Phathom Pharmaceuticals (PHAT) Q4 2025 Earnings
How Did PHAT Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −8.32%.
Did PHAT Beat Earnings? Q4 2025 Results
Yes. Phathom Pharmaceuticals reported Q4 2025 earnings of $-0.08 a share on Feb 26, 2026, beating the $-0.19 consensus estimate by 57.4%. Revenue was $57.6M against a $57.4M estimate.
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.
- 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
“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.”
Phathom Pharmaceuticals CEO, on the earnings call
What Was Phathom Pharmaceuticals's Outlook in Q4 2025?
For FY 2026, Phathom is guiding to net revenues of $320–$345 million (including approximately $17–$20 million from a classification change), gross-to-net of 55–59%, gross margin of approximately 80%, and non-GAAP operating expenses (excluding stock-based compensation) of $235–$250 million. The company expects to achieve operating profitability (excluding stock-based compensation) beginning in Q3 2026 and for the full year 2026. Cash flow positivity is anticipated in 2027. The Phase 2 pHalcon-EoE-201 trial topline results are expected in 2027.
PHAT YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $57.6M | $29.7M | +94.1% |
| Gross Profit | $49.9M | $25.8M | +93.2% |
| Operating Income | −$5.9M | −$3.1M | +90.0% |
| Net Income | −$21.1M | −$12.3M | +71.6% |
PHAT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.