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Jun 30
Phathom Q2 2025 Earnings Report
Phathom Pharmaceuticals reported its second quarter 2025 financial results, showcasing significant revenue growth and strategic cost reductions.
Key Takeaways
Phathom Pharmaceuticals delivered strong sequential revenue growth in Q2 2025, driven by the continued commercial launch of VOQUEZNA products. The company reported net revenues of $39.5 million, a substantial increase from the previous year, and reduced its net loss. Strategic cost reductions and a refined commercial strategy focusing on high-value prescribers are positioning the company for profitability in 2026.
Net revenues for Q2 2025 reached $39.5 million, a significant increase of $32.2 million compared to Q2 2024.
Over 580,000 VOQUEZNA prescriptions have been filled to date, with approximately 173,000 filled in Q2 2025, representing 36% sequential growth.
The company's net loss for Q2 2025 was $75.8 million, an improvement from $91.4 million in Q2 2024.
Phathom expects full-year 2025 revenue to be in the range of $165 million to $175 million and aims for profitability in 2026.
Phathom
Phathom
Phathom Revenue by Segment
Revenue by Segment
VOQUEZNA Products Revenue
CapyFin.com Forward Guidance
Phathom Pharmaceuticals provided optimistic full-year 2025 revenue guidance and reiterated its commitment to achieving profitability in 2026, driven by strong VOQUEZNA prescription trends and a refined commercial strategy.
Positive Outlook
- Full-year 2025 revenue guidance is set between $165 million to $175 million, reflecting confidence in continued growth.
- The company remains focused on achieving profitability from operations in 2026, excluding stock-based compensation.
- Non-GAAP operating expenses are expected to decrease significantly to less than $60 million for Q3 2025 and less than $55 million for Q4 2025 due to restructuring efforts.
- Extended market exclusivity for VOQUEZNA 10 mg and 20 mg tablets through May 2032, with generic entry unlikely before 2033.
- Current cash and cash equivalents of $149.6 million are believed to be sufficient to fund operations and achieve profitability in 2026.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text.
- The company's ability to successfully commercialize VOQUEZNA and achieve expected revenue levels is subject to risks.
- Market acceptance for VOQUEZNA from healthcare professionals, patients, and payors may be lower than anticipated.
- The company may encounter coverage, reimbursement, or market access issues that could negatively impact commercialization efforts.
- Operating expenses could be higher than anticipated due to unexpected events or activities not currently planned.