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Protagonist Therapeutics (PTGX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Protagonist Therapeutics (PTGX) Q3 2026 earnings results →
Q3 2026 Revenue up 5724% year over year to $274M · 80¢ of every $1 of revenue kept as net profit · operating margin 79.6%
Protagonist Therapeutics made $274M in Q3 2026 (58× Y/Y). Operating margin 79.6%, net earnings $220M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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What changed this quarter
Revenue was $274.4M in Q3 2026, up 5724% year over year and up 29% from the previous quarter.
Operating profit was $218.3M, a 79.6% margin (up 1064.7 points year over year). Total costs grew 10% against revenue growth of 5724%. The fastest-growing cost line was General & admin (+23%). Net earnings were $220.0M. The effective tax rate was 2.9%.
Operating cash flow was −$23.2M. Non-cash charges added back $409K of depreciation and amortization and $14.4M of share-based compensation. Working capital and other items used $258.0M. Capital expenditures of $237K exceeded it, leaving free cash flow of −$23.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $274M | 58× | 79.6% | $220M | −$23.2M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $213M | 38× | 74.4% | $163M | $219M |
| Q1 2026 | 10-Q | May 5, 2026 | $56.4M | +99% | -6.5% | $3.8M | −$48.9M |
| Q4 2025 | 10-K | Feb 25, 2026 | $7.4M | -96% | -677.1% | −$44.4M | −$37.0M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $4.7M | +0.8% | -985.2% | −$39.3M | −$1.9M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $5.5M | +33% | -758.0% | −$34.8M | −$28.8M |
| Q1 2025 | 10-Q | May 6, 2025 | $28.3M | -89% | -68.2% | −$11.7M | $125M |
Charts
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💵Where each $1 goesinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About Protagonist Therapeutics
Protagonist Therapeutics, Inc. (referred to as “Protagonist,” the “Company,” “we,” “our” or “us”) is an integrated discovery and development company with a validated technology platform. Our programs fall into three broad therapeutic areas: (i) inflammation and immunology (“I&I”), (ii) hematology and (iii) metabolic diseases. Our aim is to develop medicines for biologically and commercially validated targets which demonstrate a strong differentiation compared to existing therapies. Icotyde™ (icotrokinra) is a first-in-class investigational targeted oral peptide that selectively blocks the Interleukin-23 receptor (“IL-23R”), which underpins the inflammatory response in psoriasis and offers potential in other IL-23-mediated diseases.
In its own words, from its 10-K, filed Feb 25, 2026.
Protagonist Therapeutics against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 58× against the peers' median +10%. Operating margin: 79.6% against the peers' median 30.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PTGX Protagonist Therapeutics | Q3 2026 | $274M | 58× | 79.6% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Protagonist Therapeutics 10-Q on SEC EDGAR · CIK 1377121 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns PTGX and who is buying
More on PTGX
- How Protagonist Therapeutics makes money: revenue by segment
- Protagonist Therapeutics next earnings date and what analysts expect
- Protagonist Therapeutics stock forecast, price target and fair value
- Who owns Protagonist Therapeutics stock: holders, funds and Congress trades
- Protagonist Therapeutics guidance and outlook
- Protagonist Therapeutics recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
Compare PTGX with
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- Protagonist Therapeutics vs Ionis Pharmaceuticals (PTGX vs IONS)
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