Overview

• Biopharmaceutical company reported Q4 2025 revenue decline due to lower milestone payments

• Company reported Q4 net loss of $44.4 mln compared to net income last year

• Company submitted NDA for rusfertide to FDA, potential approval this year

Outlook

• Protagonist expects to opt-out of profit-sharing for rusfertide with Takeda in Q2 2026

• Company anticipates FDA approval and launch of rusfertide this year

• U.S. regulatory decision for ICOTYDE expected in 2026 with potential launch this year

Result Drivers

• REVENUE DECLINE - Decrease in license and collaboration revenue attributed to lower milestone payments and variability in regulatory and sales milestones

• R&D EXPENSES - Increased R&D expenses due to drug discovery and pre-clinical research, including IL-17 and obesity product candidates

Company press release: ID:nACS53kzta

Key Details

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 $102.00, about 16.7% above its February 24 closing price of $87.39

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