Prothena posts Q1 revenue surge fueled by $50 million Novo Nordisk milestone payment

Prothena

07/05/2026 22:18

Overview

US biotech firm's Q1 revenue surged yr/yr, driven by milestone payment from Novo Nordisk

Company swung to Q1 net profit from loss a year earlier

Prothena repurchased $7.3 mln in shares as part of up to $100 mln buyback program

Outlook

Prothena now expects 2026 net cash used in operating and investing activities of $18-$23 mln

Company expects to end 2026 with about $273 mln in cash, cash equivalents and restricted cash

Guidance excludes potential $55 mln milestone payment from Bristol Myers Squibb for PRX019 in 2026

Result Drivers

MILESTONE PAYMENT - Q1 revenue was primarily driven by a $50 mln milestone payment from Novo Nordisk for Phase 3 enrollment of coramitug (PRX004)

LOWER OPERATING EXPENSES - Decreased R&D and G&A expenses due to lower clinical trial, personnel, manufacturing, and consulting costs

RESTRUCTURING CREDIT - Company recorded a $4.2 mln restructuring credit related to reduced contract termination costs with third-party vendors

Company press release: ID:nBwbBQzgFa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Total Revenue
$51.1 mln
Q1 Net Income
$32.72 mln
Q1 Operating Expenses
$21.05 mln
Q1 Pretax Profit
$32.72 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and 1 "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 Prothena Corporation PLC is $19.00, about 69.9% above its May 6 closing price of $11.18

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.)