Stock Market Live June 24, 2026: S&P 500 (SPY) Attempting to Regain Momentum
Q4 25 EPS
$-0.08
BEAT +57.45%
Est. $-0.19
Q4 25 Revenue
$57.6M
BEAT +0.24%
Est. $57.4M
vs S&P Since Q4 25
-25.5%
TRAILING MARKET
PHAT -18.5% vs S&P +6.9%
Full Year 2025 Results
FY 25 EPS
$-2.06
BEAT +11.67%
Est. $-2.33
FY 25 Revenue
$175.1M
BEAT +0.22%
Est. $174.7M
Market Reaction
Did PHAT Beat Earnings? Q4 2025 Results
Phathom Pharmaceuticals delivered a standout fourth quarter, posting a loss of just $0.08 per share against a consensus estimate of $0.42, a beat of 80.95%, while revenue of $57.58 million edged past the $57.20 million estimate and nearly doubled the… Read more Phathom Pharmaceuticals delivered a standout fourth quarter, posting a loss of just $0.08 per share against a consensus estimate of $0.42, a beat of 80.95%, while revenue of $57.58 million edged past the $57.20 million estimate and nearly doubled the year-ago figure, reflecting 94.1% growth year-over-year. The primary engine behind the outperformance was the accelerating commercial launch of VOQUEZNA, which saw approximately 273,000 prescriptions filled in Q4 alone, a 24% sequential increase that has pushed total prescriptions past 1.1 million. Equally notable was the company's expense discipline, with operating costs falling to $55.87 million from $85.27 million in the prior-year quarter, tightening net cash usage to roughly $5.20 million for the period. A $130 million equity offering and a restructured term loan have since bolstered the balance sheet to approximately $190 million in cash, reinforcing management's guidance for FY 2026 net revenues of $320 million to $345 million and operating profitability, excluding stock-based compensation, beginning in Q3 2026, prompting at least one analyst to raise their price target on the stock.
Key Takeaways
- • VOQUEZNA prescriptions grew 24% quarter over quarter to approximately 273,000 in Q4
- • Covered prescriptions grew 21% in Q4 and continue to be the primary driver of revenue
- • Over 1.1 million total VOQUEZNA prescriptions filled to date
- • Operating expense discipline with Q4 operating expenses declining to $55.9 million from $85.3 million year-over-year
- • Net cash usage improved 64% sequentially from approximately $14 million in Q3 to approximately $5.2 million in Q4
PHAT YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
PHAT Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased with our continued growth throughout 2025, leveraging the efficiency of our GI-focused strategy. Revenue increased significantly over the last three quarters. In the fourth quarter, we realigned our sales organization and enter 2026 with a stronger sales team and marketing initiatives designed to deepen engagement and increase prescribing for GERD across gastroenterologists.”
— Steven Basta, Q4 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% |