Phathom Pharmaceuticals (NASDAQ:PHAT) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Posted by George Bondi on Jul 30th, 2026

Phathom Pharmaceuticals (NASDAQ:PHAT – Get Free Report) posted its earnings results on Thursday. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02), Zacks reports. The company had revenue of $74.27 million for the quarter, compared to analysts’ expectations of $72.70 million.

Here are the key takeaways from Phathom Pharmaceuticals’ conference call:

Q2 revenue rose 88% year over year to $74.3 million, while cash operating expenses fell 34% to $56.4 million. Phathom reported its first operating profit excluding stock-based compensation and generated approximately $1.6 million in operating cash flow.
Phathom lowered its 2026 revenue outlook to $310 million–$325 million, citing physician and patient friction around prior authorizations, documentation, and prescription fulfillment for VOQUEZNA—particularly among less-severe GERD patients.
The company plans to initiate a Phase III trial of VOQUEZNA as an as-needed treatment for non-erosive GERD in Q4 2026. Management believes this could expand the addressable market without materially cannibalizing daily-use patients and could support future primary-care and direct-to-consumer marketing.
Enrollment was completed ahead of schedule in the Phase II eosinophilic esophagitis study, with topline 12-week data expected in Q4 2026. Favorable results could support a Phase III program and potentially extend VOQUEZNA exclusivity by six months, although the pathway depends on FDA discussions and future pediatric studies.
Management reiterated that it expects operating profitability excluding stock compensation to continue through the remainder of 2026 and durable cash-flow positivity in 2027, while believing existing cash and future operating cash flow will cover debt obligations without another debt or equity raise.

Phathom Pharmaceuticals Trading Down 22.4%

Shares of Phathom Pharmaceuticals stock traded down $2.61 during trading on Thursday, reaching $9.03. The company’s stock had a trading volume of 7,610,176 shares, compared to its average volume of 1,210,371. The company has a 50-day moving average price of $10.87 and a two-hundred day moving average price of $11.76. The firm has a market cap of $720.23 million, a PE ratio of -4.26 and a beta of 0.49. Phathom Pharmaceuticals has a fifty-two week low of $8.02 and a fifty-two week high of $18.31.

Analyst Ratings Changes

Several research firms have issued reports on PHAT. Needham & Company LLC decreased their price objective on shares of Phathom Pharmaceuticals from $28.00 to $22.00 and set a “buy” rating for the company in a research note on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Friday, July 17th. Finally, HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of Phathom Pharmaceuticals in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Phathom Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.14.

Check Out Our Latest Stock Analysis on PHAT

Key Phathom Pharmaceuticals News

Here are the key news stories impacting Phathom Pharmaceuticals this week:

Positive Sentiment: Needham maintained a “Buy” rating while lowering its price target from $28 to $22. The revised target still implies substantial upside from recent trading levels, suggesting the analyst believes Phathom’s commercial opportunity remains intact. Needham price target report
Positive Sentiment: Second-quarter revenue beat expectations. Phathom reported $74.27 million in revenue, above the $72.70 million consensus estimate. Earnings also improved significantly from the prior-year period; Zacks characterized the quarter as break-even compared with a $0.79-per-share loss a year earlier. Phathom Q2 earnings report
Neutral Sentiment: Phathom continues expanding commercialization of its gastrointestinal treatments, with a sales force of more than 290 representatives. The investment could support future growth, but it also increases near-term operating expenses and execution requirements. Phathom business update
Negative Sentiment: Full-year 2026 revenue guidance was cut to $310 million-$325 million, below the prior top-end outlook of $345 million and the $334.3 million analyst consensus. The company also reported a $0.08-per-share quarterly loss, slightly worse than the expected $0.06 loss. The lowered outlook has prompted an investor investigation notice, adding potential legal and reputational overhang. Phathom investigation notice

Institutional Trading of Phathom Pharmaceuticals

A number of large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd purchased a new position in Phathom Pharmaceuticals during the 4th quarter worth $27,000. Raymond James Financial Inc. purchased a new stake in shares of Phathom Pharmaceuticals in the second quarter valued at about $30,000. Kestra Advisory Services LLC purchased a new stake in shares of Phathom Pharmaceuticals in the fourth quarter valued at about $38,000. BNP Paribas Financial Markets boosted its stake in shares of Phathom Pharmaceuticals by 71.9% during the second quarter. BNP Paribas Financial Markets now owns 5,072 shares of the company’s stock worth $49,000 after buying an additional 2,122 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Phathom Pharmaceuticals by 58.3% during the second quarter. Tower Research Capital LLC TRC now owns 5,710 shares of the company’s stock worth $55,000 after buying an additional 2,102 shares during the period. Institutional investors and hedge funds own 99.01% of the company’s stock.

About Phathom Pharmaceuticals

(Get Free Report)

Phathom Pharmaceuticals is a clinical‐stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company’s core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom’s research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company’s lead asset is vonoprazan, a potassium‐competitive acid blocker (P-CAB) licensed for use in the United States.