Phathom Pharmaceuticals (NASDAQ:PHAT) Surpasses Q3 2025 Earnings Estimates and Raises Full-Year Guidance

Phathom Pharmaceuticals Inc (NASDAQ:PHAT) has reported financial results for the third quarter of 2025 that surpassed analyst expectations on key metrics, leading to a positive market response in pre-market trading.

Earnings and Revenue Performance

The company's third-quarter performance demonstrated significant progress on both the top and bottom lines. Revenue growth was robust, and the company's net loss narrowed considerably compared to both the previous quarter and the same period last year.

• Revenue: The company reported net revenues of $49.5 million for Q3 2025. This represents a 25% increase from the previous quarter and comfortably exceeded the analyst estimate of approximately $47.93 million.
• Earnings Per Share (EPS): On a non-GAAP basis, which excludes certain non-cash items, the adjusted net loss per share was $0.15. This figure significantly outperformed the analyst consensus estimate for a loss of $0.56 per share.
• Market Reaction: The positive earnings surprise is reflected in the stock's pre-market activity, which showed an increase of over 3%. This immediate price action suggests investor approval of the company's stronger-than-anticipated financial performance and its updated guidance.

Updated Financial Guidance and Outlook

Management provided an updated financial outlook for the full year 2025, which appears to align with or potentially exceed current analyst expectations. The company's internal forecast offers a clearer picture of its anticipated trajectory toward profitability.

• 2025 Revenue Guidance: Phathom updated its full-year 2025 revenue guidance to a range of $170 million to $175 million. This new range sits comfortably above the analyst sales estimate for the year of $173.3 million.
• Path to Profitability: The company reiterated its expectation to achieve operating profitability in 2026. This forward-looking statement is bolstered by a substantial reduction in net cash usage, which improved by 77% quarter-over-quarter to approximately $14 million in Q3.

Business Highlights and Operational Progress

Beyond the financial figures, the earnings report highlighted several key operational achievements that underpin the company's growth narrative. The commercial launch of its lead product, VOQUEZNA, continues to gain momentum.

• Prescription Growth: Total filled prescriptions for VOQUEZNA products have surpassed 790,000 to date. In the third quarter alone, approximately 221,000 prescriptions were filled, marking a 28% increase from the second quarter.
• Expense Management: The company demonstrated disciplined cost control, with operating expenses decreasing to $58.6 million from $84.8 million in the prior year period. This was driven by a strategic reduction in promotional and personnel-related costs.
• Pipeline Development: Phathom initiated a Phase 2 trial for VOQUEZNA in Eosinophilic Esophagitis (EoE) in October, representing a potential expansion of the drug's market opportunity. Topline results from this study are anticipated in 2027.

The company's recent results paint a picture of a commercial-stage biopharmaceutical firm successfully executing its strategy. With revenue beating estimates, losses narrowing more than expected, and a clear path to profitability, the positive market reaction seems well-founded. The raised revenue guidance for the year further reinforces confidence in the company's near-term prospects.

For a more detailed breakdown of historical earnings and future analyst estimates, you can review the data here.

Disclaimer: This article is for informational purposes only and is not intended as investment advice. All investment decisions involve risk, and readers should conduct their own research before making any financial decisions.