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Protagonist Therapeutics vs Axsome Therapeutics: PTGX and AXSM compared
Protagonist Therapeutics is the larger company: $274M of revenue in its latest quarter (Q3 2026) against $260M for Axsome Therapeutics (Q3 2026). Protagonist Therapeutics is growing faster (58× against +52% a year earlier). Protagonist Therapeutics is more profitable, with an operating margin of 79.6% against -4.3%.
Where the money goes: PTGX and AXSM
Protagonist Therapeutics (PTGX) · Q3 2026
Protagonist Therapeutics, Q3 2026: revenue $274M (58× year over year), operating margin 79.6%, net earnings $220M, operating cash flow −$23.2M. The chart follows the revenue to costs, profit and cash.
Axsome Therapeutics (AXSM) · Q3 2026
Axsome Therapeutics, Q3 2026: revenue $260M (+52% year over year), operating margin -4.3%, net loss $12.9M, operating cash flow −$9.5M. The chart follows the revenue to costs, profit and cash.
| Protagonist Therapeutics (PTGX) | Axsome Therapeutics (AXSM) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $274M | $260M |
| Revenue growth, Y/Y | 58× | +52% |
| Operating margin | 79.6% | -4.3% |
| Net earnings | $220M | −$12.9M |
| Net margin | 80.2% | -5.0% |
| Operating cash flow | −$23.2M | −$9.5M |
| Market value | — | $8.8B |
| Analysts’ mean target | — | $265.86 |
Where the revenue comes from
Axsome Therapeutics
- Product: $250M (96%)
- Royalty and Milestone Revenue: $9.7M (4%)
Questions
Which is bigger, Protagonist Therapeutics or Axsome Therapeutics?
Protagonist Therapeutics is the larger company: $274M of revenue in its latest quarter (Q3 2026) against $260M for Axsome Therapeutics (Q3 2026).
Is Protagonist Therapeutics or Axsome Therapeutics growing faster?
Protagonist Therapeutics is growing faster (58× against +52% a year earlier).
Which is more profitable, Protagonist Therapeutics or Axsome Therapeutics?
Protagonist Therapeutics is more profitable, with an operating margin of 79.6% against -4.3%.
More: Protagonist Therapeutics earnings · how Protagonist Therapeutics makes money · Axsome Therapeutics earnings · how Axsome Therapeutics makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Nov 2, 2026). Fiscal quarters can end on different dates. Not investment advice.