Stock Market Live June 24, 2026: S&P 500 (SPY) Attempting to Regain Momentum
Q2 25 EPS
$-0.79
BEAT +10.99%
Est. $-0.89
Q2 25 Revenue
$39.5M
BEAT +11.02%
Est. $35.6M
vs S&P Since Q2 25
-5.1%
TRAILING MARKET
PHAT +10.9% vs S&P +16.0%
Market Reaction
Did PHAT Beat Earnings? Q2 2025 Results
Phathom Pharmaceuticals delivered a clear beat across the board in Q2 2025, with accelerating commercial momentum behind its VOQUEZNA franchise powering results well ahead of Wall Street expectations. The company posted revenue of $39.50 million, top… Read more Phathom Pharmaceuticals delivered a clear beat across the board in Q2 2025, with accelerating commercial momentum behind its VOQUEZNA franchise powering results well ahead of Wall Street expectations. The company posted revenue of $39.50 million, topping the $35.58 million consensus by 11.02% and representing a 439.4% year-over-year surge from $7.32 million in the prior-year period. The loss per share of $0.79 also beat the $0.89 consensus estimate by 10.99%, reflecting tighter cost discipline following a restructuring that pulled operating expenses down sequentially from $103.70 million in Q1 to $94.39 million in Q2. The primary growth engine was rapid VOQUEZNA prescription volume, with approximately 173,000 scripts filled in the quarter alone, a 36% sequential increase from Q1. Looking ahead, management issued full-year 2025 revenue guidance of $165.00 million to $175.00 million, and expects non-GAAP operating expenses to fall below $60.00 million in Q3 and below $55.00 million in Q4, with operational profitability targeted for 2026.
Key Takeaways
- • Over 580,000 cumulative VOQUEZNA prescriptions filled, 49% growth since last earnings report
- • Approximately 173,000 VOQUEZNA prescriptions filled in Q2, 36% sequential growth from Q1
- • Over 29,300 unique healthcare providers have written filled VOQUEZNA prescriptions, 24% increase since last quarterly update
- • GIs account for approximately 70% of all filled VOQUEZNA prescriptions
- • Commercial coverage for over 120 million lives
- • 68% of Q2 prescriptions filled through retail pharmacy channel
PHAT YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
PHAT Revenue by Segment
With YoY comparisons, source: SEC Filings
“The second quarter marked a significant step forward in Phathom's journey toward becoming a growth-oriented and profitable GI company. We delivered strong sequential revenue growth, implemented strategic cost reductions, and shifted our commercial strategy to focus on high-value prescribers. With over 580,000 VOQUEZNA prescriptions filled to date and extended market exclusivity, we believe we are well-positioned to accelerate VOQUEZNA's adoption and achieve profitability in 2026.”
— Steve Basta, Q2 2025 Earnings Press Release
PHAT Earnings Trends
PHAT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PHAT EPS Trend
Earnings per share: estimate vs actual
PHAT Revenue Trend
Quarterly revenue: estimate vs actual
PHAT Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 BEAT | $-0.19 | $-0.18 | +7.36% | $58.3M | +2.63% |
| Q4 25 BEAT FY | $-0.19 | $-0.08 | +57.45% | $57.6M | +0.24% |
| FY Full Year | $-2.33 | $-2.06 | +11.67% | $175.1M | +0.22% |
| Q3 25 BEAT | $-0.42 | $-0.41 | +1.20% | $49.5M | +5.34% |
| Q2 25 BEAT | $-0.89 | $-0.79 | +10.99% | $39.5M | +11.02% |
| Q1 25 MISS | $-1.07 | $-1.07 | -0.38% | $28.5M | -1.71% |