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.
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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 85.33% |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 91.59% |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 90.68% |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | - |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 89.76% |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 60,631,834.75% |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | - |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 76.90% |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 84.20% |
| 10 | Phathom Pharmaceuticals | 767.07 Mn | 581.73 Mn | 59.18 Mn | 79.68% |
Historic Data
Download 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% |