Companies /Healthcare

Phathom Pharmaceuticals Inc

NASDAQ: PHAT Biotechnology
$8.16
▼ $0.52 (−5.99%) today
Markets closed · 5:34am ET

Q3 2025 Earnings

Reported Oct 30, 2025, 7:00am ET · SEC source
$-0.41
Beat +1.20%
EPS · est. $-0.42
$49.5M
Beat +5.34%
Revenue · est. $47.0M
+10.5%
Beating market
PHAT vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%+10%Oct 30Oct 31report 7:00am ETearnings−1.0%−2.9%
−5%0+5%+10%Oct 30Oct 31earnings−1.0%−2.9%
PHAT −2.9%S&P 500 −1.0%
−5%0+5%+10%Oct 30Oct 31report 7:00am ETearnings−1.2%−2.9%
−5%0+5%+10%Oct 30Oct 31earnings−1.2%−2.9%
PHAT −2.9%NASDAQ −1.2%
−10%−5%0+5%Oct 29Nov 7report 7:00am ETearnings−2.8%−8.8%
−10%−5%0+5%Oct 29Nov 7earnings−2.8%−8.8%
PHAT −8.8%S&P 500 −2.8%
−10%−5%0+5%Oct 29Nov 7report 7:00am ETearnings−4.3%−8.8%
−10%−5%0+5%Oct 29Nov 7earnings−4.3%−8.8%
PHAT −8.8%NASDAQ −4.3%
−1.63%
Day of report
+1.80%
Next session
−2.03%
One week
+10.74%
30 days

S&P 500 over the same 30 days: +0.25%.

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 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

“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.”

Phathom Pharmaceuticals CEO, on the earnings call

Forward Guidance & Outlook

Phathom updated its full-year 2025 revenue guidance to $170 million to $175 million. The company expects non-GAAP operating expenses to be less than $55 million for the fourth quarter 2025. Phathom expects to achieve operating profitability in 2026, excluding stock-based compensation, without the need for additional equity financing. The Phase 2 pHalcon-EoE-201 trial in Eosinophilic Esophagitis was initiated in October 2025, with topline results anticipated in 2027. The company expects New Chemical Entity (NCE) exclusivity for VOQUEZNA through May 2032, with generic entry considered unlikely before 2033.

PHAT YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$-30,000,000$0$30.0M$16.4M$49.5MRevenue$14.0M$43.3MGross Profit$-8,558,538$-15,271,000Operating Income$-18,167,657$-29,973,000Net Income
$-30,000,000$0$30.0MRevenueGross ProfitOperating IncomeNet Income

PHAT Revenue by Segment

VOQUEZNA$49.5M
VOQUEZNA Products

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