Phathom Pharmaceuticals (NASDAQ:PHAT) Announces Earnings Results, Beats Expectations By $0.01 EPS

Phathom Pharmaceuticals (NASDAQ:PHAT) posted its earnings results on Thursday. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01, FiscalAI reports. The business 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 Price Performance

PHAT traded down $1.00 on Friday, reaching $12.56. The company’s stock had a trading volume of 1,181,994 shares, compared to its average volume of 1,189,333. Phathom Pharmaceuticals has a 1 year low of $2.21 and a 1 year high of $18.31. The business’s 50 day moving average is $14.40 and its 200 day moving average is $13.46. The stock has a market cap of $897.04 million, a price-to-earnings ratio of -3.29 and a beta of 0.51.

Phathom Pharmaceuticals News Summary

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)

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PHAT shares. Guggenheim lifted their target price on shares of Phathom Pharmaceuticals from $20.00 to $25.00 and gave the company a “buy” rating in a report on Friday. Craig Hallum reissued a “buy” rating and issued a $22.00 price objective on shares of Phathom Pharmaceuticals in a research report on Friday, October 31st. Weiss Ratings restated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Thursday, January 22nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Phathom Pharmaceuticals in a research note on Wednesday, January 14th. Finally, Stifel Nicolaus set a $28.00 price target on Phathom Pharmaceuticals in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.25.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in PHAT. Millennium Management LLC lifted its holdings in shares of Phathom Pharmaceuticals by 125.8% in the 3rd quarter. Millennium Management LLC now owns 5,081,451 shares of the company’s stock worth $59,809,000 after purchasing an additional 2,830,954 shares during the last quarter. Moore Capital Management LP acquired a new stake in Phathom Pharmaceuticals in the second quarter worth $5,754,000. Invesco Ltd. lifted its stake in Phathom Pharmaceuticals by 13.4% in the second quarter. Invesco Ltd. now owns 4,140,072 shares of the company’s stock valued at $39,703,000 after buying an additional 489,260 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Phathom Pharmaceuticals by 15.4% during the third quarter. Vanguard Group Inc. now owns 3,215,572 shares of the company’s stock valued at $37,847,000 after acquiring an additional 428,261 shares during the period. Finally, SummitTX Capital L.P. acquired a new position in shares of Phathom Pharmaceuticals during the third quarter valued at $4,543,000. 99.01% of the stock is currently owned by hedge funds and other institutional investors.

About Phathom Pharmaceuticals

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.