Phathom Pharmaceuticals (PHAT) Q2 FY26 earnings call

Phathom Pharmaceuticals achieved a significant milestone in Q2 FY26, reporting its first positive operating profit and cash from operations, driven by robust revenue growth and disciplined expense management. The company refined its full-year revenue guidance due to physician friction in the prescription process for less severe GERD patients, but remains confident in its GI-first strategy and long-term outlook for Voquezna. Strategic investments in clinical development, including a Phase III trial for as-needed use in non-erosive GERD, are planned to expand future market opportunities.