Earnings summaries and quarterly performance for Phathom Pharmaceuticals.
Executive leadership at Phathom Pharmaceuticals.
Board of directors at Phathom Pharmaceuticals.
Research analysts who have asked questions during Phathom Pharmaceuticals earnings calls.
Annabel Samimy
Stifel Financial Corp.
4 questions for PHAT
Also covers: ALT, APLS, CARA +14 more
Joseph Stringer
Needham & Company
4 questions for PHAT
Also covers: APLS, CDTX, LXRX +3 more
Yatin Suneja
Guggenheim Partners
4 questions for PHAT
Also covers: ACAD, ARGX, AXSM +10 more
Kristen Kluska
Cantor Fitzgerald
3 questions for PHAT
Also covers: ABEO, ADMA, AQST +24 more
MC
Matthew Caufield
H.C. Wainwright & Co., LLC
3 questions for PHAT
Also covers: DMAC, MLYS, OPTN +1 more
Chase Knickerbocker
Craig-Hallum Capital Group
2 questions for PHAT
Also covers: AVDL, BFLY, BVS +17 more
Chengxiang Liu
Evercore ISI
2 questions for PHAT
KC
Kyuwon Choi
Goldman Sachs
2 questions for PHAT
Also covers: AMRN, ASND, BHVN +9 more
PC
Paul Choi
Goldman Sachs
2 questions for PHAT
Also covers: AMRN, ARVN, ASND +12 more
JL
Jyhhaw Liu
Evercore ISI
1 question for PHAT
Also covers: DLR, HPQ
UR
Umer Raffat
Evercore ISI
1 question for PHAT
Also covers: ALKS, AMGN, BHC +15 more
Recent press releases and 8-K filings for PHAT.
Phathom outlines strategic pivot and path to profitability
PHAT
Management Change
Revenue Acceleration/Inflection
New Projects/Investments
- Phathom (PHAT) has implemented a strategic pivot focusing on gastroenterologists, resulting in a nearly 50% reduction in cash operating expenses.
- This strategic shift included significant savings from cutting direct-to-consumer (DTC) promotion, reducing SG&A from $360 million to $180 million as of Q1, while maintaining sales force size.
- The company is observing positive momentum in IQVIA script trends, noting that most revenue growth typically occurs in Q2, Q3, and Q4, with Q1 being relatively flat due to seasonality.
- Management expects to achieve positive operating profit at some point during 2026 and is evaluating an OTC conversion opportunity for future life cycle management.
Dec 2, 2025, 8:25 PM
Phathom Pharmaceuticals Details Strategic Shift and Path to Profitability
PHAT
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- Phathom Pharmaceuticals has implemented a strategic pivot focusing on sales calls and gastroenterologists, which has led to a nearly 50% reduction in cash operating expenses.
- The company's annual SG&A spend has decreased from $360 million as of Q1 to $180 million, primarily due to cuts in direct-to-consumer marketing, while maintaining the sales force size and compensation.
- Q3 revenue was approximately $49.5 million, and IQVIA total prescriptions (TRX) are up 17%, suggesting potential for Q4 revenue in the high $50s.
- Phathom expects to achieve positive operating profit at some point during 2026, with expenses committed to be below $55 million for Q4.
- Analysts project $3-$5 in earnings power for the company in the future, and an OTC conversion opportunity is currently being evaluated.
Dec 2, 2025, 8:25 PM
Phathom Pharmaceuticals Provides VOQUEZNA Launch Update and Strategic Outlook
PHAT
Guidance Update
Product Launch
Revenue Acceleration/Inflection
- Phathom Pharmaceuticals' VOQUEZNA, a next-generation gastroesophageal reflux treatment, targets patients who are still symptomatic despite prior PPI therapy.
- The company reported $55 million in revenue for 2024 and guided to $170-$175 million for 2025.
- Phathom has strategically shifted its sales focus to gastroenterology, reallocating sales force time to spend 70% in GI due to 4x higher script productivity compared to primary care.
- VOQUEZNA's exclusivity is confirmed through May 2032, with potential for generic launch extending into 2033 or 2034.
- Management projects VOQUEZNA to achieve $1 billion+ in revenue within the next two to three years, primarily from the GI market.
Nov 18, 2025, 2:30 PM
Phathom Pharmaceuticals Discusses VOQUEZNA Launch and Strategic Shift
PHAT
Revenue Acceleration/Inflection
Guidance Update
New Projects/Investments
- Phathom Pharmaceuticals' product, VOQUEZNA, generated $55 million in revenue in 2024, its first full year of launch, and the company has guided to $170 million-$175 million in revenue for 2025.
- The company has strategically pivoted its sales focus over the past six months to concentrate 70% of sales force time on the gastroenterology (GI) market, moving away from primary care due to 4x higher productivity in GI.
- VOQUEZNA targets the 30-40% of patients with gastroesophageal reflux who are still experiencing symptoms despite being on proton pump inhibitors (PPIs), with a potential to reach over $1 billion in revenue from the GI market alone.
- The FDA has clarified that VOQUEZNA has exclusivity through May 2032 for all indications, with potential extensions into 2033 or 2034 due to generic review timelines and possible pediatric exclusivity.
- Phathom's CFO anticipates VOQUEZNA will achieve $1 billion in revenue within a near-term horizon of two to three years.
Nov 18, 2025, 2:30 PM
Phathom Pharmaceuticals Discusses VOQUEZNA Growth and Strategic Shift
PHAT
Guidance Update
Revenue Acceleration/Inflection
Product Launch
- Phathom Pharmaceuticals reported $55 million in revenue for 2024 and provided 2025 revenue guidance of $170-$175 million for VOQUEZNA. The company aims to reach $1 billion or more in revenue in the GI market, with the CFO expecting to hit this target in the near-term horizon (2-3 years).
- The company pivoted its strategy in May 2025 to focus more intensely on the gastroenterology (GI) opportunity, reallocating salesforce time to spend 70% in GI due to 4x higher productivity compared to primary care. The sales force realignment was completed in October 2025, with full force expected by Q1 2026.
- VOQUEZNA targets the 30%-40% of patients with gastroesophageal reflux who are on a PPI and still experiencing symptoms. The GI market represents 20 million PPI prescriptions annually, with VOQUEZNA currently at an annualized run rate of 600,000 scripts (3%) in Q3 2025. Over 80% of commercial lives are covered, with a single-step prior PPI failure requirement for over 50% of coverage.
- The FDA confirmed in June 2025 that VOQUEZNA has exclusivity through May 2032 for all indications, with potential generic launch extending into 2033 or 2034 and an additional six months of pediatric exclusivity possible.
Nov 18, 2025, 2:30 PM
Phathom Pharmaceuticals Discusses VOQUEZNA Commercial Strategy and Financial Discipline
PHAT
Revenue Acceleration/Inflection
New Projects/Investments
Guidance Update
- Phathom Pharmaceuticals has pivoted its commercial strategy for VOQUEZNA, a first-in-class P-CAB for GERD, to focus intensely on the gastroenterology (GI) community, moving from a broader primary care approach. This shift is driven by the understanding that patients refractory to PPI therapy are heavily concentrated in GI practices.
- The company reported $49.5 million in revenue in Q3 and achieved significant financial discipline by reducing cash operating expenses by 50%, from $98 million in Q1 to $49 million in Q3. Phathom anticipates reaching operating profitability on a cash basis during 2026.
- VOQUEZNA recorded approximately 150,000 prescriptions from GI practices in Q3, representing about 3% penetration of the 20 million PPI prescriptions originating from GIs. The company believes it can achieve 20%-30% penetration in this segment, potentially generating $1 billion in revenue from the GI community alone.
- A salesforce realignment was completed in October, shifting call allocation to 70% or more on gastroenterologists to optimize frequency and focus on high-potential prescribers.
- Phathom is pursuing a clinical trial in eosinophilic esophagitis (EOE), which, if successful, could lead to a six-month extension of VOQUEZNA's exclusivity from May 2032 to late 2033 or even into 2034.
Nov 12, 2025, 9:40 PM
Phathom Pharmaceuticals Discusses Strategic Pivot, Q3 Performance, and 2026 Profitability Outlook
PHAT
Revenue Acceleration/Inflection
Guidance Update
New Projects/Investments
- Phathom Pharmaceuticals reported strong Q3 performance, with 23% revenue growth and 28% prescription growth, driven by a strategic pivot to focus its sales force on GI specialists, which has shown four times the productivity compared to primary care.
- The company significantly reduced operating expenses from $89 million in Q2 to $49 million in Q3, a sustainable level of spend, and anticipates achieving operating profitability in 2026. The company also reported $135 million in cash on its balance sheet.
- Voquezna currently has 3% penetration of the 20 million annual GI PPI prescriptions, targeting 20-30% for a billion-dollar revenue opportunity. Its exclusivity extends through May 2032, with a potential six-month extension into 2034 from the EOE (Eosinophilic Esophagitis) phase two study, which expects data in 2027.
Nov 10, 2025, 8:00 PM
Phathom Pharmaceuticals Reports Strong Q3 2025 Results and Updates Full-Year Guidance
PHAT
Earnings
Guidance Update
Management Change
- Phathom Pharmaceuticals reported Q3 2025 net revenue of $49.5 million, a 25% increase quarter-over-quarter, and significantly reduced cash operating expenses to $49.3 million, a 43% decrease from Q2 2025. Cash usage for Q3 was less than $15 million, a 77% reduction compared to Q2.
- The company narrowed its full-year revenue guidance to $170 million to $175 million and refined full-year 2025 non-GAAP operating expenses to $280 million to $290 million.
- Phathom is executing a strategic shift to a greater gastroenterology (GI) focus, including sales force realignment, and expects to achieve operating profitability in 2026 without additional equity financing.
- The company also welcomed Sanjeev Narula as Chief Financial and Business Officer and Nancy Thielen as Senior Vice President of Marketing and Analytics.
Oct 30, 2025, 12:00 PM
Phathom Pharmaceuticals Reports Strong Q3 2025 Results and Updates Full-Year Guidance
PHAT
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Phathom Pharmaceuticals reported net revenues of $49.5 million in Q3 2025, marking a 25% quarter-over-quarter increase.
- Non-GAAP cash operating expenses, excluding stock-based compensation, decreased by 43% quarter-over-quarter to $49.3 million in Q3 2025.
- Net cash usage significantly improved, decreasing by 77% quarter-over-quarter to $14.4 million in Q3 2025.
- The company updated its full-year 2025 revenue guidance to $170 million to $175 million and its full-year 2025 non-GAAP operating expense guidance to $280 million to $290 million.
Oct 30, 2025, 12:00 PM
Phathom Pharmaceuticals Reports Q3 2025 Financial Results and Updates 2025 Revenue Guidance
PHAT
Earnings
Guidance Update
Management Change
- Phathom Pharmaceuticals reported net revenues of $49.5 million for the third quarter of 2025, representing a 25% increase quarter-over-quarter, and a net loss of $30.0 million.
- The company updated its full-year 2025 revenue guidance to $170 million to $175 million and expects to achieve operating profitability in 2026.
- VOQUEZNA prescriptions increased 28% from Q2 2025, with over 790,000 total prescriptions filled as of October 17, 2025.
- As of September 30, 2025, cash and cash equivalents were $135.2 million, with net cash usage improving by 77% quarter-over-quarter to approximately $14 million.
- Sanjeev Narula was appointed as Chief Financial and Business Officer.
Oct 30, 2025, 11:00 AM
Quarterly earnings call transcripts for Phathom Pharmaceuticals.
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