Stock Market Live June 24, 2026: S&P 500 (SPY) Attempting to Regain Momentum
Q3 25 EPS
$-0.41
BEAT +1.20%
Est. $-0.42
Q3 25 Revenue
$49.5M
BEAT +5.34%
Est. $47.0M
vs S&P Since Q3 25
-34.9%
TRAILING MARKET
PHAT -27.0% vs S&P +7.9%
Market Reaction
Did PHAT Beat Earnings? Q3 2025 Results
Phathom Pharmaceuticals delivered a compelling third quarter for fiscal 2025, posting results that beat analyst expectations on both the top and bottom lines as its VOQUEZNA franchise hit a clear commercial inflection point. The company reported a lo… Read more Phathom Pharmaceuticals delivered a compelling third quarter for fiscal 2025, posting results that beat analyst expectations on both the top and bottom lines as its VOQUEZNA franchise hit a clear commercial inflection point. The company reported a loss of $0.41 per share, edging past the consensus estimate of $0.41, while revenue of $49.50 million exceeded the $46.99 million estimate by 5.34% and represented a striking 202.7% increase from the year-ago period. The primary engine behind the quarter was prescription volume, with approximately 221,000 VOQUEZNA fills completed during the period, a 28% sequential jump, alongside disciplined expense management that helped narrow the GAAP net loss to $29.97 million from $85.58 million a year earlier. Shares have gained roughly 66.6% year-to-date, reflecting growing investor confidence in the commercial trajectory. Looking ahead, Phathom raised its full-year 2025 revenue guidance to a range of $170.00 million to $175.00 million and reiterated its target of achieving operating profitability in 2026 without additional equity financing.
Key Takeaways
- • 28% quarter-over-quarter growth in filled VOQUEZNA prescriptions to approximately 221,000 in Q3 2025
- • 23% growth in covered prescriptions, the primary revenue driver
- • Significant reduction in SG&A expenses driven by lower advertising and promotional spending, personnel costs, and third-party spend
- • Sales force retargeting toward gastroenterologists deepening engagement
- • Greater than 80% U.S. commercial lives coverage
PHAT YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
PHAT Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our performance this quarter reinforces our belief in the strength of our GI-focused call strategy and reflects disciplined execution across the business. Momentum for VOQUEZNA tablets continues to build as we deepen engagement with gastroenterologists. In the third quarter we grew revenues, reduced expenses, and reduced cash usage in line with our previously communicated plan. With strong commercial performance this quarter, continued expense discipline, and an experienced leadership team in place, we are advancing toward our goal of becoming a leader in GI.”
— Steve Basta, Q3 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% |