Loading…
Biotech developing peptide-based drugs, including rusfertide for a blood disorder and an oral IL-23 drug partnered with J&J.
Biotech developing peptide-based drugs, including rusfertide for a blood disorder and an oral IL-23 drug partnered with J&J.
Depends on partners to take its drugs to market: Takeda for rusfertide and Johnson & Johnson for its oral IL-23 drug, so income is upfront, milestone and royalty payments rather than product sales. The business is funded by those payments and cash raised from investors.
Moat: narrow (IP / patents, process know-how). Proprietary peptide chemistry lets it engineer oral drugs against targets normally needing injectable biologics.
Headquarters: Newark, California, United States · Founded: 2001 · Employees: 132
Size Protagonist Therapeutics (PTGX) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $8.54B, the 860th largest of 3,117 United States companies the cockpit tracks. Shares closed at $132.04 on 6 Nov 2026.
Performance Over six months the shares gained 32.9%, against +6.7% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 34.8% over the last twelve months (peer median +15.3%); the operating margin is 20.7% (peer median 12.6%).
Valuation It trades at 48.4× forward earnings against a peer median of 29.2× (3rd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 48% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +38 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 56.7 points above its cost of capital (10.9% WACC).
Short interest Short interest is 15.9% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $282M | $46.0M | $434M | $60.0M | $26.6M |
| Revenue growth | — | -89% | +624% | +126% | — |
| Gross profit | $280M | $44.8M | $431M | $56.7M | $25.5M |
| EBITDA | $59.9M | -$157M | $256M | -$90.3M | -$130M |
| Net income | $82.9M | -$130M | $275M | -$79.0M | -$127M |
| Free cash flow | $131M | $56.1M | $183M | -$70.8M | -$109M |
| Capital expenditure | $615,000 | $1.59M | $1.35M | $609,000 | $795,000 |
| Total debt | $9.22M | $10.3M | $10.9M | $1.14M | $3.66M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Protagonist Therapeutics PTGX | $8.54B | +33% | +35% | 21% | 48.4× | 47.5% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Ironwood Pharmaceuticals IRWD | $725M | +4% | +26% | 61% | 3.3× | n/a |
| Takeda Pharmaceutical 4502.T | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% |
| Incyte INCY | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% |
| PharmaEssentia 6446.TW | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PTGX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.6% | +5.9% | 6th lowest of 21 |
| 6-month return | +32.9% | +6.7% | 6th highest of 21 |
| Distance from 52-week high | -17.9% | -13.0% | 9th lowest of 21 |
| Revenue growth (TTM) | +34.8% | +15.3% | 6th highest of 20 |
| Operating margin | 20.7% | 12.6% | 4th highest of 19 |
| Forward P/E | 48.4× | 29.2× | 3rd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 47.5% | 8.8% | 2nd most demanding of 13 |
| Growth delivered (Del g) | +10.0% | +8.3% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | +37.6 pp | -6.5 pp | most demanding of 13 |
| ROIC minus cost of capital | +56.7 pp | +2.2 pp | 2nd highest of 17 |
| Net debt / EBITDA | -12.9× | 0.8× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Protagonist Therapeutics PTGX | United States | $8.54B | +33% | +35% | 21% | 48.4× | 47.5% | +10.0% |
| Shanghai Pharmaceuticals 2607.HK | Hong Kong | $8.48B | -7% | +9% | 3% | 6.6× | -10.3% | +7.4% |
| Shanghai Fosun Pharmaceutical (Group) 2196.HK | Hong Kong | $8.69B | -10% | +10% | 6% | 10.4× | 20.5% | +5.8% |
| Asymchem Laboratories (Tianjin) 6821.HK | Hong Kong | $8.19B | +22% | +24% | 17% | 29.2× | n/a | n/a |
| ALK-abello A/S ALK-B.CO | Denmark | $8.14B | -5% | +17% | 27% | 35.7× | 7.6% | +12.6% |
| Kyowa Kirin 4151.T | Japan | $8.05B | +4% | +10% | 24% | 15.6× | -6.1% | +9.3% |
| H. Lundbeck A/S HLUN-A.CO | Denmark | $8.02B | +47% | +9% | 27% | n/a | -9.1% | +6.6% |
| ImmunityBio IBRX | United States | $9.15B | +1% | +193% | -152% | n/a | n/a | n/a |
| TG Therapeutics TGTX | United States | $9.16B | +40% | +76% | 17% | 30.9× | 50.3% | +426.7% |
| Corcept Therapeutics CORT | United States | $7.96B | +39% | +30% | 12% | 16.4× | 24.9% | +16.6% |
| Madrigal Pharmaceuticals MDGL | United States | $9.28B | -22% | +93% | -11% | 79.5× | n/a | n/a |
| Rhythm Pharmaceuticals RYTM | United States | $7.78B | +19% | +61% | -67% | n/a | n/a | n/a |
| Praxis Precision Medicines PRAX | United States | $7.75B | -16% | -100% | n/a | n/a | n/a | n/a |
| Glenmark Pharmaceuticals GLENMARK.NS | India | $7.73B | +9% | +33% | 20% | 32.0× | 20.0% | +9.4% |
| Alkermes Public ALKS | United States | $7.71B | +31% | +15% | 5% | n/a | 31.5% | +7.3% |
| Grifols GRF.MC | Spain | $7.49B | +23% | 0% | 16% | 13.0× | 6.8% | +7.1% |
| Cytokinetics CYTK | United States | $7.46B | -30% | -21% | -1,046% | n/a | n/a | n/a |
| Spyre Therapeutics SYRE | United States | $9.86B | +38% | n/a | n/a | n/a | n/a | n/a |
| Kiniksa Pharmaceuticals International KNSA | United States | $7.37B | +60% | +58% | 14% | 61.7× | 9.9% | +45.5% |
| Bachem BANB.SW | Switzerland | $7.32B | +3% | +5% | 19% | 33.1× | n/a | n/a |
| Huadong Medicine 000963.SZ | China | $7.29B | -17% | +2% | 9% | 14.0× | -2.7% | +5.3% |