Phathom Pharmaceuticals (NASDAQ:PHAT) Releases Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• Phathom reported Q1 EPS of ($0.18), missing estimates by $0.01, with net revenue of $58.3 million (up 104% YoY) and it maintained 2026 revenue guidance of $320–$345 million, expecting results to be back‑half weighted.
• Commercial momentum continues as the salesforce expanded to nearly 290+ reps, with top‑300 gastroenterologists showing ~20% TRX share and ~45% NBRX versus PPIs, signaling deeper penetration and new‑patient starts.
• Management emphasized financial discipline and pipeline progress, ending Q1 with ~$181M cash, targeting operating profitability ex‑SBC by Q3 and positive cash flow in 2027, while an EoE Phase II trial is enrolling ahead of schedule with topline data expected late Q4 2026/early Q1 2027.

Phathom Pharmaceuticals (NASDAQ:PHAT - Get Free Report) released its earnings results on Thursday. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.01), FiscalAI reports. The firm had revenue of $58.30 million during the quarter, compared to analysts' expectations of $58.62 million.

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

• Phathom reported Q1 net revenue of $58.3 million, up 104% year‑over‑year, and is maintaining 2026 guidance of $320–$345 million with revenues expected to be back‑half weighted.
• Commercial momentum: the sales force was expanded to nearly 290+ reps, and management highlighted strong adoption among gastroenterologists—top 300 GIs show ~20% TRX share and ~45% NBRX versus PPIs, signaling deeper penetration and new‑patient starts.
• Financial discipline and runway: Q1 cash operating expenses (ex‑stock comp) were $56.2M (down ~43% YoY), loss from operations ex‑SBC ~$9.9M, ending cash of ~$181M, and the company expects operating profitability ex‑SBC by Q3 and positive cash flow in 2027.
• Pipeline progress: the eosinophilic esophagitis (EoE) Phase II trial is enrolling ahead of schedule with topline data anticipated in late Q4 2026 or early Q1 2027, which could expand Voquezna's indications if positive.
• Competitive risk: management is preparing for a potential second P‑CAB (tegoprazan) approval in 2027; although Phathom emphasizes Voquezna's clinical profile, a new entrant could increase category competition and payer dynamics.

Phathom Pharmaceuticals Stock Down 4.9%

NASDAQ:PHAT traded down $0.58 during midday trading on Thursday, hitting $11.20. The stock had a trading volume of 4,232,273 shares, compared to its average volume of 1,152,908. Phathom Pharmaceuticals has a one year low of $2.21 and a one year high of $18.31. The company has a market capitalization of $889.62 million, a price-to-earnings ratio of -3.66 and a beta of 0.61. The stock has a 50-day moving average of $11.52 and a 200 day moving average of $13.42.

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PHAT. Barclays raised Phathom Pharmaceuticals from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $16.00 to $18.00 in a research note on Friday, March 27th. Stifel Nicolaus set a $28.00 target price on Phathom Pharmaceuticals in a research note on Thursday, February 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a research note on Tuesday, April 21st. Guggenheim upped their target price on Phathom Pharmaceuticals from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, February 27th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Phathom Pharmaceuticals in a research note on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $22.50.

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.

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