Phathom Pharmaceuticals, Inc. Investigation
Company: Phathom Pharmaceuticals, Inc.
Ticker: (NASDAQ) PHAT
Join the Phathom Pharmaceuticals, Inc. Investigation
Investigation Details
Phathom Pharmaceuticals, Inc. shareholders took the hit when Phathom Pharmaceuticals cut FY 2026 revenue guidance to $300 million–$325 million from the $320 million–$345 million range management had reaffirmed only weeks earlier, removing $20 million from both the bottom and top ends of its outlook.
On the February 26, 2026 Q4 2025 earnings call, President and CEO Steve Basta stated: "Our $320 million to $345 million revenue guidance for 2026 reflects our operating expectation of continued solid growth from our GI-focused strategy." On the April 30, 2026 Q1 2026 call, CFO Sanjeev Narula told investors, "We continue to anticipate 2026 net revenue between $320 million to $345 million," and Mr. Basta added, "We are thus maintaining our revenue guidance for the year."
On that same April 30 call, Mr. Basta described a commercial build carrying that guidance -- "We have more than 290 reps in place to start Q2" -- while Mr. Narula described the Company's gross-to-net discount landing at the lower end of a 55% to 59% range. Weeks later, the top end of the revenue range came down by $20 million.