Phathom Pharmaceuticals Stock Earnings Reports

Phathom reported strong Q1 2026 operational progress and continued commercial momentum. Net revenues were $58.3M, up 104% year-over-year, and management maintained full-year 2026 revenue guidance of $320–$345M. The company has expanded its field team to over 290 sales reps to aggressively pursue gastroenterology (GI) penetration, with a strategy focused on driving depth of writing among GIs first (targeting 20%–30% GI market share to reach a ~$1B annual revenue milestone). New-to-brand (NBRx) activity is a key leading indicator: among the top 300 GI writers VOQUEZNA achieved ~45% NBRx share versus PPIs in Q1, and >30% NBRx among the top 3,000. Q1 TRx showed seasonality but late-March/April prescription trends improved, with covered prescriptions growing ~91% YoY and total prescriptions ~115% YoY. Gross margin (~80%) and gross-to-net were in guidance (55%–59% range). Cash operating expense (non-GAAP, excl. stock comp) was $56.2M; net cash usage was ~ $15M in Q1, ending with ~$181M cash. The EoE Phase II trial is enrolling ahead of schedule with topline expected in late Q4 2026 / early Q1 2027. Management is preparing for potential second P-CAB entrants (e.g., tegoprazan) but expects first-mover advantages and believes VOQUEZNA’s clinical profile and growing physician experience provide durable positioning. Phathom expects operating profitability excluding stock-based comp by Q3 2026 and positive cash flow in 2027, and says current cash plus anticipated operating cash generation should be sufficient to fund obligations without another capital raise.