Phathom Pharmaceuticals (PHAT) Gross Margin (2023 - 2026)
Phathom Pharmaceuticals (PHAT) posted quarterly Gross Margin of 79.68% for Q2 2026, down 757.0% year-over-year from 12.13% in Q2 2025, and little changed quarter-over-quarter from 79.42% in Q1 2026.
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Phathom Pharmaceuticals (PHAT) Gross Margin (2023 - 2026) Analysis & Trends
Phathom Pharmaceuticals (PHAT) has reported Gross Margin for 4 consecutive years, with 79.68% the latest figure, recorded in Q2 2026.
- In Q2 2026, Gross Margin fell 757.0% year-over-year to 79.68%; the TTM figure through Jun 2026 stood at 82.92% (down 398.0% YoY), while the FY2025 annual figure was 87.09%, up 152.0% from the prior year.
- Gross Margin steadied at 79.68% in Q2 2026 per PHAT's latest filing, from 79.42% in the prior quarter.
- Across five years, Gross Margin topped out at 87.5% in Q3 2025 and bottomed at 75.51% in Q4 2023.
- Historically, Gross Margin has averaged 83.15% across 4 years, with a median of 85.59% in 2024.
- Annual changes were most pronounced in 2024 — Gross Margin jumped 1163 bps — and 2026, when it slumped 757 bps.
- Phathom Pharmaceuticals' Gross Margin stood at 75.51% in 2023, then grew by 15 bps to 87.14% in 2024, then fell by 0 bps to 86.72% in 2025, then dropped by 8 bps to 79.68% in 2026.
- Business Quant data shows PHAT's Gross Margin at 79.68% in Q2 2026, 79.42% in Q1 2026, and 86.72% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 138.47 Bn | 130.62 Bn | 2.84 Bn | 85.33% |
| 2 | Regeneron Pharmaceuticals | 85.18 Bn | 77.19 Bn | 3.93 Bn | 91.59% |
| 3 | Argenx Se | 63.38 Bn | 58.19 Bn | 1.37 Bn | 90.43% |
| 4 | Moderna | 58.09 Bn | 52.95 Bn | 52.00 Mn | 35.86% |
| 5 | Revolution Medicines | 44.33 Bn | 44.33 Bn | - | - |
| 6 | BeOne Medicines | 40.02 Bn | 34.92 Bn | 1.53 Bn | 89.76% |
| 7 | Alnylam Pharmaceuticals | 35.57 Bn | 32.27 Bn | 992.69 Mn | 76.90% |
| 8 | Royalty Pharma | 28.45 Bn | 27.61 Bn | - | - |
| 9 | Insmed | 27.48 Bn | 26.32 Bn | 358.27 Mn | 84.20% |
| 10 | Phathom Pharmaceuticals | 796.85 Mn | 611.51 Mn | 59.18 Mn | 79.68% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 79.68% |
| Mar 31, 2026 | 79.42% |
| Dec 31, 2025 | 86.72% |
| Sep 30, 2025 | 87.50% |
| Jun 30, 2025 | 87.25% |
| Mar 31, 2025 | 86.94% |
| Dec 31, 2024 | 87.14% |
| Sep 30, 2024 | 85.59% |
| Jun 30, 2024 | 81.21% |
| Mar 31, 2024 | 77.72% |
| Dec 31, 2023 | 75.51% |