Phathom Revenue Rises to $84.7 Million as Quarterly Loss Narrows
Key Facts
Phathom Pharmaceuticals reported third-quarter 2026 revenue of $84.7 million, up $35.2 million from the same period last year, attributing the growth to the continued expansion of its commercial strategy. Revenue was $49.5 million in the third quarter of 2025, according to the results statement published via Nasdaq. Meanwhile, the GAAP net loss narrowed to $13.9 million from $30 million a year earlier. On a non-GAAP basis, the company reported net income of $3 million, compared with an adjusted loss of $11.2 million in the same period of 2025. The difference between the two results reflects the measurement basis, as the company disclosed separate figures for its accounting loss and adjusted income.
Operating expenses rose to $66.4 million in the third quarter, from $58.6 million a year earlier. The company said the increase was tied to higher clinical development costs and commercial investment in its sales force and “access first” initiatives. This puts expense growth alongside the improvement in adjusted results, as spending on commercial expansion and clinical programs continues. Business growth was not limited to revenue: Phathom said total VOQUEZNA prescriptions dispensed surpassed 2 million as of October 16, 2026. The company reached the first million a little more than two years after launch, then achieved the second million in less than a year.
About 380,000 VOQUEZNA prescriptions were dispensed during the third quarter, including approximately 248,000 covered prescriptions and 132,000 paid for in cash. Covered prescriptions represented about 65% of the quarter’s total, the company said. At the end of the quarter, Phathom launched a copay offer through its pharmacy partner BlinkRx, allowing eligible patients with commercial insurance to pay an amount starting at $0 for the drug. Chief Executive Steve Basta said the company “continues to deepen VOQUEZNA prescribing among gastroenterologists,” adding that it had implemented initiatives to make prescribing and obtaining the treatment easier. The offer provides an additional channel in the company’s stated efforts to facilitate patient access to treatment, alongside insurance-covered and cash-pay prescriptions.
Phathom said it generated positive operating cash flow for the second consecutive quarter. It added that it was confident in its ability to meet its financial obligations while continuing to invest in its commercial and clinical priorities. The company reaffirmed its 2026 financial guidance, expecting net revenue of between $310 million and $325 million. It also maintained its forecast for gross-to-net deductions at 55–59% and gross margin at about 80%. The guidance includes non-GAAP operating expenses of between $235 million and $245 million, excluding stock-based compensation.
On clinical development, the company said topline results from the 12-week blinded portion of the phase 2 pHalcon-EoE-201 study of treatment for eosinophilic esophagitis are expected in the fourth quarter of 2026. It also reported that the first participant had been dosed in the pivotal phase 3 study of as-needed VOQUEZNA for non-erosive gastroesophageal reflux disease, and that study sites continue to enroll participants in the United States. The company expects to announce topline results from this study in the first quarter of 2028. These timelines place the treatment program under development alongside VOQUEZNA’s commercial activity and the revenue guidance the company reaffirmed for the current year.