Phathom Pharmaceuticals stock: Q3 revenue reaches USD 84.7 million
Published on 10/30/2026 at 02:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSKey results and outlook
- Phathom reported a narrower GAAP net loss and positive operating cash flow for the second consecutive quarter.
- VOQUEZNA prescriptions exceeded two million through October 16, 2026.
- Management maintained its full-year revenue, gross-to-net discount, gross-margin and non-GAAP expense guidance.
Phathom Pharmaceuticals reported third-quarter 2026 results on October 29, with net revenue of USD 84.7 million and continued progress toward operating profitability. The company said in its October 29 GlobeNewswire release that revenue growth reflected continued execution of its commercial strategy.
Commercial momentum continues
VOQUEZNA, Phathom's vonoprazan-based treatment portfolio, surpassed two million prescriptions filled since launch through October 16. During the quarter, approximately 380,000 prescriptions were filled, including about 248,000 covered prescriptions and 132,000 cash-pay prescriptions.
Covered prescriptions represented approximately 65% of quarterly volume and increased 19% from the second quarter. Cash-pay prescription volume rose 6% sequentially. Phathom also highlighted its Access First initiatives and a new copay offering through pharmacy partner BlinkRx for eligible commercially insured patients.
Loss narrows as spending remains elevated
Phathom's GAAP net loss narrowed to USD 13.9 million from USD 30.0 million in the year-earlier quarter. Non-GAAP adjusted net income was USD 3.0 million, compared with a non-GAAP adjusted net loss of USD 11.2 million a year earlier.
Operating expenses increased to USD 66.4 million from USD 58.6 million, reflecting clinical-development costs and commercial investment. The reported figure included USD 5.9 million in non-cash stock-based compensation; non-GAAP operating expenses excluding that item were USD 60.5 million.
Cash and cash equivalents stood at USD 184.6 million on September 30, 2026. Phathom said it generated positive operating cash flow for the second consecutive quarter, while its gross margin was affected by certain one-time manufacturing charges.
Guidance and pipeline remain in focus
Management maintained its 2026 net-revenue guidance of USD 310 million to USD 325 million. It also retained its outlook for a 55% to 59% gross-to-net discount, gross margin of approximately 80% and non-GAAP operating expenses of USD 235 million to USD 245 million excluding stock-based compensation.
The company expects topline data in the fourth quarter of 2026 from the blinded treatment portion of its Phase 2 study of VOQUEZNA in eosinophilic esophagitis. Its registrational Phase 3 as-needed program in non-erosive GERD is enrolling, with topline results expected in the first quarter of 2028.
Phathom Pharmaceuticals at a glance
- Company: Phathom Pharmaceuticals, Inc.
- Ticker: PHAT
- Reporting period: Third quarter ended September 30, 2026
- Net revenue: USD 84.7 million
- GAAP net loss: USD 13.9 million
- Cash and cash equivalents: USD 184.6 million as of September 30, 2026
- 2026 revenue guidance: USD 310 million to USD 325 million
In the broader market, investors will also monitor developments across the S&P 500 as they assess risk appetite for biotechnology companies.
For investors, the results underline Phathom's commercial progress while leaving execution, reimbursement access, clinical development and regulatory exclusivity as important factors for the outlook.
