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Introduction & Market Context
Phathom Pharmaceuticals (NASDAQ:PHAT) presented its second quarter 2025 earnings on August 7, showcasing strong prescription growth for its flagship product VOQUEZNA and better-than-expected financial results. The company’s stock responded positively, rising 11.41% on earnings day, with an additional 4.61% gain in pre-market trading.
The biopharmaceutical company, focused on gastrointestinal diseases, reported Q2 2025 revenue of $39.5 million, exceeding analyst expectations of $36.38 million. This performance reflects Phathom’s growing market penetration in the gastroenterology space and successful commercialization of VOQUEZNA.
Quarterly Performance Highlights
VOQUEZNA prescriptions showed impressive growth, reaching approximately 173,000 in Q2 2025, representing a 36% increase from Q1 2025. The total prescriptions since launch exceeded 580,000 as of July 25, 2025, up significantly from 390,000 in April 2025.
As shown in the following chart of quarterly prescription growth:
The company has also successfully expanded its prescriber base, with cumulative writers growing to over 29,300 by mid-July 2025, a 24% increase from the previous quarter. This growth spans both gastroenterologists (GI) and primary care physicians (PCPs), though GIs remain the primary focus.
The following chart illustrates this steady growth in prescribers:
Strategic Initiatives
Phathom outlined a strategic realignment for Q3 2025, focusing more intensively on high-value targets. The company plans to target approximately 37,000 healthcare professionals, with particular emphasis on gastroenterologists, who currently account for 70% of VOQUEZNA prescription volume.
This strategic focus is illustrated in the following breakdown:
CEO Steven Basta emphasized the company’s path to profitability during the earnings call, stating, "We believe we have a clear path to profitability in 2026." He highlighted VOQUEZNA’s "rapid, potent, and durable acid suppression profile" as providing a meaningful treatment option for patients with persistent GERD symptoms despite current treatments.
The company positions VOQUEZNA as a differentiated product in the acid suppression market:
Detailed Financial Analysis
Phathom reported Q2 2025 revenue of $39.5 million, a substantial increase from $28.5 million in Q1 2025 and a dramatic improvement from $7.3 million in Q2 2024. The company maintained a strong cash position of $149.6 million as of June 30, 2025, which management believes is sufficient to reach profitability in 2026.
Operating expenses remain high but are projected to decrease in the second half of 2025. The company provided guidance for non-GAAP operating expenses to be below $60 million in Q3 2025 and below $55 million in Q4 2025, indicating a disciplined approach to cost management as revenue continues to grow.
The following chart provides a comprehensive view of key financial measures:
Forward-Looking Statements
Phathom provided financial guidance for the full year 2025, projecting net revenues between $165 million and $175 million. This outlook exceeds analyst consensus and reflects management’s confidence in continued prescription growth for VOQUEZNA.
The financial guidance is summarized in the following slide:
The company’s focus on operational efficiency is evident in its projected reduction of non-GAAP operating expenses for the remainder of 2025. This cost discipline, combined with growing revenues, supports management’s expectation of reaching profitability in 2026.
Phathom faces several challenges, including intense competition in the gastroenterology sector, potential regulatory hurdles for new indications, and macroeconomic pressures that could impact healthcare spending. However, the company’s strong Q2 performance and strategic focus on the gastroenterology market position it well for continued growth.
With a current stock price well above its 52-week low of $2.21 and analyst targets ranging from $12 to $29, Phathom appears to be gaining investor confidence as it executes on its commercialization strategy and moves toward profitability.
Full presentation:
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