Protagonist swings to $220M Q3 profit on Takeda opt-out, launches two drugs, and adds $300M buyback

Filed November 6, 2026 · Period ending September 30, 2026 · Compared to 10-Q Nov 6, 2025 · ~1 min read

Key Changes

• high

  Revenue surged 5723.6% to $274.4M, driving net income of $220.0M and diluted EPS of $3.07 for Q3 2026.

  MD&A: Revenue and profitability verify on EDGAR →
• high

  Exercised Takeda opt-out, triggering $400M in opt-out payments and a $75M milestone; now eligible for up to $800M in milestones and 14-29% royalties.

  MD&A: Takeda opt-out verify on EDGAR →
• high

  ICOTYDE (psoriasis) and MIMRYLO (polycythemia vera) both received FDA approval and launched, transitioning the company to commercial-stage.

  MD&A: Product approvals verify on EDGAR →