Phathom Pharmaceuticals (NASDAQ:PHAT) Issues Earnings Results

Phathom Pharmaceuticals (NASDAQ:PHAT) posted its quarterly earnings data on Thursday. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.01, FiscalAI reports. The firm had revenue of $57.58 million for the quarter, compared to analyst estimates of $57.44 million.

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

• Strong financial results and outlook: 2025 net revenue was $175.1M (up 217% YoY) with Q4 at $57.6M, and management guides 2026 revenue of $320M–$345M and expects to reach operating profitability excluding stock-based compensation beginning in Q3 2026 and cash-flow positivity in 2027.
• Capital structure materially improved: Phathom completed a $130M equity offering in January and renegotiated its term loan (principal reduced to $175M, interest cut from 12% to 9.85%, maturity extended to Feb 2029), which management says, together with forecasted cash flow, will cover covenant and repayment needs.
• Commercial momentum in GI focus: Salesforce is nearly full (285/300), Voquezna has >1.1M prescriptions to ~230k patients, covered scripts are growing (64% of Q4 scripts), and management reports accelerating physician adoption that it believes supports multi-hundred‑million to potentially ~$1B GI opportunity over time.
• Accounting classification change to note: Phathom will reclassify ~$17M–$20M of third-party charges from gross‑to‑net to cost of goods sold in 2026, which raises reported net revenue but is expected to be largely P&L neutral for gross profit and does not affect underlying operations.
• Near-term headwinds and limited Medicare coverage: Q1 seasonality (and recent winter storms) is expected to depress early‑year prescriptions, IQVIA may underreport scripts versus internal data, and management does not expect broad Medicare coverage changes, which could constrain short‑term growth visibility.

Phathom Pharmaceuticals Stock Down 7.4%

NASDAQ PHAT traded down $1.00 during trading hours on Friday, hitting $12.56. The company’s stock had a trading volume of 1,182,096 shares, compared to its average volume of 947,573. Phathom Pharmaceuticals has a twelve month low of $2.21 and a twelve month high of $18.31. The firm has a market capitalization of $897.04 million, a P/E ratio of -4.10 and a beta of 0.51. The stock has a fifty day moving average of $14.30 and a 200 day moving average of $13.47.

Key Stories Impacting Phathom Pharmaceuticals

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

• Positive Sentiment: Guggenheim raised its price target to $25 and upgraded PHAT to a “buy”, implying large upside from current levels — a clear analyst endorsement that can support the stock over the medium term. Guggenheim PT Raise (Benzinga)
• Positive Sentiment: Management issued FY‑2026 revenue guidance of $320M–$345M and reiterated a target of operating profitability beginning in Q3 2026 and for the full year — guidance above street revenue consensus and a near‑term path to profitability are constructive for valuation. 2026 Guidance (Seeking Alpha)
• Positive Sentiment: Q4 results beat: EPS of ($0.08) vs. consensus ($0.09) and revenue $57.6M vs. $57.4M; FY2025 revenue jumped to $175.1M (≈217% YoY) and VOQUEZNA® prescriptions topped 1.1M — evidence of strong commercial traction. Q4 Results & Press Release (GlobeNewswire)
• Neutral Sentiment: Company says it strengthened its balance sheet via a $130M equity offering and a term‑debt modification; management reported modest net cash usage — this improves runway but the equity raise can be dilutive, which may temper upside. Balance Sheet Update (GlobeNewswire)
• Neutral Sentiment: Earnings materials (presentation and call transcript) are available for review — useful for details on sales cadence, launch math and timing to profitability but not new headlines by themselves. Earnings Presentation (Seeking Alpha) Earnings Transcript (Seeking Alpha)
• Neutral Sentiment: Preview and analyst commentary published around the Q4 print are available for reading; they summarize expectations and may influence near‑term sentiment but contain no fresh operational surprises. Q4 Preview (Yahoo Finance)

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new position in shares of Phathom Pharmaceuticals in the 4th quarter worth $27,000. Raymond James Financial Inc. acquired a new position in Phathom Pharmaceuticals in the second quarter valued at about $30,000. Kestra Advisory Services LLC bought a new position in Phathom Pharmaceuticals during the fourth quarter worth about $38,000. BNP Paribas Financial Markets boosted its holdings in 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 last quarter. Finally, Tower Research Capital LLC TRC grew its position in shares of Phathom Pharmaceuticals by 58.3% during the 2nd 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.

Analyst Upgrades and Downgrades

PHAT has been the topic of a number of recent analyst reports. Raymond James Financial assumed coverage on Phathom Pharmaceuticals in a research note on Thursday, December 11th. They issued a “strong-buy” rating and a $28.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Phathom Pharmaceuticals in a research report on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Thursday, January 22nd. Guggenheim upped their target price on shares of Phathom Pharmaceuticals from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Craig Hallum reissued a “buy” rating and issued a $22.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Phathom Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $22.25.

Phathom Pharmaceuticals Company Profile

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.