Phathom Pharmaceuticals guided FY 2026 revenue as high as $345 million while building out a sales force of more than 290 representatives. The revised outlook now tops out at $325 million, and PHAT shareholders absorbed the decline.

NEW YORK, July 30, 2026 /PRNewswire/ -- Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT) PHAT 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. Investors who lost money on PHAT are encouraged to submit their loss information now. You may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

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.

If you purchased Phathom Pharmaceuticals shares and suffered a loss, click here to have your losses reviewed. You may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

Levi & Korsinsky, LLP | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com

Frequently Asked Questions About the PHAT Investigation

Q: Which statements are being investigated as potentially misleading?A: The investigation concerns whether Phathom Pharmaceuticals made materially false or misleading statements regarding its FY 2026 revenue guidance of $320 million to $345 million, which management reaffirmed on April 30, 2026. When the Company later reduced that outlook to $310 million -- $325 million, PHAT shares declined.

Q: When did Phathom Pharmaceuticals allegedly mislead investors?A: The investigation concerns statements made before the reduced guidance was disclosed, which allegedly caused investors to purchase securities at inflated prices.

Q: Who is eligible to participate in the PHAT investigation?A: Investors who purchased PHAT stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: What do PHAT investors need to do right now?A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at jlevi@levikorsinsky.com or (212) 363-7500.

Q: What documents do I need to participate?A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

Q: What if I already sold my PHAT shares -- can I still recover losses?A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought PHAT and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate?A: There is no upfront cost to participate. Securities investigations and any resulting actions are generally handled on a contingency basis -- no retainer and no out-of-pocket costs.

Q: Do I need to go to court or give testimony?A: No. Participating in the investigation does not require court appearances or depositions.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171

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SOURCE Levi & Korsinsky, LLP