Protagonist Therapeutics Q1 Net Income $3.78M; Revenue $56.37M on ICOTYDE Approval

Protagonist Therapeutics reported a net income of $3.78 million for the first quarter of 2026, a significant improvement from a net loss of $11.66 million in the prior year period. This turnaround was primarily driven by a substantial increase in license and collaboration revenue, which more than doubled to $56.37 million, largely due to a $50.0 million milestone payment from Janssen Biotech following the FDA approval of ICOTYDE for moderate-to-severe plaque psoriasis. The company also highlighted the ongoing progress of rusfertide, which received Breakthrough Therapy designation and had its New Drug Application submitted to the FDA with priority review, targeting a Q3 2026 action date.