Phathom Pharmaceuticals cuts 2026 revenue guidance after reaffirming outlook weeks earlier; Levi & Korsinsky probes statements

Phathom Pharmaceuticals lowered its FY 2026 revenue guidance to $310 million-$325 million from $320 million-$345 million after management had reaffirmed the higher range on recent earnings calls, and PHAT shares fell after the revised outlook. Levi & Korsinsky, LLP, through its SueWallSt brand, said it is investigating whether the company made materially false or misleading statements regarding that outlook. The release cited Phathom's February 26, 2026 fourth-quarter earnings call, when President and CEO Steve Basta said the $320 million to $345 million revenue guidance for 2026 reflected the company's expectation of continued growth from its GI-focused strategy. It also pointed to the April 30, 2026 first-quarter call, when Basta said the company was maintaining its revenue guidance for the year and Chief Financial Officer Sanjeev Narula said Phathom continued to anticipate 2026 net revenue between $320 million and $345 million. Levi & Korsinsky said the revised outlook came in below the roughly $332 million to $334 million analysts had been modeling and below the bottom of the range management had twice affirmed. The firm said investors who bought PHAT stock or other securities and suffered losses may be eligible to participate in the investigation.