Protagonist Therapeutics (PTGX) Citigroup’s Biopharma Back to School Summit 2026 summary

Recent achievements and approvals

• Achieved two drug approvals this year, both supported by strong phase III data, including MIMRYLO with a broad label for polycythemia vera.

• ICOTYDE, partnered with J&J, has seen a successful commercial launch with over 18,000 prescriptions and 11,000+ patients in the first four months.

• Announced a $300 million share repurchase program, balancing shareholder returns with continued R&D investment.

• Partnerships with J&J and Takeda are generating healthy revenue streams to support internal R&D and shareholder value.

• Takeda's launch of MIMRYLO is expected to reach $1–2 billion in peak sales, with a broad label and strong physician interest.

Strategic direction and partnerships

• Plans to retain assets longer before partnering, aiming for clinical proof of concept to secure better deal terms.

• Pharma partnerships remain central, especially for large indications, while rare disease assets may be developed in-house.

• Intends to be more aggressive in future partnerships, potentially co-investing in late-stage trials for better economics.

• Anti-obesity portfolio, including triple and dual agonists, is primed for early partnerships with big pharma.

• Revenue from partnered assets is expected to fund ongoing R&D and potential independent development of select assets.

Pipeline innovation and therapeutic focus

• Focused on peptide therapeutics, leveraging oral delivery to combine the benefits of small molecules and biologics.

• Developing oral versions of key biologic targets: IL-23 (ICOTYDE), IL-17 (PN-881), and IL-4, aiming to revolutionize chronic medication.

• Oral IL-17 is advancing to phase IIB in psoriasis, with plans to expand to other indications like HS based on data.

• In obesity, developing oral triple GLP agonists, aiming for strong differentiation despite being a late entrant.

• Oral hepcidin mimetic is being developed for PV, leveraging learnings from injectable MIMRYLO and aiming for rapid clinical proof of concept.