Icotyde Launch Strong Momentum Continues as ‘Must Win‘ for JNJ

Research evidence excerpt

Icotyde Launch Strong Momentum Continues as ‘Must Win‘ for JNJ

USA | Biotechnology

Protagonist Therapeutics EquityJulyResearch15, 2026

FLASH NOTEIcotyde Launch Strong Momentum Continues as

RATING BUY"Must Win" for JNJ

PRICE $131.27^

JNJ 2Q26 update reinforced strong early Icotyde momentum, w/ 11k+ pts

initiated, 18k+ Rx written, ~6k prescribers, and 50%+ commercial coverage PRICE TARGET | % TO PT $121.00 | -8%

within 90 days. Mgmt highlighted uptake ahead of peers, raised FY26 guidance 52W HIGH-LOW $141.10 - $50.49

w/ Icotyde as a contributor, and launched DTC advertising to support adoption. FLOAT (%) | ADV MM (USD) 94.9% | 114.38

While early sales remain modest, we believe investor focus should increasingly MARKET CAP $8.4B

shift to persistence, payer expansion, and upcoming PsA/ IBD catalysts. TICKER PTGX ^Prior trading day's closing price unless otherwise

noted.

Bottom line. JNJ's 2Q26 earnings call further strengthened our confidence in the Icotyde

(icotrokinra; oral peptide IL23R) launch and supports our constructive PTGX thesis. Mgmt

highlighted that Icotyde is exhibiting "significant early launch momentum", with 11K+ pts initiated,

18K+ Rx, ~6K Rxer, and 50%+ commercial coverage within 90 days, noting uptake is outpacing

competitors at comparable stages. Importantly, JNJ raised 2026 guidance and specifically cited

Icotyde as a contributor, while simultaneously launching a national DTC campaign to further drive

awareness/ adoption. While JNJ did not disclose quarterly Icotyde sales (~$77M 2Q growth in

Other Immunology, mainly by Icotyde and Nipo, ~$37M 1Q growth mostly by Nipo), launch trajectory

appears broadly consistent with Street expectations (~$38M 2Q Consensus) for a strong initial ramp

following March approval.