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Reported August 5, 2026 · After market close

Revenue$213.5MBeat by $1.4M
EPS$2.29Beat by $0.02
Revenue estimate$212.0M
EPS estimate$2.27
The second quarter of 2026 marked a defining growth phase for Protagonist with a successful commercial launch of ICOTYDE through our strategic partner and accelerating momentum across our internal R&D pipeline. ICOTYDE is quickly becoming a paradigm-shifting oral therapy for patients with moderate-to-severe plaque psoriasis, and rusfertide is approaching an FDA decision that could establish it as a first-in-class erythrocytosis targeted medicine for patients with polycythemia vera. Equally exciting is the decision to advance our wholly-owned oral IL-17 antagonist PN-881 into a comprehensive Phase 2b psoriasis program, based on the strongly supportive pharmacokinetic results from the Phase 1 study. Behind PN-881, we have a maturing set of diverse assets moving toward clinical studies in obesity, hematology and immunology. These are the results of years of disciplined investment in differentiated science and mark the beginning, not the culmination, of a new phase of value creation as we continue to advance our peptide platform and clinical pipeline.
Dinesh V. Patel

Next report

Nov 5, 2026 (in 2 months)
Revenue estimate$240.1M
EPS estimate$2.43

Financials

Q2 2026

Income statement

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Revenue$213.5M+3,749%
Operating income$158.8M+478%
Net income$162.8M+568%
EPS (diluted)$2.29+516%

Balance sheet

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Cash & equivalents$420.1M+149%
Total debt$9.2M-18.3%
Total equity$841.5M+26.0%
Total assets$885.5M+23.3%

Cash flow

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Operating cash flow$219.1M
CapEx$168.0K-79.3%
Free cash flow$218.9M

Valuation & ratios

Valuation

as of 09/17/26
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Market cap$9.24B+151%
Enterprise value$8.83B+150%
P/E111.5×+40.7×
P/S32.8×+15.2×

Profitability

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Operating margin20.7%+9.2pp
Net margin29.4%+4.5pp

Returns & leverage

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Return on equity11%+2.4pp
Debt / equity0.0×
Current ratio21.7×+4.7×

Segments

By product

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Fusfertide Clinical Trial Supplies$11.0M

FAQ

When did Protagonist Therapeutics report Q2 2026 earnings?
Protagonist Therapeutics (PTGX) reported Q2 2026 earnings on August 5, 2026 after market close.
What were Protagonist Therapeutics's Q2 2026 revenue and EPS?
Protagonist Therapeutics reported revenue of $213.5M and eps of $2.29 for Q2 2026.
Did Protagonist Therapeutics beat estimates in Q2 2026?
Revenue beat the consensus estimate of $212.0M by $1.4M. EPS beat the consensus estimate of $2.27 by $0.02.
How did Protagonist Therapeutics's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 3749.2% from $5.5M a year earlier.
Where can I find Protagonist Therapeutics's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001104659-26-091099) and the 10-Q periodic report (0001104659-26-091123) directly on SEC EDGAR. The filing index links above go to sec.gov.