Protagonist Therapeutics reports Q2 EPS (50c), consensus (60c)

Reports Q2 revenue $4.17M, consensus $8M. “During the second quarter of 2024 our team made tremendous strides in the late-stage clinical development of rusfertide and also in leveraging our proprietary discovery platform for early-stage, but highly differentiated, oral peptides-based discovery programs,” said Dinesh Patel, Ph.D., President and CEO. “We presented updated long-term data from the REVIVE Phase 2 trial at EHA that reaffirms rusfertide’s durability of positive response in polycythemia vera, and we look forward to the Phase 3 VERIFY 32-week primary endpoint readout in Q1 2025. We are excited at the prospect of introducing multiple new development candidates in a variety of indications over the next 12 months where oral peptides would offer a strong differentiation versus existing options. Additionally, our addition to the S&P SmallCap 600 index highlights the value Protagonist brings to shareholders and provides additional visibility within the investment community. We are also very pleased with the rapid pace of enrollment in the five different ongoing Phase 3 trials of JNJ-2113 in psoriasis and the Phase 2b study in ulcerative colitis. With the primary endpoint portion of the ICONIC-LEAD in moderate-to-severe plaque psoriasis, ICONIC-TOTAL in psoriasis in special body regions, and ANTHEM in ulcerative colitis studies all expected to be completed this year, we look forward to uncovering the potential and differentiation of JNJ-2113, the first and only targeted oral IL-23 receptor antagonist peptide.”