Phathom Pharmaceuticals, Inc. Investigation
Company: Phathom Pharmaceuticals, Inc.
Ticker: (NASDAQ) PHAT
How to Check Whether You May Be Eligible in 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.