Quarterly ResultApr 30, 2026, 07:02 AM
PHAT Q1 Revenue +104% to $58.3M; FY26 Profitability Expected
AI Summary
Phathom Pharmaceuticals reported Q1 2026 net revenues of $58.3 million, a 104% increase year-over-year, driven by strong VOQUEZNA commercial progress with 1.35 million total prescriptions filled to date. The company maintained its full-year 2026 guidance, expecting operating profitability to begin in Q3 2026 and for the full year. Despite Q1 being slightly below internal expectations due to seasonal health plan access, prescription trends strengthened in late March and early April, with cash operating expenses reduced by over 40% year-over-year.
Key Highlights
- Q1 net revenues increased 104% year-over-year to $58.3 million.
- Approximately 1.35 million total VOQUEZNA prescriptions filled to date.
- Q1 VOQUEZNA prescriptions increased 115% year-over-year to ~268,000.
- Maintained FY 2026 net revenue guidance of $320 –$345 million.
- Expects operating profitability beginning in Q3 2026 and for the full year 2026.
- Q1 non-GAAP operating expenses were $56.2 million, with net cash usage of ~$15 million.
- Cash and cash equivalents were $180.9 million as of March 31, 2026.
- Phase 2 EoE trial topline results now anticipated late Q4 2026 or early Q1 2027.