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

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