Phathom Pharmaceuticals Hits Operating Profitability as Voquezna Sales Climb
The pharmaceutical company reported record quarterly net revenues of $74.3 million.
Phathom Pharmaceuticals (PHAT) reached non-GAAP operating profitability for the first time in the second quarter of 2026. The milestone occurred ahead of the company's previous projections from the fourth quarter of 2025 and first quarter of 2026, which had anticipated the shift in the third quarter of 2026.
Net revenues for the quarter reached a record $74.3 million, an 88% increase compared to the $39.5 million reported in the second quarter of 2025. The result also represented a 27% sequential increase from the $58.3 million recorded in the first quarter of 2026.
Growth was driven by the performance of Voquezna, with total prescriptions filled reaching approximately 325,000. This figure rose 88% over the second quarter of 2025 and 21% over the first quarter of 2026. Covered prescriptions grew 79% year-over-year and 24% sequentially, accounting for 64% of total quarterly prescriptions.
Operating expenses fell to $63.1 million, a 33% reduction from the $94.4 million spent in the second quarter of 2025. The decline was due to lower personnel costs and reduced direct-to-consumer promotional spending.
Phathom reported a non-GAAP adjusted net loss of $0.1 million for the quarter, compared to a loss of $56.5 million in the second quarter of 2025.
Full-year 2026 net revenue guidance was lowered to a range of $310 million to $325 million, down from the previous range of $320 million to $345 million. The company narrowed its full-year non-GAAP operating expense guidance to $235 million to $245 million from a previous range of $235 million to $255 million.
Phathom announced plans to initiate a Phase 3 clinical trial for as-needed dosing of Voquezna in patients with non-erosive GERD, with first subject enrollment expected in the fourth quarter of 2026.
Topline results for the Phase 2 pHalcon-EoE-201 trial are now expected in the fourth quarter of 2026. This timeline is an acceleration from the 2027 projection provided in the fourth quarter of 2025 and the late 2026 or early 2027 timeline provided in the first quarter of 2026.