Phathom Pharmaceuticals (NASDAQ:PHAT) Issues Earnings Results, Beats Estimates By $0.01 EPS

Phathom Pharmaceuticals (NASDAQ:PHAT) posted its quarterly earnings results 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 business had revenue of $57.58 million during the quarter, compared to the consensus estimate 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

Phathom Pharmaceuticals stock traded down $1.00 during mid-day trading on Friday, reaching $12.56. 1,179,982 shares of the company traded hands, compared to its average volume of 1,178,008. Phathom Pharmaceuticals has a 52-week low of $2.21 and a 52-week high of $18.31. The firm has a market capitalization of $897.04 million, a price-to-earnings ratio of -3.29 and a beta of 0.51. The firm’s 50 day moving average price is $14.40 and its 200 day moving average price is $13.46.

Phathom Pharmaceuticals News Summary

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

• Positive Sentiment: Guggenheim raised its price target on PHAT from $20 to $25 and reiterated a “buy” rating — a bullish analyst view that implies material upside versus current levels. Guggenheim raises PT to $25
• Positive Sentiment: Management issued FY?2026 revenue guidance of $320M–$345M, above consensus (~$313.8M), and reiterated that operating profitability is expected beginning Q3 2026 and for the full year — a major inflection point if achieved. Phathom outlines $320M–$345M 2026 revenue guidance
• Neutral Sentiment: Q4 2025 results: EPS loss of $0.08 beat estimates by $0.01 and Q4 revenue $57.6M slightly topped expectations; FY 2025 net revenue was $175.1M (up ~217% YoY). These operational improvements support the upbeat guidance but EPS remains negative. Company press release — Q4/FY2025 results & guidance
• Neutral Sentiment: Management hosted an earnings call (transcript and highlights available) that fleshed out commercialization progress for VOQUEZNA® (over 1.1M prescriptions filled to date) and timing assumptions behind the profitability target — useful for assessing execution risk. Earnings call transcript
• Neutral Sentiment: Previews and analyst notes ahead of/after the print (earnings previews and coverage) provide varying short?term expectations — monitor updates for revisions ahead of next quarters. Earnings preview
• Negative Sentiment: Phathom completed a $130M equity offering and modified term debt as part of balance?sheet actions. While this strengthens liquidity, it introduces dilution risk that can pressure the stock near term if investors focus on share count impact. Press release — equity offering and debt modification

Hedge Funds Weigh In On Phathom Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in Phathom Pharmaceuticals in the fourth quarter worth about $258,000. Invesco Ltd. grew its holdings in shares of Phathom Pharmaceuticals by 1.4% during the 4th quarter. Invesco Ltd. now owns 3,920,446 shares of the company’s stock worth $65,040,000 after acquiring an additional 55,475 shares during the period. VARCOV Co. bought a new position in shares of Phathom Pharmaceuticals in the 4th quarter worth approximately $1,439,000. Virtus Investment Advisers LLC lifted its stake in shares of Phathom Pharmaceuticals by 5.9% in the 4th quarter. Virtus Investment Advisers LLC now owns 46,937 shares of the company’s stock valued at $779,000 after purchasing an additional 2,631 shares during the period. Finally, SummitTX Capital L.P. boosted its position in shares of Phathom Pharmaceuticals by 34.2% during the fourth quarter. SummitTX Capital L.P. now owns 517,820 shares of the company’s stock valued at $8,591,000 after purchasing an additional 131,852 shares in the last quarter. Hedge funds and other institutional investors own 99.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PHAT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Thursday, January 22nd. Barclays initiated coverage on Phathom Pharmaceuticals in a research report on Monday, December 8th. They set an “equal weight” rating and a $16.00 price target on the stock. Raymond James Financial assumed coverage on Phathom Pharmaceuticals in a research report on Thursday, December 11th. They issued a “strong-buy” rating and a $28.00 price objective for the company. Guggenheim raised their target price on shares of Phathom Pharmaceuticals from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Friday. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Phathom Pharmaceuticals in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.25.

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.