What some folks like to say is this.
PHP is embedded within Apache, and uses relatively little memory.
Python is less often embedded within Apache, and uses more memory than PHP. Python is sometimes run as a separate daemon process. (It can also be embedded, so one could run head-to-head tests, FWIW. It's not worth much trying to do head-to-head, more on that below.)
We don't use PHP, so I don't have numbers. However, the daemonized Python (via mod_wsgi) runs our transactions fast enough that I can't easily put together a load test because my laptop can't pump enough transactions through the VPN and Firewall to measure anything other than VPN delays.
Further, as our usage grows, we simply add Python daemon instances through simple Apache changes to handle the workload. If we eventually outgrow the VM, we'll simply split the Apache front-ends from the Python backends onto separate VM's. We can't foresee a limit to this kind of growth -- more Apache, more Python daemons.
You can't easily compare PHP and Python because the approach to a web application is generally quite different. PHP is programming language, template language and HTTP handler in one single bundle. Python is just a language. You have to add a template processor (there are many) and an HTTP handler (there are many) to have a comparable toolset.