.00 against a consensus estimate of -$0.095 — a 100% beat that marks the company's arrival at non-GAAP operating profitability for the first time. The turnaround is driven by VOQUEZNA, its acid-suppression franchise, which saw prescriptions nearly double year-over-year to 325,000. Revenue came in at $74.3 million, edging roughly 2% above the $72.7 million estimate.
The earnings trajectory visible in recent quarters tells a clear story of accelerating improvement. Phathom was still posting non-GAAP losses of around -$1.05 per share as recently as Q3 and Q4 2024, but losses shrank sharply through 2025 — falling to -$0.15 in Q3 2025 and -$0.16 in Q4 2025 — before narrowing further to -$0.18 in Q1 2026 and finally reaching breakeven this quarter.
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The one note of caution is a reduction in full-year revenue guidance, which was trimmed to a range of $310 million to $325 million from the prior range of $320 million to $345 million. Investors will be watching whether VOQUEZNA prescription volumes can sustain their momentum and whether the company can convert non-GAAP operating profitability into positive GAAP earnings in the periods ahead.
Mentioned: PHAT