Start here if you're new
what it is
Phathom sells stomach-acid drugs, betting one molecule can turn brutal reflux and H. pylori into a real business.
how it gets paid
Last year Phathom Pharma made $175M in revenue.
why it's growing
Revenue grew 216.9% last year. Full-year revenue reached $175.1 million, up 217% vs. prior year, while gross margin was 87.3%.
what just happened
Quarterly revenue hit $57.6M, and that mattered more than the loss because launch traction is finally visible.
At a glance
C+ balance sheet — struggling to keep the lights on
75/100 earnings predictability — reasonably predictable
-$5.29 fy2024 eps est
$55M fy2024 rev est
91.4% operating margin
xvary composite: 42/100 — below average
What they do
Phathom sells stomach-acid drugs, betting one molecule can turn brutal reflux and H. pylori into a real business.
The edge is speed and focus. Vonoprazan works fast, and Phathom says VOQUEZNA prescriptions have passed 1.1 million in the U.S. through February 2026. Patent exclusivity to 2032 means copycats stay out for years, so if your doctor starts you here, switching is not the default.
How they make money
$175M
annual revenue · their business grew +216.9% last year
total revenue
$175M
+216.9%
The products that matter
stomach acid drug
VOQUEZNA
1.1M+ prescriptions · nearly all revenue
it generated over 1.1 million prescriptions and is the source of nearly all the company’s $175.1M in revenue. that is traction, but it is also concentration.
the whole story
Key numbers
41%
debt load
Long-term debt equals 41% of capital. Plain English: lenders already have a big claim on the business, so execution matters more than patience.
$175M
annual revenue
Revenue grew 216.9% vs. prior year. That tells you demand is real, even if profits are still missing.
91.4%
operating margin
Operating margin means profit after running the business. Plain English: Phathom still loses money on scale, so growth alone does not save you.
$558M
long-term debt
That debt stack is roughly 68% of the company's $817 million market cap. The balance sheet is part of the thesis now.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $558M (41% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for PHAT right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Quarterly revenue hit $57.6M, and that mattered more than the loss because launch traction is finally visible.
Full-year revenue reached $175.1 million, up 217% vs. prior year, while gross margin was 87.3%. The quiet part: a company can post pharmacy-level gross margin and still bleed cash when operating margin sits at -91.4%.
$57.6M
revenue
$0.41
eps
87.3%
gross margin
the number that mattered
The key number was $57.6 million in quarterly revenue, because this story works only if sales scale faster than the losses.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is VOQUEZNA prescription growth slowing before Phathom reaches operating profitability. this is not a diversified drug portfolio. it is one launch carrying nearly all of a $175.1M revenue base.
med
commercialization miss
2026 guidance calls for $320M–$345M in revenue. from a $175.1M base, that means adding $144.9M–$169.9M in one year.
if prescription growth slows, the whole valuation framework resets because the revenue ramp is the thesis.
med
balance sheet pressure
the company carries $558M in long-term debt, equal to 41% of capital, with a C+ balance sheet rating.
a delay to profitability would make financing risk harder to ignore and could dilute the upside from revenue growth.
med
single-product concentration
VOQUEZNA is the source of nearly all $175.1M in revenue and has generated over 1.1 million prescriptions.
that concentration helps if launch momentum holds. it hurts immediately if demand, access, or physician uptake cools.
med
2032 exclusivity cliff
patent exclusivity on vonoprazan runs until 2032. after that, generic pressure stops being theoretical.
for now this is a later problem. over time it puts a clock on how much value the current launch can carry on its own.
Nearly all of the current $175.1M revenue base sits in one drug, debt is $558M, and the next step in the plan requires 83–97% growth. That is a narrow bridge.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that matters
revenue pace toward $320M–$345M
the low end alone requires 83% growth from the current $175.1M base. if quarterly revenue starts falling behind that run-rate, the bull case gets thinner fast.
trend
VOQUEZNA prescription growth
more than 1.1 million prescriptions is real traction. the next question is whether that curve stays steep enough to fund the whole profitability story.
calendar
Q3 2026 profitability target
management says operating profitability starts here. that date is now a hard checkpoint, not a nice-to-have milestone.
risk
debt versus operating progress
$558M of long-term debt is manageable only if losses keep narrowing. if growth stays high but cash burn does not improve, the financing overhang comes back into focus.
Analyst rankings
earnings predictability
75 / 100
in human-speak, analysts think the numbers are becoming easier to model because revenue is now tied to a visible commercial launch, not just pipeline speculation.
beta
1.4
beta measures how much a stock moves versus the market. at 1.4, PHAT has historically moved more than the index. not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for PHAT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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