The company achieved a robust 79.4% gross margin in 2026Q1, though this is currently offset by a -26.5% operating margin due to aggressive commercial infrastructure investment.
| Sales/Revenue | 204.89M | 175.11M | 55.25M | 682K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 150.3% | 216.93% | 8001.47% | - | - | - | - | - | - |
| Cost of Goods Sold | 30.87M | 22.6M | 7.97M | 167K | 620K | 521K | 300K | 8K | 0 |
| COGS % of Revenue | - | 12.91% | 14.43% | 24.49% | - | - | - | - | - |
| Gross Profit | 174.02M | 152.51M | 47.28M | 515K | -620K | -521K | -300K | -8K | 0 |
| Gross Margin % | 84.93% | 87.09% | 85.57% | 75.51% | - | - | - | - | - |
| Gross Profit Growth % | - | 222.58% | 9080.39% | 183.06% | -19% | -73.67% | -3650% | - | - |
| Operating Expenses | 270.62M | 312.5M | 324.75M | 167.83M | 171.82M | 134.56M | 125.36M | 106.22M | 1.23M |
| OpEx % of Revenue | - | 178.46% | 587.75% | 24608.06% | - | - | - | - | - |
| Selling, General & Admin | 239.25M | 279.72M | 290.66M | 117.93M | 100.38M | 62.22M | 27.22M | 6.94M | 1.21M |
| SG&A % of Revenue | - | 159.74% | 526.07% | 17291.5% | - | - | - | - | - |
| Research & Development | 31.37M | 32.78M | 34.08M | 49.9M | 71.44M | 72.34M | 98.15M | 99.27M | 20K |
| R&D % of Revenue | - | 18.72% | 61.68% | 7316.57% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -96.6M | -159.99M | -277.47M | -167.31M | -172.44M | -135.08M | -125.67M | -106.22M | -1.23M |
| Operating Margin % | -47.15% | -91.36% | -502.18% | -24532.55% | - | - | - | - | - |
| Operating Income Growth % | - | 42.34% | -65.84% | 2.97% | -27.66% | -7.49% | -18.31% | -8570.61% | - |
| EBITDA | -96.14M | -159.35M | -276.67M | -166.74M | -171.82M | -134.56M | -125.36M | -106.21M | 0 |
| EBITDA Margin % | -46.92% | -91% | -500.75% | -24448.24% | - | - | - | - | - |
| EBITDA Growth % | 66.34% | 42.4% | -65.93% | 2.96% | -27.69% | -7.33% | -18.04% | - | - |
| D&A (Non-Cash Add-back) | 456K | 633K | 795K | 575K | 620K | 521K | 300K | 8K | 1.23M |
| EBIT | -81.12M | -159.99M | -262.32M | -159.62M | -170.42M | -137.09M | -124.49M | -250.95M | -1.27M |
| Net Interest Income | -45.64M | -61.07M | -56.85M | -34.09M | -25.17M | -6.75M | -3.49M | -3.09M | 0 |
| Interest Income | 6.14M | 7.04M | 15.16M | 7.88M | 2.13M | 41K | 1.09M | 1.09M | 0 |
| Interest Expense | 34.25M | 68.11M | 72.01M | 41.97M | 27.3M | 6.79M | 4.58M | 4.18M | 13K |
| Other Income/Expense | -45.81M | -61.26M | -56.86M | -34.28M | -25.28M | -8.8M | -3.4M | -148.92M | -63K |
| Pretax Income | -126.93M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M | -129.07M | -255.13M | -1.29M |
| Pretax Margin % | -61.95% | -126.35% | -605.09% | -29558.94% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1.01% |
| Net Income | -126.93M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M | -129.07M | -209.74M | -1.29M |
| Net Margin % | -61.95% | -126.35% | -605.09% | -29558.94% | - | - | - | - | - |
| Net Income Growth % | 63.29% | 33.82% | -65.84% | -1.96% | -37.42% | -11.48% | 38.46% | -16184.47% | - |
| Net Income (Continuing) | -126.93M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M | -129.07M | -255.13M | -1.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.55 | -3.03 | -5.29 | -3.93 | -5.70 | -4.00 | -4.01 | -8.48 | -0.15 |
| EPS Growth % | 59.54% | 42.72% | -34.61% | 31.05% | -42.5% | 0.25% | 52.71% | -5553.33% | - |
| EPS (Basic) | - | -3.03 | -5.29 | -3.93 | -5.70 | -4.00 | -4.01 | -8.48 | -0.15 |
| Diluted Shares Outstanding | 82.05M | 72.92M | 63.18M | 51.29M | 39.12M | 37M | 33.23M | 24.73M | 8.58M |
| Basic Shares Outstanding | 82.05M | 72.92M | 63.18M | 51.29M | 39.12M | 37M | 33.23M | 24.73M | 8.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
High cash burn rate
As reported in recent financial filings, Phathom Pharmaceuticals achieved a 216% year-over-year revenue increase, signaling a successful transition from clinical development to commercialization as the company scales its vonoprazan platform to capture market share from traditional proton pump inhibitors within the competitive US gastrointestinal landscape.
The revenue trajectory reflects a significant ramp-up in product adoption, moving from $1.9M in 2024Q1 to $58.3M by 2026Q1. This growth appears to be driven by the successful market entry of vonoprazan, though investors should monitor whether this momentum can be sustained as the company moves beyond initial wholesale stocking phases.
Based on the company's latest income statement, Phathom maintains a robust 79.4% gross margin, which highlights the inherent profitability of its small-molecule drug manufacturing, even as the firm continues to report significant operating losses due to the heavy investment required for its commercial infrastructure.
The structural gross margin, which has consistently hovered near 87% in recent quarters, suggests strong pricing power and efficient production economics. However, the disconnect between these margins and the negative operating income indicates that the current revenue base is not yet sufficient to cover the substantial fixed costs of the sales force.
According to the provided quarterly data, Phathom's operating expenses, particularly SG&A, continue to outpace gross profit growth, resulting in a -26.5% operating margin as of 2026Q1, which underscores the significant capital intensity required to establish a foothold in the primary care and GI markets.
While the company has successfully reduced its quarterly operating loss from the peak of -$78.9M in 2025Q1, the reliance on high SG&A spending suggests that operating leverage has yet to materialize. Future profitability will likely depend on the company's ability to achieve a critical mass of prescriptions to amortize these fixed commercial costs.
Financial statements indicate that Phathom's cost structure is dominated by high SG&A expenditures, which reached $54.0M in 2026Q1, reflecting the strategic decision to build an internal sales force rather than relying on external partnerships to drive the adoption of its P-CAB therapeutic platform.
The company's expense discipline appears focused on aggressive market penetration, as evidenced by the sustained high levels of SG&A relative to revenue. This strategy carries significant risk, as the company must continue to fund these operations while simultaneously managing the potential for future dilutive financing events.
As noted in the income statement history, the company's reliance on capital markets to fund its -$15.5M quarterly operating loss suggests that the current growth trajectory may be unsustainable without further financing, posing a risk to shareholders if commercial uptake fails to meet aggressive market expectations.
Short-sellers may focus on the potential for margin compression if heavy discounting or co-pay assistance programs are required to maintain prescription volume. Furthermore, the company's limited cash runway warrants investigation into whether the current commercial strategy can achieve self-sustaining profitability before additional capital is required.
Quick answers to the most common questions about buying PHAT stock.
For fiscal year 2025, Phathom Pharmaceuticals, Inc. (PHAT) reported total revenue of $175.1M.
Phathom Pharmaceuticals, Inc. (PHAT) reported a net loss of $221.2M for the fiscal year ending 2025.
Phathom Pharmaceuticals, Inc. (PHAT) reported an operating income of $-160.0M, resulting in an operating profit margin of -91.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Phathom Pharmaceuticals, Inc. (PHAT) generated $152.5M in gross profit for the year, representing a gross profit margin of 87.1%. This demonstrates the company's core pricing power and production efficiency.