Phathom Pharmaceuticals (PHAT) Q3 2026 Earnings
Non-GAAP figure excludes $5,921 thousand stock-based compensation, $10,009 thousand non-cash interest on revenue interest financing liability, and $953 thousand debt discount amortization; GAAP net loss per share was $(0.16)
How Did PHAT Stock React to Q3 2026 Earnings?
Did PHAT Beat Earnings? Q3 2026 Results
Yes. Phathom Pharmaceuticals reported Q3 2026 earnings of $0.04 a share on Oct 29, 2026, beating the $0.03 consensus estimate by 39.9%. Revenue was $84.7M against a $84.8M estimate.
Phathom Pharmaceuticals delivered a stronger-than-expected third quarter of 2026, posting adjusted non-GAAP earnings per share of $0.04 against a consensus estimate of $0.03, a beat of nearly 40% that extended the company's run of consensus EPS beats to five consecutive quarters. Revenue of $84.72 million came in fractionally below the $84.82 million estimate but surged 71.1% year over year, powered by accelerating demand for VOQUEZNA, its potassium-competitive acid blocker, which saw roughly 380,000 prescriptions filled in the quarter with covered scripts growing 19% sequentially. The company also generated positive operating cash flow for a second straight quarter, while the GAAP net loss narrowed sharply to $13.90 million from $29.97 million a year earlier, reflecting the commercial momentum and tighter operating leverage. Phathom reaffirmed its full-year 2026 guidance of $310 to $325 million in net revenue and non-GAAP operating expenses of $235 to $245 million. Jefferies maintained a Buy rating on the stock heading into the print, though it trimmed its price target to $16.00.
- Approximately 380,000 VOQUEZNA prescriptions filled in Q3 2026 (about 248,000 covered, 132,000 cash-pay)
- Covered prescription volume up about 19% sequentially; cash-pay up about 6%
- Covered prescriptions about 65% of total quarterly prescriptions
- Over 2 million cumulative VOQUEZNA prescriptions filled through October 16, 2026
- Positive operating cash flow for second consecutive quarter
- Disciplined expense management
“We are pleased to report continued solid revenue growth and improved operating profitability for the third quarter.”
Phathom Pharmaceuticals CEO, on the earnings call
What Is Phathom Pharmaceuticals's Outlook?
Phathom reaffirmed its full-year 2026 guidance: - net revenue of $310–325 million; - gross-to-net discount of 55–59%; - gross margin of about 80%; - non-GAAP operating expenses, excluding stock-based compensation, of $235–245 million. The company believes cash on hand and future operating cash flow will fund the business and satisfy all outstanding debt obligations without additional financing. It expects topline Phase 2 EoE data in Q4 2026 and Phase 3 as-needed NERD topline results in Q1 2028.
PHAT YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $84.7M | $49.5M | +71.1% |
| Gross Profit | $66.4M | $43.3M | +53.2% |
| Operating Income | −$85,000 | −$42,619 | +99.4% |
| Net Income | −$13.9M | −$9.0M | +53.6% |
PHAT Revenue by Segment
When Does Phathom Pharmaceuticals Report Next?
Figures from SEC filings and company reports. Not investment advice.