Companies /Healthcare

Phathom Pharmaceuticals Inc

NASDAQ: PHAT Biotechnology
$8.16
▼ $0.52 (−5.99%) today
Markets closed · 5:32am ET

Q2 2025 Earnings

Reported Aug 7, 2025, 7:05am ET · SEC source
$-0.79
Beat +10.99%
EPS · est. $-0.89
$39.5M
Beat +11.02%
Revenue · est. $35.6M
+34.3%
Beating market
PHAT vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+4%+8%Aug 7Aug 8report 7:05am ETearnings−0.0%+6.3%
0+4%+8%Aug 7Aug 8earnings−0.0%+6.3%
PHAT +6.3%S&P 500 −0.0%
0+4%+8%Aug 7Aug 8report 7:05am ETearnings+0.3%+6.3%
0+4%+8%Aug 7Aug 8earnings+0.3%+6.3%
PHAT +6.3%NASDAQ +0.3%
−10%0+10%+20%Aug 6Aug 14report 7:05am ETearnings+1.4%+13.9%
−10%0+10%+20%Aug 6Aug 14earnings+1.4%+13.9%
PHAT +13.9%S&P 500 +1.4%
−10%0+10%+20%Aug 6Aug 14report 7:05am ETearnings+1.4%+13.9%
−10%0+10%+20%Aug 6Aug 14earnings+1.4%+13.9%
PHAT +13.9%NASDAQ +1.4%
+8.29%
Day of report
+3.62%
Next session
+11.38%
One week
+37.13%
30 days

S&P 500 over the same 30 days: +2.86%.

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, 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

“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.”

Phathom Pharmaceuticals CEO, on the earnings call

Forward Guidance & Outlook

Phathom expects full-year 2025 revenue of $165 million to $175 million. The company expects non-GAAP operating expenses to be less than $60 million for Q3 2025 and less than $55 million for Q4 2025, reflecting restructuring cost savings. Management believes current cash and cash equivalents of $149.6 million, combined with projected product revenues, will be sufficient to fund operations and achieve profitability from operations in 2026, excluding stock-based compensation.

PHAT YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$-80,000,000$-40,000,000$0$40.0M$7.3M$39.5MRevenue$5.9M$34.5MGross Profit$-48,925,539$-59,924,000Operating Income$-64,739,539$-75,810,000Net Income
$-80,000,000$-40,000,000$0$40.0MRevenueGross ProfitOperating IncomeNet Income

PHAT Revenue by Segment

VOQUEZNA$39.5M
VOQUEZNA Products

Figures from SEC filings and company reports. Not investment advice.