Phathom Pharmaceuticals updated its full-year 2026 revenue guidance to $310 million to $325 million and announced plans to initiate a Phase 3 trial for as-needed use of VOQUEZNA in non-erosive GERD during the fourth quarter. The company reported second-quarter net revenues of $74.3 million, a 27% sequential increase, and achieved positive operating profit excluding stock-based compensation for the first time, ahead of its prior guidance. Management cited physician friction in obtaining VOQUEZNA for GERD patients as a factor in the refined revenue outlook, while noting that nearly 1.7 million prescriptions have been filled since launch. The Phase 3 as-needed trial is expected to support a potential label update by 2029 and expand the market opportunity into primary care. Phathom also expects top-line data from its EoE Phase 2 study in the fourth quarter and reiterated its gross-to-net discount range of 55% to 59% and gross margin of approximately 80%.
Phathom Pharmaceuticals IncRaised 2026 revenue guidance to $310M-$325M and achieved first positive operating profit ex-stock comp, ahead of prior guidance.