Protagonist Therapeutics (PTGX) Q3 FY2026 earnings: revenue $274 million, up 5723.6% on the year

Protagonist Therapeutics, Inc. (PTGX) reported revenue of $274 million for Q3 FY2026, the quarter ended 30 September 2026, up 5723.6% on the same quarter a year earlier. Net income was $220 million, and diluted earnings per share $3.07. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$274 million

+5,723.6% on the year · +28.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

79.6%

-985.2% a year earlier

Q4 FY2024Q3 FY2026

Net income

$220 million

+35.1% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$3.07

+34.1% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new, 4 kept.

Revenue rose on Takeda payments: License and collaboration revenue was $274.4 million, against $4.7 million a year earlier. Most of it was $266.6 million of proportional recognition from the $275.0 million Takeda payments.
Net income reversed to a profit: Net income was $220.0 million, or $3.07 per diluted share, against a net loss of $39.3 million, or $0.62 per share, in the third quarter of 2025.
MIMRYLO approved for polycythemia vera: Takeda received FDA approval for MIMRYLO (rusfertide) for erythrocytosis in adults with polycythemia vera on August 28. MIMRYLO was also approved in the United Arab Emirates on September 30, 2026.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	274	213	4.7	+28.5%	+5,723.6%
Cost of revenue	1.1	n/a	n/a
Gross profit	273	n/a	n/a
Gross margin	99.6%	n/a	n/a
Research and development	41.3	42.1	40.0	-1.9%	+3.2%
Operating income	218	159	-46.4	+37.5%
Operating margin	79.6%	74.4%	-985.2%
Pre-tax income	227	165	-39.3	+37.2%
Income tax	6.6	2.3	0.0	+189.4%
Effective tax rate	2.9%	1.4%	n/a
Net income	220	163	-39.3	+35.1%
Net margin	80.2%	76.3%	-834.9%
Diluted EPS	$3.07	$2.29	-$0.62	+34.1%

$ million except per share.

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. 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.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-23.2	219	-1.9
Capital expenditure	0.2	0.2	0.1	+41.1%	+169.3%
Free cash flow	-23.5	219	-2.0
Free cash flow margin	-8.5%	102.5%	-43.0%
Cash from investing	93.4	-2.4	-58.6
Cash from financing	8.0	9.7	5.7	-17.8%	+41.5%
Depreciation and amortisation	0.4	0.4	0.4	+3.0%	+13.3%
Share-based compensation	14.4	14.0	10.6	+2.3%	+36.0%
Diluted shares, weighted	72m	71m	64m	+1.0%	+12.5%
Shares outstanding at period end	65m	65m	62m	+0.8%	+4.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,085	842	645	+28.9%	+68.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	6.2	6.8	8.5	-9.4%	-27.5%
Other liabilities	55.5	37.2	47.7	+49.2%	+16.2%
Total liabilities and equity	1,147	886	702	+29.5%	+63.4%
Fixed assets	3.3	3.5	4.1	-3.9%	-19.0%
Investments	336	429	565	-21.7%	-40.5%
Cash and equivalents	498	420	114	+18.6%	+338.2%
Other assets	309	32.6	18.8	+845.6%	+1,544.3%
Total assets	1,147	886	702	+29.5%	+63.4%

Questions

What was Protagonist Therapeutics' revenue in Q3 FY2026?

Protagonist Therapeutics (PTGX) reported revenue of $274 million for Q3 FY2026, the quarter ended 30 September 2026, up 5723.6% on the same quarter a year earlier.

How much did Protagonist Therapeutics earn in Q3 FY2026?

Net income for Q3 FY2026 was $220 million, and diluted earnings per share $3.07.

When did Protagonist Therapeutics report Q3 FY2026 results?

Protagonist Therapeutics filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8.6	25.7	0.9	0.0	0.0	0.0	0.0	0.0	60.0	255	4.2	4.7	171	28.3	5.5	4.7	7.4	56.4	213	274
Cost of revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1.1
Gross profit	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	273
Gross margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	100%
R&D	38.4	36.3	34.6	25.4	29.9	27.4	33.2	30.7	28.9	33.7	33.5	36.0	34.9	35.9	37.0	40.0	46.4	46.7	42.1	41.3
Operating income	-37.0	-21.1	-41.4	-32.3	-36.5	-36.0	-42.4	-38.3	23.0	206	-38.8	-41.5	127	-19.3	-42.0	-46.4	-50.4	-3.6	159	218
Operating margin	-430%	-82%	-4825%	n/a	n/a	n/a	n/a	n/a	38%	81%	-931%	-887%	74%	-68%	-758%	-985%	-677%	-6%	74%	80%
Pre-tax income	-36.9	n/a	n/a	n/a	n/a	-33.7	-38.5	-34.1	27.3	211	-31.3	-33.6	134	-11.7	-34.6	-39.3	-43.7	2.3	165	227
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0%	2%	n/a	n/a	1%	n/a	n/a	n/a	n/a	-66%	1%	3%
Net income	-36.9	-20.9	-41.0	-31.2	-34.2	-33.7	-38.5	-34.1	27.3	207	-30.6	-33.2	132	-11.7	-34.8	-39.3	-44.4	3.8	163	220
Net margin	-428%	-81%	-4777%	n/a	n/a	n/a	n/a	n/a	46%	81%	-735%	-710%	77%	-41%	-627%	-835%	-597%	7%	76%	80%
Diluted EPS	-$0.78	-$0.43	-$0.84	-$0.64	-$0.69	-$0.67	-$0.68	-$0.58	$0.44	$3.26	-$0.50	-$0.54	$1.98	-$0.19	-$0.55	-$0.62	-$0.69	$0.05	$2.29	$3.07
Operating cash flow	-26.9	-37.7	-13.6	-25.2	-31.6	-34.3	-26.2	-26.6	17.0	-27.4	269	-27.9	-29.2	125	-28.8	-1.9	-37.0	-48.9	219	-23.2
Capital expenditure	0.2	0.3	0.3	0.2	0.1	0.0	0.2	0.4	0.0	0.2	0.0	0.8	0.3	0.5	0.8	0.1	0.1	0.2	0.2	0.2
Free cash flow	-27.1	-37.9	-13.9	-25.4	-31.7	-34.4	-26.4	-27.0	16.9	-27.7	269	-28.6	-29.5	125	-29.6	-2.0	-37.1	-49.2	219	-23.5
Shares outstanding	48m	49m	49m	49m	49m	51m	57m	58m	58m	59m	59m	60m	61m	62m	62m	62m	63m	64m	65m	65m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.