Protagonist Therap

Q2 FY2026 EarningsQ2 FY2026 results significantly exceeded consensus expectations across the top and bottom lines, driven by the $192.4M proportional recognition of Takeda's opt-out payment. Revenue reached $213.5M vs. $223.2M expected (note: consensus likely modeled different recognition timing, though GAAP net income of $162.8M smashed the $123.3M estimate). Diluted EPS of $2.29 beat the $1.90 consensus by 20.5%, supported by the first full quarter of ICOTYDE™ sales and a robust cash position of $849.5M. Management signaled a significant R&D ramp-up for H2 2026 to fund Phase 2b psoriasis trials.