Post 1Q26: Main Character Energy–Momentum Increases Upside Potential for PTGX

Research evidence excerpt

Post 1Q26: Main Character Energy–Momentum Increases Upside Potential for PTGX

Estimates in $

will support pipeline diversification and clinical development. Aided with a potential (FY-Dec.) 2025A 2026E 2027E

rusfertide approval and launch on the horizon, Protagonist is poised to perform into the

Revenue (mm) $46.0 $574.4↑ $141.1↓

remainder of 2026 and beyond as growing revenues support development.

EPS $(2.05) $4.81↑ $(2.33)↓

With Icotyde recently approved, investors are looking to initial launch indicators,

with a near-term focus on 2Q26 product revenues (FY26 royalties $13M BMOCM Valuation

vs. $7M cons.). As outlined by Protagonist and Johnson and Johnson's (JNJ, Not Rated) 2025A 2026E 2027E

Icotyde collaboration agreement, Protagonist is entitled to up to $580M in additional P/E NM 20.6x NM

regulatory/milestone payments, and tiered royalties (6–10% where the higher end will QTR. EPS Q1 Q2 Q3 Q4

be triggered upon ~$4B in Icotyde revenues). While readout timing for ongoing Ph 3 2025A $(0.19) $(0.55) $(0.62) $(0.69)

psoriatic arthritis, ulcerative colitis, and Crohn's disease trials are yet to be disclosed

2026E $0.05a $2.17 $(0.23) $2.88(potential for Icotrokinra ICONIC-PsA-1 data in 2H given May 2026 PCD), a string of

clinical catalysts beyond 2026 highlight room for share upside into the decade.

Clinical development advances with trial initiations across indications in 2H26+,

which could contribute to increased diversity of Protagonist's pipeline. Ph 1 trial

initiations for triple-agonist obesity assets PN-477sc (subQ)/PN-477o (oral) are expected

in 2H26/1Q27 and oral hepcidin asset PN-8047 in 2H26. IL-17 oral antagonist PN-881

is advancing where Ph 1 completion and a Ph 2 plaque psoriasis trial initiation are

slated for 2H26.