Protagonist Therapeutics Q1 revenue doubles on ICOTYDE milestone

Protagonist Therapeutics

05/05/2026 21:28

Overview

U.S. biopharma firm's Q1 license and collaboration revenue doubled yr/yr on ICOTYDE milestone

Company swung to Q1 net income from loss a year earlier

Protagonist triggered $200 mln opt-out payment from Takeda for rusfertide, with more milestones possible

Outlook

Company expects rusfertide FDA decision in Q3 2026 under Priority Review

Protagonist anticipates cash runway through at least 2028

Company expects PN-881 Phase 1 completion by mid-2026 and Phase 2 initiation by year-end

Result Drivers

ICOTYDE MILESTONE - Q1 revenue was driven by a $50 mln milestone payment from Johnson & Johnson after FDA approval of ICOTYDE

TAKEDA REIMBURSEMENTS - Additional Q1 revenue came from development services and clinical trial cost reimbursement under the Takeda rusfertide agreement

R&D SPENDING - Higher R&D expense was due to increased costs for PN-881 Phase 1 study and pre-clinical research, partly offset by lower rusfertide Phase 3 costs

Company press release: ID:nACSWbPWca

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 License and Collaboration Revenue
$56.37 mln
Q1 EPS
$0.05
Q1 Net Income
$3.78 mln
Q1 Income from Operations
-$3.65 mln
Q1 Operating Expenses
$60.02 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the biotechnology & medical research peer group is "buy"

Wall Street's median 12-month price target for Protagonist Therapeutics Inc is $116.50, about 17.1% above its May 4 closing price of $99.52

The stock recently traded at 51 times the next 12-month earnings vs. a P/E of 134 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)