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Protagonist Therapeutics, Inc. (PTGX)

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Protagonist Therapeutics, Inc. (PTGX) reported revenue of $213 million for Q2 FY2026, the quarter ended 30 June 2026, up 3749.2% on the same quarter a year earlier. Net income was $163 million, and diluted earnings per share $2.29. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue$213 millionup 3749.2%
Net income$163 million
Diluted EPS$2.29
QuarterQ2 FY2026ended 30 June 2026

Protagonist Therapeutics (PTGX) in brief

Protagonist Therapeutics (PTGX) reported revenue of $46 million for fiscal 2025, the year ended 31 December 2025, down 89.4% on the year before.
Read moreNet loss was $130 million and the diluted loss per share $2.05. Revenue was $434 million in fiscal 2024, $60 million in fiscal 2023, $27 million in fiscal 2022 and $27 million in fiscal 2021. Net income in the same years was $275 million, a loss of $79 million, a loss of $127 million and a loss of $126 million. Over the twelve months to 30 June 2026, Protagonist Therapeutics reported revenue of $282 million and net income of $83 million. Revenue grew 10.0% a year, compounded, over the five years to fiscal 2025. Protagonist Therapeutics had 65 million shares outstanding at the latest filed count. At 30 June 2026 it carried $0 million of debt and $420 million of cash. At the close of 9 October 2026 the market cap of Protagonist Therapeutics was $9.3 billion, 139.6 times its earnings over the last twelve months.

Ratios

From the filings

ROE9.9%
ROCE6.9%
Operating margin20.7%
Net margin29.4%
FCF margin46.3%
Interest covern/a
Debt to equity0.00
Cash conversion1.58
Share count, 1 year4.1%
Sales CAGR, 3 years20.1%
Profit CAGR, 3 yearsn/a
EPS, TTM$1.03

At the close of 9 October 2026

Price$143.75
Market cap$9.3 billion
Stock P/E139.56
Price to book11.05
EV / EBITDA148.23
Dividend yieldn/a
Market cap / sales32.97
52-week high$158.62
52-week low$67.04
Price, 1 year114.4%
Price CAGR, 3 years106.3%
Price CAGR, 5 years51.1%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Protagonist Therapeutics, Inc.'s balance sheet shows no borrowings, so debt here is nil; lease liabilities are a separate line. Nothing here is a valuation or a view.
PTGXgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on PTGX

Filings15 in twelve months: 6 current reports (8-K), about 4 results of operations; 2 regulation FD disclosure; 1 officer or director change; 1 shareholder vote
Planned insider sales24 Form 144 notices in twelve months, $93.1 million; latest 30 September 2026
Options tapeput/call 0.41 by open interest at the 9 October 2026 close; the straddle prices a 7.0% move to 16 October 2026
13F holders6 of the followed funds hold it; largest Geode Capital Management; 13 Schedule 13D or 13G filings in twelve months
Insider trading38 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest9.3 million shares short, 11.49 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue0.060.02554.24.717128.35.54.77.456.4213
R&D30.728.933.733.536.034.935.937.040.046.446.742.1
Operating income-38.323.0206-38.8-41.5127-19.3-42.0-46.4-50.4-3.6159
Operating marginn/a38%81%-931%-887%74%-68%-758%-985%-677%-6%74%
Pre-tax income-34.127.3211-31.3-33.6134-11.7-34.6-39.3-43.72.3165
Tax raten/a0%2%n/an/a1%n/an/an/an/a-66%1%
Net income-34.127.3207-30.6-33.2132-11.7-34.8-39.3-44.43.8163
Net marginn/a46%81%-735%-710%77%-41%-627%-835%-597%7%76%
Diluted EPS-$0.58$0.44$3.26-$0.50-$0.54$1.98-$0.19-$0.55-$0.62-$0.69$0.05$2.29
Operating cash flow-26.617.0-27.4269-27.9-29.2125-28.8-1.9-37.0-48.9219
Capital expenditure0.40.00.20.00.80.30.50.80.10.10.20.2
Free cash flow-27.016.9-27.7269-28.6-29.5125-29.6-2.0-37.1-49.2219
Shares outstanding58m58m59m59m60m61m62m62m62m63m64m65m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 9 fiscal years and the trailing twelve months

FY2017FY2018 †FY2019 †FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Revenue20.130.90.228.627.426.660.043446.0282
Research and development46.259.565.074.5126126120138159175
Operating income-37.9-42.3-80.5-64.5-126-131-93.7253-15858.3
Operating margin-188.9%-136.7%-34857.6%-225.4%-460.0%-494.2%-156.1%58.2%-343.6%20.7%
Interest expensen/an/a0.20.6n/an/an/an/an/an/a
Pre-tax income-37.0-39.7-77.9-64.8-126-127-79.0279-12984.3
Income tax0.0-0.8-0.71.30.00.00.04.20.81.4
Effective tax raten/an/an/an/an/an/an/a1.5%n/a1.7%
Net income-37.0-38.9-77.2-66.2-126-127-79.0275-13082.9
Net margin-184.2%-125.9%-33414.3%-231.1%-458.9%-479.3%-131.6%63.3%-282.8%29.4%
Diluted EPS-$2.09-$1.74-$2.98-$1.92-$2.71-$2.60-$1.39$4.23-$2.05$1.03
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2017FY2018 †FY2019 †FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow3.9-49.9-41.5-72.5-108-108-70.218457.7131
Capital expenditure0.70.51.00.51.10.80.61.41.60.6
Free cash flow3.2-50.4-42.5-73.0-109-109-70.818356.1131
Free cash flow margin16.0%-163.1%-18395.7%-254.8%-398.3%-409.8%-118.1%42.1%121.9%46.3%
Cash from investing15.82.2-53.7-91.0-15.991.5-39.3-299-49.378.7
Cash from financing65.624.146.024813018.817025.922.941.6
Depreciation and amortisation0.40.50.70.90.81.01.00.81.31.5
Share-based compensation4.26.98.47.916.424.229.337.646.049.8
Diluted shares, weightedn/an/an/a34m46m49m57m65m64m71m
Shares outstanding at period end21m23m27m44m48m49m58m61m63m65m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2017FY2018 †FY2019 †FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity12111380.0280300216337675615842
Debtn/an/a9.8n/an/a0.0n/a0.00.00.0
Operating lease liabilitiesn/an/a6.04.53.71.1n/a10.48.06.8
Other liabilities43.127.059.240.444.031.221.359.145.437.2
Total liabilities and equity164139155324348248358745668886
Owned
Fixed assets0.90.91.71.51.81.61.23.23.93.5
Investments49.446.6100190203112155462518429
Cash and equivalents10682.233.011712412618797.2128420
Other assets7.49.820.215.219.09.015.118218.332.6
Total assets164139155324348248358745668886
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a10.0%20.1%34.8%
Profit growth, compoundedn/an/an/a59.3%
Return on equity, average-32.2%-21.0%-1.3%-21.2%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Protagonist Therapeutics' revenue in fiscal 2025?

Protagonist Therapeutics (PTGX) reported revenue of $46 million for fiscal 2025, the year ended 31 December 2025, down 89.4% on the year before.

How much did Protagonist Therapeutics earn in fiscal 2025?

Net loss was $130 million for fiscal 2025, and the diluted loss per share $2.05.

What is Protagonist Therapeutics' P/E ratio?

At the close of 9 October 2026, Protagonist Therapeutics traded at 139.6 times its earnings over the twelve months to 30 June 2026.

What is Protagonist Therapeutics' market cap?

The market cap of Protagonist Therapeutics was $9.3 billion at the close of 9 October 2026.

How much debt does Protagonist Therapeutics have?

At 30 June 2026 Protagonist Therapeutics carried $0 million of debt and $420 million of cash.

Peers: Pharmaceutical Products

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Eli Lilly & Co. LLY$1.11 trillion39.5578.8%n/a49.6%1.410.5%
Johnson & Johnson JNJ$630.1 billion30.3024.8%n/a8.1%0.442.0%
AbbVie Inc. ABBV$488.4 billion78.08n/a26.2%10.4%n/a2.5%
Merck & Co., Inc. MRK$359.1 billion116.467.6%n/a4.6%1.292.3%
Novartis AG NVS *$274.2 billion20.1030.3%n/a8.4%0.622.9%
AstraZeneca PLC AZN *$246.9 billion24.3421.0%23.4%8.6%0.572.0%
Abbott Laboratories ABT$173.5 billion32.2310.6%15.8%8.1%0.582.4%
Novo Nordisk A/S NVO *$172.4 billion11.1652.8%41.3%6.4%0.674.5%
Pfizer Inc. PFE$161.1 billion37.205.1%n/a-0.2%0.716.1%
Vertex Pharmaceuticals Inc. VRTX$129.3 billion29.7021.8%38.0%10.2%0.00n/a
Bristol-Myers Squibb Co. BMY$120.7 billion13.0241.6%24.2%3.1%1.924.2%
Sanofi SNY *$97.7 billion11.1710.9%n/a6.2%0.265.5%
All 70 in Pharmaceutical Products
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Eli Lilly & Co. LLY$1.11 trillion39.5578.8%n/a49.6%1.410.5%
Johnson & Johnson JNJ$630.1 billion30.3024.8%n/a8.1%0.442.0%
AbbVie Inc. ABBV$488.4 billion78.08n/a26.2%10.4%n/a2.5%
Merck & Co., Inc. MRK$359.1 billion116.467.6%n/a4.6%1.292.3%
Novartis AG NVS *$274.2 billion20.1030.3%n/a8.4%0.622.9%
AstraZeneca PLC AZN *$246.9 billion24.3421.0%23.4%8.6%0.572.0%
Amgen Inc. AMGN$224.3 billion25.7974.8%30.0%9.1%4.901.8%
Gilead Sciences, Inc. GILD$187.6 billionn/a-27.4%-8.2%5.5%2.222.1%
Abbott Laboratories ABT$173.5 billion32.2310.6%15.8%8.1%0.582.4%
Novo Nordisk A/S NVO *$172.4 billion11.1652.8%41.3%6.4%0.674.5%
Pfizer Inc. PFE$161.1 billion37.205.1%n/a-0.2%0.716.1%
Vertex Pharmaceuticals Inc. VRTX$129.3 billion29.7021.8%38.0%10.2%0.00n/a
Bristol-Myers Squibb Co. BMY$120.7 billion13.0241.6%24.2%3.1%1.924.2%
Sanofi SNY *$97.7 billion11.1710.9%n/a6.2%0.265.5%
GSK plc GSK *$93.3 billion12.6634.9%24.3%4.1%1.083.6%
Moderna, Inc. MRNA$89.8 billionn/a-46.6%-149.0%-27.6%0.09n/a
Regeneron Pharmaceuticals, Inc. REGN$79.1 billion18.4513.7%24.7%9.3%0.060.5%
Takeda Pharmaceutical Company Limited TAK *$59.2 billionn/a-2.1%0.1%-1.7%0.663.5%
argenx SE ARGX *$51.1 billion42.1617.6%n/a89.9%0.00n/a
Teva Pharmaceutical Industries Ltd. TEVA$47.9 billion68.459.1%9.3%4.1%2.140.0%
IDEXX Laboratories Inc. IDXX$40.9 billion36.4370.7%32.0%12.8%0.60n/a
Biogen Inc. BIIB$33.3 billion39.954.4%10.1%0.3%0.39n/a
Zoetis Inc. ZTS$31.0 billion12.3283.1%n/a1.5%2.872.7%
Roivant Sciences Ltd. ROIV$25.6 billionn/a-6.3%-7,914.8%-67.6%0.00n/a
BioNTech SE BNTX *$24.4 billionn/a-5.9%-49.0%4.3%0.01n/a
Genmab A/S GMAB *$23.8 billion24.1116.5%28.6%19.2%0.90n/a
United Therapeutics Corp. UTHR$23.5 billion19.6620.5%44.4%2.5%0.00n/a
Viatris Inc. VTRS$20.3 billionn/a-2.9%-0.6%4.4%0.812.7%
Exelixis, Inc. EXEL$14.9 billion18.8246.7%39.9%9.2%0.00n/a
Neurocrine Biosciences Inc. NBIX$14.5 billion20.8819.1%23.6%34.4%0.00n/a
Jazz Pharmaceuticals plc JAZZ$14.2 billion15.0619.6%19.5%12.6%0.91n/a
Corcept Therapeutics Inc. CORT$13.1 billion288.387.8%0.8%16.0%0.00n/a
Halozyme Therapeutics, Inc. HALO$12.6 billion32.96288.1%35.9%41.2%13.50n/a
Elanco Animal Health Inc. ELAN$11.4 billionn/a-3.0%n/a12.0%0.56n/a
Bio-Techne Corp. TECH$11.3 billion63.028.6%20.7%-0.4%0.090.4%
Biomarin Pharmaceutical Inc. BMRN$10.6 billion148.111.2%4.4%11.2%0.66n/a
Dr. Reddy’s Laboratories Limited RDY *$10.4 billion23.3411.4%15.0%3.2%0.210.7%
Krystal Biotech, Inc. KRYS$9.8 billion41.5817.8%44.9%22.6%0.00n/a
Repligen Corp. RGEN$9.8 billion238.142.0%8.2%16.5%0.26n/a
Protagonist Therapeutics, Inc. PTGX$9.3 billion139.569.9%20.7%34.8%0.00n/a
Arrowhead Pharmaceuticals, Inc. ARWR$8.9 billionn/a-68.7%-33.8%16.8%1.47n/a
Cytokinetics Inc. CYTK$8.7 billionn/an/a-1,046.1%-21.1%n/an/a
TG Therapeutics, Inc. TGTX$8.5 billion20.2173.1%17.1%76.1%1.23n/a
Alkermes plc. ALKS$6.8 billion106.923.7%7.0%10.8%0.84n/a
Lantheus Holdings, Inc. LNTH$6.5 billion24.1921.0%19.4%2.3%0.43n/a
Ligand Pharmaceuticals Inc. LGND$6.0 billion32.2820.4%32.6%54.9%1.16n/a
PTC Therapeutics, Inc. PTCT$5.4 billionn/an/a12.5%-42.8%n/an/a
Indivior Pharmaceuticals, Inc. INDV$4.2 billionn/an/an/a13.5%n/an/a
Organon & Co. OGN$3.6 billion17.9320.8%n/a-2.5%8.502.5%
Acadia Pharmaceuticals Inc. ACAD$3.4 billion8.9129.1%7.6%11.8%0.00n/a
Arcus Biosciences, Inc. RCUS$3.1 billionn/a-99.1%-415.4%-55.3%0.22n/a
Neogen Corp. NEOG$2.6 billionn/a-2.7%-0.8%-0.3%0.37n/a
Supernus Pharmaceuticals, Inc. SUPN$2.5 billionn/a-10.7%-15.7%24.9%0.00n/a
Liquidia Corp. LQDA$2.4 billion19.9971.0%37.4%2,233.6%0.00n/a
Harmony Biosciences Holdings, Inc. HRMY$2.3 billion13.0918.1%24.0%24.3%0.15n/a
Adma Biologics, Inc. ADMA$2.3 billion14.8041.4%43.8%8.0%0.48n/a
Prestige Consumer Healthcare Inc. PBH$2.3 billion13.529.0%26.3%-1.4%1.05n/a
Perrigo Co. plc PRGO$2.1 billionn/a-69.0%-37.7%-4.2%1.317.7%
Vericel Corp. VCEL$2.1 billion85.356.5%6.0%23.0%0.00n/a
Vir Biotechnology, Inc. VIR$2.0 billionn/a-25.6%-92.4%1,495.9%0.00n/a
Sarepta Therapeutics, Inc. SRPT$1.9 billionn/a-8.9%-7.3%-20.4%0.55n/a
Xencor Inc. XNCR$1.8 billionn/a-32.5%-205.8%-28.6%0.15n/a
Schrodinger, Inc. SDGR$1.7 billionn/a-16.5%-59.2%8.9%0.00n/a
ANI Pharmaceuticals Inc. ANIP$1.7 billion15.7318.1%15.4%30.9%1.02n/a
Phibro Animal Health Corp. PAHC$1.6 billion15.7625.9%12.8%17.1%1.911.3%
Innoviva, Inc. INVA$1.5 billion5.1729.0%36.9%18.8%0.210.0%
Pacira BioSciences, Inc. PCRX$1.4 billion103.762.2%2.7%5.7%0.54n/a
Amphastar Pharmaceuticals, Inc. AMPH$1.1 billion15.7610.2%15.7%1.0%0.79n/a
QuidelOrtho Corp. QDEL$916 millionn/a-59.1%-30.8%-2.5%1.43n/a
Collegium Pharmaceutical, Inc. COLL$717 million17.7915.4%19.5%14.3%3.50n/a
50 companies share its SEC industry code (Pharmaceutical Preparations); the rest are the names nearest in size in its wider industry, Pharmaceutical Products, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20265 August 2026EDGAR
10-Q31 March 20265 May 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 20256 November 2025EDGAR
10-Q30 June 20256 August 2025EDGAR
10-Q31 March 20256 May 2025EDGAR
10-K31 December 202421 February 2025EDGAR
10-Q30 September 20247 November 2024EDGAR
10-Q30 June 20246 August 2024EDGAR
10-Q31 March 20247 May 2024EDGAR

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