[2Q26 EPS Preview] Icotyde Royalty Calculator + Rx Tracker + Pipeline Catalyst

Research evidence excerpt

[2Q26 EPS Preview] Icotyde Royalty Calculator + Rx Tracker + Pipeline Catalyst

USA | Biotechnology

Protagonist Therapeutics EquityJulyResearch21, 2026

TARGET | ESTIMATE CHANGE[2Q26 EPS Preview] Icotyde Royalty Calculator +

RATING BUYRx Tracker + Pipeline Catalyst

PRICE $138.31^

We caught up w/ mgmt following JnJ EPS (2Q26). Icotyde launch is near-term

focus, and could be strong, supported by early metrics, but more quarters are PRICE TARGET | % TO PT $172.00 ($121.00) | +24%

needed to see trajectory. Rest of pipeline is under-appreciated, with rusfertide 52W HIGH-LOW $143.29 - $50.49

getting decent credit but likely under-modeled, first-in-class oral IL17 peptide in FLOAT (%) | ADV MM (USD) 94.9% | 118.83

I&I gaining most traction, albeit early for meaningful value, and differentiated MARKET CAP $8.9B

oral triple-G having largest upside pot'l despite crowded market. TICKER PTGX ^Prior trading day's closing price unless otherwise

noted.

Bottom line. Stock has been on a tear (+~40% since June vs. +~20% XBI), likely driven by Icotyde

recent strong TRx/sales trend and JNJ continued confidence, rusfertide close to approval in late

FY (Dec) CHANGE TO JEFe JEF vs CONS

Aug and expectation building into oral IL17 peptide Ph2 decision in 3Q. While we are having more

2026 2027 2026 2027

discussions with investors on current valuation (~$9B+ mkt cap) vs. upside potential/timing, we

continue to like the risk/reward here, given that Icotyde royalty likely supports big part of current REV +3% -18% NA NA

value to form solid floor value with some upside from more rapid/stronger ramp-up vs. JNJ EPS +6% -124% NA NA

Consensus. (See Chart 1, PTGX Icotyde Royalty Calculator, Chart 2 (JNJ Sales) and Chart 3 (PTGX

Roylaty) for JEF vs.