Revenue: As of FY2026 Q2, the actual value is USD 74.27 M, beating the estimate of USD 72.69 M.

EPS: As of FY2026 Q2, the actual value is USD -0.21, beating the estimate of USD -0.2571.

EBIT: As of FY2026 Q2, the actual value is USD -3.972 M.

Second Quarter 2026 Financial Performance

Net Revenues

Phathom Pharmaceuticals, Inc. reported net revenues of $74.3 million for the second quarter of 2026, an 88% increase from $39.5 million in the second quarter of 2025.

Gross Profit and Margin

Gross profit for the second quarter of 2026 was $59.2 million, compared to $34.5 million for the second quarter of 2025. The calculated gross margin for Q2 2026 was approximately 79.7%, which is lower than approximately 87.3% for Q2 2025.

Operating Expenses

Operating expenses for the second quarter of 2026 decreased to $63.1 million, a $31.2 million or 33% reduction from $94.4 million in the second quarter of 2025. Research and development (R&D) expenses decreased to $7.8 million in Q2 2026 from $9.1 million in Q2 2025. Selling, general and administrative (SG&A) expenses decreased to $55.3 million in Q2 2026 from $85.3 million in Q2 2025. Non-GAAP operating expenses, excluding stock-based compensation, were $56.4 million in Q2 2026, down from $86.1 million in Q2 2025.

Loss from Operations

Loss from operations for the second quarter of 2026 significantly improved to - $4.0 million, compared to - $59.9 million in the second quarter of 2025.

Net Loss

Net loss for the second quarter of 2026 was - $17.6 million, an improvement from - $75.8 million for the second quarter of 2025. The Non-GAAP adjusted net loss was - $0.1 million for Q2 2026, compared to - $56.5 million for the same period in 2025.

Cash and Cash Equivalents

As of June 30, 2026, cash and cash equivalents totaled $182.5 million, marking an increase of $1.6 million compared to the first quarter ended 2026.

Key Operational Highlights

Phathom Pharmaceuticals, Inc. reported approximately 1.7 million total VOQUEZNA® prescriptions filled as of July 17, 2026. During the second quarter of 2026, approximately 325,000 total VOQUEZNA prescriptions were filled, representing an 88% increase compared to the second quarter of 2025 and a 21% increase compared to the first quarter of 2026. Approximately 209,000 covered prescriptions were filled in the second quarter of 2026, making up about 64% of total quarterly prescriptions. This figure increased by 79% compared to the second quarter of 2025 and 24% compared to the first quarter of 2026.

2026 Financial Guidance

Phathom Pharmaceuticals, Inc. updated its full-year 2026 net revenue guidance to $310-$325 million, revised from the previous guidance of $320-$345 million. The company maintained its guidance for non-GAAP operating expenses (excluding stock-based compensation) at $235-$245 million and expects to achieve operating profitability for the remainder of 2026 and for the full year, excluding stock-based compensation. Additionally, Phathom Pharmaceuticals, Inc. is maintaining its guidance for gross-to-net discount at 55-59% and gross margin at approximately 80%.