Phathom beats, trims 2026 revenue outlook on payer friction

 

Phathom posts first operating profit, beats Q2 2026 estimates, trims 2026 revenue outlook on payer friction

• Q2 revenue $74.3M, up 88% YoY and 27% sequentially, driving scale benefits.
• Q2 EPS $0.00, +100% YoY, beating analyst estimates alongside strong revenue growth.
• First-ever operating profit excluding stock-based compensation; prior-year Q2 loss exceeded $50M.
• Cash operating expenses fell 34% YoY to $56.4M; full-year guidance cut to $235–245M.
• Gross margin ~80% and gross-to-net in low half of 55–59% range, both reiterated.
• 2026 revenue outlook refined down to $310–325M, citing insurance process friction for Voquezna.
• Physicians highly satisfied with Voquezna efficacy, but prior-authorization workflow and cost perceptions slowing broader use.
• Company pushing more prescriptions through Blink partner to streamline coverage, reduce denials, and improve refills.
• EOE Phase II fully enrolled; topline Q4 2026, with potential six-month exclusivity extension.
• Phase III as-needed non-erosive GERD trial starts Q4 2026, aiming at large incremental patient segment.

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