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Does Earnings Beat And Voquezna Expansion Change The Bull Case For Phathom Pharmaceuticals (PHAT)?

Simply Wall St · 2d ago
  • Recently, Raymond James initiated coverage on Phathom Pharmaceuticals with a Strong Buy rating as the company posted third-quarter 2025 results that exceeded forecasts, raised its full-year revenue guidance, and advanced Voquezna as the first and only FDA-approved PCAB for GERD.
  • Phathom also started a Phase 2 trial of VOQUEZNA tablets in eosinophilic esophagitis, underscoring how a single asset is being expanded across multiple gastrointestinal indications.
  • Next, we’ll examine how the earnings beat and higher revenue outlook may influence Phathom’s existing investment narrative around Voquezna.

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Phathom Pharmaceuticals Investment Narrative Recap

As a shareholder in Phathom, you are essentially betting that VOQUEZNA can become a durable gastrointestinal franchise in GERD and beyond, while the company manages its cash needs and path to profitability. The Q3 2025 beat and raised revenue guidance support the near term commercialization story, but they do not fundamentally change the biggest current swing factor, which is how quickly VOQUEZNA uptake can offset ongoing losses and limited cash runway risk.

The most relevant recent development is the FDA’s confirmation of 10 year new chemical entity exclusivity for VOQUEZNA tablets through May 3, 2032, which helps define the commercial runway behind today’s stronger revenue outlook. That extended protection period sits at the heart of the VOQUEZNA thesis, because it underpins the time Phathom has to grow prescriptions, add new indications such as EoE, and potentially move closer to sustainable profitability before generic competition arrives.

Yet even with these positives, investors should be aware of the risk that VOQUEZNA’s current U.S. only focus leaves the company heavily exposed to...

Read the full narrative on Phathom Pharmaceuticals (it's free!)

Phathom Pharmaceuticals' narrative projects $612.6 million revenue and $155.5 million earnings by 2028.

Uncover how Phathom Pharmaceuticals' forecasts yield a $23.12 fair value, a 59% upside to its current price.

Exploring Other Perspectives

PHAT 1-Year Stock Price Chart
PHAT 1-Year Stock Price Chart

Three fair value estimates from the Simply Wall St Community range widely, from US$4.49 to about US$224 per share, showing how far apart individual views can be. You can set those opinions against Phathom’s dependence on VOQUEZNA and the importance of execution on its current U.S. GERD opportunity when considering which scenarios you find most realistic.

Explore 3 other fair value estimates on Phathom Pharmaceuticals - why the stock might be worth less than half the current price!

Build Your Own Phathom Pharmaceuticals Narrative

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.