Stock Market Live June 24, 2026: S&P 500 (SPY) Attempting to Regain Momentum
Q2 26 EPS
$N/A
Q2 26 Revenue
N/A
vs S&P Since Q2 26
-0.7%
TRAILING MARKET
PHAT +1.4% vs S&P +2.1%
Market Reaction
Did PHAT Beat Earnings? Q2 2026 Results
Phathom Pharmaceuticals posted a stronger-than-expected first quarter for 2026, beating both top and bottom line consensus estimates as its VOQUEZNA franchise continued to gain commercial traction. The company reported a loss of $0.18 per share, ahea… Read more Phathom Pharmaceuticals posted a stronger-than-expected first quarter for 2026, beating both top and bottom line consensus estimates as its VOQUEZNA franchise continued to gain commercial traction. The company reported a loss of $0.18 per share, ahead of the $0.19 consensus by 7.36%, while net revenues of $58.30 million topped estimates by 2.63% and more than doubled the $28.52 million recorded in Q1 2025, a 104.4% year-over-year increase driven by continued execution among GI specialists and approximately 268,000 total prescriptions filled in the quarter. The momentum arrives as analysts have grown more constructive on the stock's path to profitability. Management acknowledged some seasonal softness early in the quarter but pointed to late-March and April prescription trends as a sign of renewed momentum. Phathom maintained its full-year 2026 guidance, targeting net revenues of $320 to $345 million, with operating profitability expected beginning in Q3 2026 and cash flow positivity targeted for 2027.
Key Takeaways
- • 104% year-over-year net revenue growth driven by commercial strategy execution
- • 115% year-over-year growth in total VOQUEZNA prescriptions to approximately 268,000 in Q1
- • 91% year-over-year growth in covered prescriptions with approximately 63% of total Q1 prescriptions covered by insurance
- • 43% year-over-year reduction in cash operating expenses reflecting cost discipline
- • Among top 3,000 GI prescribers, approximately 30% of new-to-brand prescriptions were for VOQUEZNA compared to PPIs
PHAT Forward Guidance & Outlook
Phathom maintained its full-year 2026 financial guidance: net revenues of $320–$345 million, gross-to-net discount of 55–59%, gross margin of approximately 80%, and non-GAAP operating expenses (excluding stock-based compensation) of $235–$255 million. The company expects operating profitability (excluding stock-based compensation) beginning in Q3 2026 and for the full year 2026, and targets reaching cash flow positivity in 2027. Management believes cash on hand along with anticipated future cash generated from operations will be sufficient to invest in the business and satisfy all outstanding debt obligations without the need for additional debt or equity raises. The Phase 2 pHalcon-EoE-201 trial is enrolling ahead of schedule with topline results anticipated in late Q4 2026 or early Q1 2027.
PHAT YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
PHAT Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the first quarter, we more than doubled revenue compared to the prior year Q1. We have implemented our pivot to GI and the associated sales force expansion. We believe there is a path to $1 billion annual revenue in gastroenterology prescriptions, and we are encouraged by the strength of our new-to-brand prescription momentum. Among our top 3,000 GI prescribers as a group, approximately 30% of their new-to-brand prescriptions were for VOQUEZNA, compared to PPIs. While the first quarter reflected seasonal health plan access dynamics and was a bit light to internal expectations, we have seen a return to growth in late March and early April. Two of the first three weeks of April reached all-time weekly highs for covered prescriptions. We believe we are well positioned to strengthen revenue growth and drive continued momentum.”
— Steven Basta, Q2 2026 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% |