The lowered full-year revenue guidance is the dominant signal, likely outweighing the Q2 beat. Traders should watch for further commentary on the guidance revision during the earnings call and monitor prescription trends in Q3 to assess if the slowdown is temporary or structural.
Price Chart
Executive Summary
Phathom reported Q2 2026 net revenue of $74.3M, up 88% YoY and above the $72.7M consensus, driven by strong VOQUEZNA prescription growth. However, GAAP EPS was -$0.21, below the consensus estimate of -$0.15, and the company lowered its full-year 2026 revenue guidance to $310-325M from $320-345M, signaling a more cautious outlook despite the strong quarter. The stock is likely to trade down on the guidance cut and EPS miss, partially offset by the revenue beat and progress toward profitability.
Key Financial Metrics
Key Facts
- Q2 2026 net revenue of $74.3M, up 88% YoY and 27% QoQ, beating consensus of $72.7M.
- GAAP EPS of -$0.21 missed consensus of -$0.15, a 40% miss.
- Full-year 2026 revenue guidance lowered to $310-325M from $320-345M.
- Non-GAAP adjusted net loss was just $0.1M, nearing operating profitability.
- Approximately 325,000 total VOQUEZNA prescriptions filled in Q2, up 88% YoY.
- Cash and equivalents of $182.5M as of June 30, 2026, up from $129.97M at year-end 2025.
Financial Impact
Revenue beat by ~2.2% ($74.3M vs $72.7M consensus), but EPS missed by 40% (-$0.21 vs -$0.15 consensus). Full-year revenue guidance cut by $10-20M at the midpoint.
Risk Factors
- Lowered full-year revenue guidance suggests slowing growth trajectory in H2 2026.
- EPS miss indicates higher-than-expected costs or lower margins, despite revenue growth.
- Dependence on VOQUEZNA for nearly all revenue; pipeline catalysts (Phase 3 NERD, Phase 2 EoE) are not expected until Q4 2026.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3335890 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 9w ago | 8-K | $9.03 $8.94 | ▼ −1.00% | ▼ −4.96% | $6.92 (−23.37%) |
Jul 30, 2026 9w ago | Press Release | $9.03 $8.94 | ▲ +1.00% | ▲ +4.96% | $6.92 (+23.37%) |
Jul 20, 2026 10w ago | Press Release | $10.65 $9.28 | ▲ +12.86% | ▲ +16.98% | $6.92 (+35.02%) |
May 20, 2026 19w ago | Press Release | $11.87 $10.88 | ▼ −8.34% | ▼ −9.08% | $6.92 (−41.70%) |
May 1, 2026 22w ago | Press Release | $12.01 $9.24 | ▼ −23.06% | ▼ −28.35% | $6.92 (−42.38%) |
Apr 30, 2026 22w ago | Press Release | $11.20 $10.32 | ▼ −7.86% | ▼ −12.82% | $6.92 (−38.21%) |
Apr 7, 2026 25w ago | DEFA14A | $11.55 $12.87 | ▲ +11.43% | ▲ +1.65% | $6.92 (−40.09%) |
Feb 26, 2026 31w ago | 8-K | $13.56 $10.79 | ▼ −20.43% | ▼ −14.03% | $6.92 (−48.97%) |
US Market Status
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