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Protagonist Therapeutics, Inc.

PTGX Healthcare Biotechnology

Protagonist Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $46.0 million, down 89.4% from fiscal 2024.

Revenue
+3,749.2%
EPS
+549.1%
Free cash flow
+839.7%

Quarter to June 2026, against a year earlier

134.06 1.20 −0.89%
Market cap
$8.8B
P/E
111×
Fwd P/E
31.2×
Dividend yield
—
F-score
4/9
Altman Z
61.55
Beneish M
−7.18
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Protagonist Therapeutics, Inc. (PTGX) Earnings & Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Latest quarter

Protagonist Therapeutics reported second-quarter revenue of $213.5 million, below the consensus estimate of $220.3 million. Earnings per share on the consensus-adjusted basis were $2.29, above the $2.11 estimate.

Revenue rose from $5.5 million a year earlier, while diluted earnings per share rose to $2.29 from −$0.55. Protagonist’s filing says its license and collaboration revenue comes from its agreements with JNJ and Takeda. The company received a payment in April after exercising its opt-out right under the Takeda agreement.

The filing says research and development expenses increased, primarily because of spending on the PN-881 study and preclinical and discovery programs, partly offset by lower rusfertide expenses after the completion of its VERIFY trial. Protagonist reported free cash flow of $218.9 million, compared with −$29.6 million a year earlier. Its filing also shows that cash, cash equivalents and marketable securities increased from the prior year-end.

Q2 FY2026 Q2 FY2025 Change
Revenue $213.5 million $5.5 million 3,749.2%
Diluted EPS $2.29 −$0.55 —
Gross margin 100.0% 100.0% 0.0 percentage points
Operating margin 74.4% −758.0% 832.4 percentage points
Free cash flow $218.9 million −$29.6 million —
Against the consensus Reported Consensus Result
Adjusted EPS $2.29 $2.11 Beat by 8.53%
Revenue $213.5 million $220.3 million Missed by 3.11%

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

A transcript or recording of Protagonist Therapeutics’ latest earnings call was not available.

Guidance

Protagonist expects research and development expenses to increase significantly in the second half of the year compared with the first half. Its filing says the increase will be driven primarily by advancing PN-881 into a psoriasis program and by planned clinical manufacturing investments.

Metric For Guide Previous guide Change
Research and development H2 FY2026 Protagonist Therapeutics expects research and development expenses to increase significantly in the second half of 2026 compared with the first half. — —

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.