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Protagonist Therapeutics vs Ionis Pharmaceuticals: PTGX and IONS compared
Protagonist Therapeutics is the larger company: $274M of revenue in its latest quarter (Q3 2026) against $268M for Ionis Pharmaceuticals (Q2 2026). Protagonist Therapeutics is growing faster (58× against -41% a year earlier). Protagonist Therapeutics is more profitable, with an operating margin of 79.6% against -38.2%.
Where the money goes: PTGX and IONS
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.
Ionis Pharmaceuticals (IONS) · Q2 2026
Ionis Pharmaceuticals, Q2 2026: revenue $268M (-41% year over year), operating margin -38.2%, net loss $115M, operating cash flow $566M. The chart follows the revenue to costs, profit and cash.
| Protagonist Therapeutics (PTGX) | Ionis Pharmaceuticals (IONS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $274M | $268M |
| Revenue growth, Y/Y | 58× | -41% |
| Operating margin | 79.6% | -38.2% |
| Net earnings | $220M | −$115M |
| Net margin | 80.2% | -42.8% |
| Operating cash flow | −$23.2M | $566M |
| Free cash flow | — | $549M |
| Market value | — | $7.1B |
| Analysts’ mean target | — | $84.13 |
Where the revenue comes from
Ionis Pharmaceuticals
- Research and Development Revenue: $150M (56%)
- Royalty: $76.0M (28%)
- DAWNZERASales: $26.6M (10%)
- Other Commercial: $11.5M (4%)
Questions
Which is bigger, Protagonist Therapeutics or Ionis Pharmaceuticals?
Protagonist Therapeutics is the larger company: $274M of revenue in its latest quarter (Q3 2026) against $268M for Ionis Pharmaceuticals (Q2 2026).
Is Protagonist Therapeutics or Ionis Pharmaceuticals growing faster?
Protagonist Therapeutics is growing faster (58× against -41% a year earlier).
Which is more profitable, Protagonist Therapeutics or Ionis Pharmaceuticals?
Protagonist Therapeutics is more profitable, with an operating margin of 79.6% against -38.2%.
More: Protagonist Therapeutics earnings · how Protagonist Therapeutics makes money · Ionis Pharmaceuticals earnings · how Ionis Pharmaceuticals makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Jul 29, 2026). Fiscal quarters can end on different dates. Not investment advice.