Phathom Pharmaceuticals (PHAT) Operating Expenses (2018 - 2026)
Phathom Pharmaceuticals' Operating Expenses came in at $63.14 million for Q2 2026, down 33.1% from $94.39 million a year earlier but up 2.2% from the prior quarter.
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Analysis
Phathom Pharmaceuticals (PHAT) Operating Expenses (2018 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Phathom Pharmaceuticals reported Operating Expenses of $239.37 million, down 35.0% year-over-year; for FY2025, it came in at $312.5 million, down 3.8% from FY2024.
- Operating Expenses carries a five-year compound annual growth rate of 20.0% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $324.75 million in FY2024 (+93.5%), $167.83 million in FY2023 (-2.7%), $172.44 million in FY2022 (+27.7%) and $135.08 million in FY2021 (+7.5%).
- The five-year range for quarterly Operating Expenses is $30.08 million (Q1 2023) to $103.66 million (Q1 2025).
- Year-over-year, Operating Expenses has declined for four consecutive quarters, with growth averaging 9.8% over the last eight quarters.
- The fastest year-over-year change in Operating Expenses over five years came in Q2 2024 (growth of 162.6%), and the weakest in Q1 2026 (a decline of 40.4%).
- Business Quant data shows PHAT's Operating Expenses at $61.78 million (Q1 2026), $55.86 million (Q4 2025) and $58.59 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Eli Lilly | 1,146.94 Bn | 1,115.53 Bn | 19.71 Bn | 7.95 Bn |
| 2 | Johnson & Johnson | 624.96 Bn | 543.49 Bn | 17.26 Bn | 10.12 Bn |
| 3 | AbbVie | 510.15 Bn | 483.27 Bn | 12.70 Bn | 10.56 Bn |
| 4 | Merck | 366.13 Bn | 320.51 Bn | 12.21 Bn | 12.80 Bn |
| 5 | Novartis Ag | 297.75 Bn | 261.74 Bn | 11.24 Bn | 6.09 Bn |
| 6 | Astrazeneca | 261.93 Bn | 235.62 Bn | 12.86 Bn | 9.70 Bn |
| 7 | Amgen | 236.51 Bn | 191.91 Bn | 7.24 Bn | 6.54 Bn |
| 8 | Gilead Sciences | 194.27 Bn | 168.47 Bn | 6.22 Bn | 18.20 Bn |
| 9 | Pfizer | 171.74 Bn | 118.39 Bn | 10.94 Bn | 6.68 Bn |
| 10 | Phathom Pharmaceuticals | 614.70 Mn | -25.25 Mn | 59.18 Mn | 63.14 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 63.14 Mn |
| Mar 31, 2026 | 61.78 Mn |
| Dec 31, 2025 | 55.86 Mn |
| Sep 30, 2025 | 58.59 Mn |
| Jun 30, 2025 | 94.39 Mn |
| Mar 31, 2025 | 103.66 Mn |
| Dec 31, 2024 | 85.27 Mn |
| Sep 30, 2024 | 84.79 Mn |
| Jun 30, 2024 | 83.25 Mn |
| Mar 31, 2024 | 71.44 Mn |
| Dec 31, 2023 | 70.39 Mn |
| Sep 30, 2023 | 35.66 Mn |
| Jun 30, 2023 | 31.70 Mn |
| Mar 31, 2023 | 30.08 Mn |
| Dec 31, 2022 | 46.64 Mn |
| Sep 30, 2022 | 42.53 Mn |
| Jun 30, 2022 | 45.36 Mn |
| Mar 31, 2022 | 37.91 Mn |
| Dec 31, 2021 | 33.04 Mn |
| Sep 30, 2021 | 33.14 Mn |
API Access
Phathom Pharmaceuticals Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=PHAT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "PHAT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=PHAT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();