Phathom Pharmaceuticals (NASDAQ:PHAT) Surpasses Q2 Estimates with Strong VOQUEZNA Growth, Shares Jump 6% in Premarket

Phathom Pharmaceuticals (NASDAQ:PHAT) Beats Q2 Revenue and EPS Estimates, Shares Rise in Premarket

Phathom Pharmaceuticals (NASDAQ:PHAT) reported second-quarter 2025 financial results that surpassed analyst expectations, driving a positive premarket reaction. The company posted revenue of $39.5 million, exceeding the consensus estimate of $36.8 million, while its non-GAAP adjusted net loss per share came in at ($0.79), better than the projected ($1.06).

Key Financial Highlights vs. Estimates

• Revenue: $39.5M (vs. $36.8M expected) – 7.3% beat
• Non-GAAP EPS: ($0.79) (vs. ($1.06) expected) – 26% narrower loss than expected
• Full-year 2025 revenue guidance: $165M–$175M (vs. analyst sales estimate of $162.7M)

The strong revenue growth was driven by increased adoption of VOQUEZNA®, the company’s lead product for gastrointestinal diseases, which saw 580,000 prescriptions filled to date, reflecting a 49% increase since the last earnings report.

Market Reaction

Following the earnings release, Phathom’s stock rose 6.2% in premarket trading, indicating investor optimism around the revenue beat and improved profitability outlook. The company’s narrowed loss and upward-trending prescription numbers suggest accelerating commercial traction.

Business and Operational Updates

• Prescription Growth: VOQUEZNA prescriptions grew 36% sequentially in Q2, with over 29,300 healthcare providers now prescribing the drug.
• Strategic Shift: The company is focusing more on gastroenterologists (GIs), who account for 70% of prescriptions, while reducing emphasis on low-prescribing primary care physicians.
• Regulatory Exclusivity: The FDA confirmed 10-year New Chemical Entity (NCE) exclusivity for VOQUEZNA through May 2032, delaying potential generic competition until at least 2033.

Financial Health & Outlook

Phathom ended Q2 with $149.6 million in cash and expects non-GAAP operating expenses to decline in the second half of 2025, targeting profitability in 2026. The company’s full-year revenue guidance of $165M–$175M aligns closely with analyst expectations, reinforcing confidence in its growth trajectory.

Conclusion

Phathom’s Q2 results demonstrate strong execution, with revenue and earnings outperforming estimates. The market’s positive reaction reflects optimism around VOQUEZNA’s adoption and the company’s path to profitability.

For more detailed earnings estimates and historical performance, visit Phathom Pharmaceuticals’ earnings page.

Disclaimer: This article is not investment advice. Investors should conduct their own research before making any financial decisions.