Phathom Pharmaceuticals Q3 Revenue Climbs 71% on VOQUEZNA Growth; Reaffirms FY26 Guidance

Phathom Pharmaceuticals (PHAT) reported third-quarter 2026 net revenues of $84.7 million, up 71% from $49.5 million a year earlier, driven by continued prescription growth for its GERD treatment VOQUEZNA. Net loss narrowed to $13.9 million, or 0.16 per share, from $30.0 million, or 0.41 per share. Non-GAAP adjusted net income was $3.0 million versus an adjusted net loss of $11.2 million. The company posted positive operating cash flow for a second consecutive quarter and held $184.6 million in cash as of September 30, 2026. About 380,000 prescriptions were filled in the quarter, including 248,000 covered and 132,000 cash-pay. More than 2 million VOQUEZNA prescriptions had been filled through October 16, 2026. R&D expenses rose to $8.7 million from $7.0 million; SG&A climbed to $57.7 million from $51.6 million. Phathom reaffirmed full-year 2026 guidance of $310 million to $325 million in net revenue, versus $175.1 million in 2025.