Phathom Pharmaceuticals Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.42%.
Did PHAT Beat Earnings? Q2 2026 Results
Phathom Pharmaceuticals delivered a strong second quarter for 2026, beating Wall Street expectations on both the top and bottom lines as its VOQUEZNA franchise continued to gain commercial traction. The company reported revenue of $74.27 million, a year-over-year increase of 88.0% and a 2.18% beat versus the $72.69 million consensus estimate, fueled by approximately 325,000 prescriptions filled during the quarter. On the earnings front, Phathom posted non-GAAP adjusted EPS of $0.00, beating the consensus estimate of negative $0.10 by 100.00%, marking the fourth consecutive quarter the company has beaten EPS expectations. The upside was driven in large part by a dramatic 33% reduction in total operating expenses to $63.14 million, as the company pulled back on direct-to-consumer promotional spending and reduced personnel costs. Despite the strong quarter, management trimmed full-year 2026 revenue guidance to $310 million to $325 million from a prior range of $320 million to $345 million, while tightening operating expense guidance to $235 million to $245 million, and analysts at Guggenheim maintained their Buy rating with a $25 price target.
- Pivot to focus primary call point on gastroenterologists driving prescription growth
- 88% year-over-year increase in total VOQUEZNA prescriptions to approximately 325,000 in Q2
- Covered prescriptions represented 64% of total quarterly prescriptions, up 79% year-over-year
- Substantial reduction in commercial DTC promotional expenses and personnel costs
- Cash operating expenses decreased approximately 34% year-over-year
“The second quarter marked an important milestone for Phathom as we delivered strong quarterly revenue growth, achieved operating profitability, excluding stock-based compensation, and continued to build momentum toward realizing the long-term blockbuster potential for VOQUEZNA.”
Phathom Pharmaceuticals CEO, on the earnings call
Forward Guidance & Outlook
Phathom updated its full-year 2026 financial guidance, lowering net revenue expectations to $310–$325 million from the prior range of $320–$345 million. Non-GAAP operating expenses (excluding stock-based compensation) were tightened to $235–$245 million from $235–$255 million. The company maintained gross-to-net discount guidance of 55–59% and gross margin of approximately 80%. Phathom continues to expect operating profitability for the remainder of 2026 and for the full year, excluding stock-based compensation. Management believes cash on hand along with anticipated future cash generated from operations will be sufficient to fund operations and satisfy all outstanding debt obligations without additional financing.
PHAT YoY Financials
PHAT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.