Phathom Pharmaceuticals, Inc. · NASDAQ:PHAT
Phathom Pharmaceuticals — Q2 2026 Earnings Presentation
15 slides from Phathom Pharmaceuticals's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
SECOND QUARTER 2026 EARNINGS CONFERENCE CALL JULY 2026 NASDAQ: PHAT
Slide 2: Today's Agenda
Today’s Business Update Steven Basta, President & Chief Executive Officer Agenda Financial Update Sanjeev Narula, Chief Financial and Business Officer Closing Remarks Steven Basta, President & Chief Executive Officer Question & Answer Steven Basta, President & Chief Executive Officer Sanjeev Narula,
Slide 3: Safe harbor
Safe harbor This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding: our plans, expectations, strategies, forecasts and goals for commercialization of VOQUEZNA and potential results
Slide 4: Business Update
Business Update Steven Basta, President & Chief Executive Officer 4
Slide 5: VOQUEZNA delivered strong Q2 performance
VOQUEZNA delivered strong Q2 performance Executed successful pivot in operations and strategy +88% y/y revenue growth from Q2 2025 to Q2 2026 Continued confidence in $1B potential from GI-first strategy and second $1B from potential PCP expansion Updated FY26 revenue guidance: $310M - $325M 5
Slide 6: Q2 2026 key financial results
Q2 2026 key financial results $74.3M $56.4M $1.6M net revenues operating expenses1 net cash generated ~$182M cash and cash equivalents2 1 Reflective of non-GAAP cash operating expenses which exclude stock-based compensation. 6 2 As of 6/30/26.
Slide 7: Covered TRx grew ~79% from Q2 2025 to Q2 2026
Covered TRx grew ~79% from Q2 2025 to Q2 2026 ~325,000 Total Prescriptions Filled in Q2 2026 Covered Prescriptions1 Cash-Pay Prescriptions1 ~79% ~209,000 ~174,000 ~168,000 ~144,000 ~107% ~117,000 ~116,000 ~99,000 ~100,000 ~77,000 ~56,000 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2025 2025 2025 2026 2026 2025 20
Slide 8: Advancing potential new indications for VOQUEZNA
Advancing potential new indications for VOQUEZNA P.R.N Eosinophilic As-Needed Dosing Esophagitis (EoE) for Non-Erosive GERD Ph2 trial enrollment completed Building on successful Ph2 data Potential to fill important unmet need Significant commercial opportunity Potential path to extend excl
Slide 9: VOQUEZNA (vonoprazan) tablets
Oe VOQUEZNA. (vonoprazan) tablets zomg PHARMACEUTICALS,
Slide 10: Financial Update
Financial Update Sanjeev Narula, Chief Financial and Business Officer 10
Slide 11: Strong Q2: revenue growth + expense discipline
Strong Q2: revenue growth + expense discipline $1.6M net cash generated ~$182M cash and cash equivalents1 Net Revenue Operating Expenses2 $100M $100M $94.4 ~88% ~(34%) $7.4 $80M $74.3 $80M $61.8 $63.1 $60M $57.6 $58.3 $60M $58.6 $55.9 $49.5 $7.0 $6.7 $5.0 $5.7 $39.5 $40M $40M $78.7 $49.3 $49.7 $44.3
Slide 12: Updated 2026 financial guidance
Updated 2026 financial guidance Net Revenues GTN Discount Operating Expenses 1 $310M 55% $235M to to to $325M 59% $245M Previously: $320M - $345M - no change - Previously: $235M - $255M Path to Profitability We continue to expect to achieve operating profitability for the remainder of 2026 2026: and
Slide 13: VOQUEZNA (vonoprazan) tablets
Oe VOQUEZNA. (vonoprazan) tablets zomg PHARMACEUTICALS,
Slide 14: Closing Remarks
Closing Remarks Steven Basta, President & Chief Executive Officer 14
Slide 15: Question & Answer
Question & Answer Steven Basta, President & Chief Executive Officer Sanjeev Narula, Chief Financial and Business Officer 15
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