Phathom Pharmaceuticals (PHAT)
NASDAQ:PHAT
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Earnings Data
Report Date
Aug 06, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
-0.2Last Year’s EPS
-1.05Same Quarter Last Year
Strong Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents strong commercial momentum and meaningful year-over-year growth, highlighted by rapid prescription uptake, high new-to-brand conversion among gastroenterologists, expanding sales coverage, an 80% gross margin, and ahead-of-schedule EoE enrollment. Management maintained guidance, reduced operating cash spend year-over-year, and ended the quarter with $181M in cash. Near-term challenges include Q1 being light versus internal expectations (seasonality and deployment timing), a modest sequential revenue increase (+1% vs Q4), an operating loss excluding stock-based compensation (~$9.9M), and persistent high gross-to-net discounts (55%–59% guidance) with variability due to channel mix. Competitive risk from a potential second P-CAB entrant in 2027 and a notable share of cash-pay prescriptions (~37% in Q1) remain considerations. On balance, the positives (robust growth, market share gains, commercial execution, clinical progress, and expense discipline) outweigh the near-term headwinds and uncertainties.Company Guidance
Strong Year-over-Year Revenue Growth
Net revenues of $58.3 million in Q1 2026, up 104% versus $28.5 million in Q1 2025; sequential growth of ~1% versus Q4 2025. Management is maintaining full-year 2026 revenue guidance of $320 million to $345 million.
Rapid Prescription Momentum and Market Penetration
Approximately 1.35 million VOQUEZNA prescriptions filled through April 17; Q1 filled ~268,000 prescriptions. Covered prescriptions grew ~91% year-over-year and total prescriptions grew ~115% year-over-year. Two of the first three weeks in April set new all-time highs for covered prescriptions.
High New-to-Brand (NBRx) Conversion Among GI Prescribers
Top 300 gastroenterology writers achieved ~45% NBRx market share versus PPIs in Q1; top 3,000 gastroenterology writers show cumulative NBRx share north of 30%. Covered NBRx grew ~11% versus Q4 2025, indicating strong new patient starts.
Sales Force Expansion and Commercial Execution
Expanded sales team with nearly 50 new reps trained and deployed; more than 290 reps in place entering Q2 and sales force alignment complete to support deeper gastroenterology coverage and increased HCP engagement.
Healthy Gross Margin and Gross-to-Net Outcome
Reported gross margin of approximately 80% for Q1. Gross-to-net discount for Q1 came in at the lower end of the company’s 55%–59% guidance range, aided by channel mix dynamics.
Expense Discipline and Reduced Cash Operating Spend Year-over-Year
Q1 cash operating expenses (excluding stock-based compensation) were $56.2 million. Year-over-year cash operating expenses declined approximately 43% versus Q1 2025, reflecting cost discipline.
Conservative Cash Usage and Solid Ending Cash Balance
Net cash usage from operations in Q1 was approximately $15 million. Cash and cash equivalents ended the quarter at about $181 million. Management expects cash on hand plus operating cash generation to be sufficient to meet obligations without an additional raise.
Clinical Development Progress — EoE Trial Enrolling Ahead of Schedule
Phase II eosinophilic esophagitis (EoE) trial is enrolling ahead of schedule with anticipated topline data in late Q4 2026 or early Q1 2027, supporting potential label/indication expansion pathway.
Resolved Data Reporting Gap
Incremental IQVIA reporting gap from prior call was resolved by mid-March and TRx numbers reported include previously un-captured prescriptions, improving visibility into prescribing trends.
PHAT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PHAT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 30, 2026 | $11.78 | $11.20 | -4.92% |
Feb 26, 2026 | $12.32 | $13.56 | +10.06% |
Oct 30, 2025 | $13.53 | $13.31 | -1.63% |
Aug 07, 2025 | $8.68 | $9.40 | +8.29% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Phathom Pharmaceuticals (PHAT) report earnings?
Phathom Pharmaceuticals (PHAT) is schdueled to report earning on Aug 06, 2026, Before Open (Confirmed).
What is Phathom Pharmaceuticals (PHAT) earnings time?
Phathom Pharmaceuticals (PHAT) earnings time is at Aug 06, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is PHAT EPS forecast?
PHAT EPS forecast for the fiscal quarter 2026 (Q2) is -0.2.