Protagonist Therapeutics: Model Update Post 2Q Print

Research evidence excerpt

J P M O R G A N

North America Equity Research

10 August 2026

Protagonist Therapeutics

Overweight

PTGX, PTGX US

Price (07 Aug 26):$145.87

Model Update Post 2Q Print

▲Price Target (Dec-27):$149.00

Prior (Dec-26):$113.00

Following the 2Q results (see our note), we are updating our model for PTGX

and establishing our Dec-2027 PT. Key changes in our model include: 1)

increasing Icotyde penetration in psoriasis based on the robust adoption dynamics

observed in 2Q, 2) refining Rusfertide penetration in PV heading into the launch

later this fall, 3) adjusting Icotyde’s PoS in indications outside of PsO assuming

read-through from earlier data, and 4) rolling the period over. Reflecting the

changes, we establish our Dec-2027 PT of $149 (previously Dec-2026 PT of $113).

Maintain OW.

SMid Biotechnology

Brian Cheng AC

(1-212) 622-0449

Sarah Medeiros, PhD

(1-212) 622-3957

J.P. Morgan Securities LLC

Key Changes (FYE Dec)

Prev

3.22

(1.79)

Adj. EPS - 26E ($)

Adj. EPS - 27E ($)

Cur Δ

3.99 23.9%

(1.09) 38.9%

Quarterly Forecasts (FYE Dec)

Adj. EPS ($)

Q1

Q2

Q3

Q4

FY

2025A

(0.19)

(0.55)

(0.62)

(0.69)

(2.05)

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.