PTGX re-rated as rusfertide wins FDA approval and cash pours in
Rusfertide (MIMRYLO) approved by FDA The FDA approved rusfertide, now MIMRYLO, for polycythemia vera, a blood cancer. This is the big one: a drug Protagonist discovered is now sellable, and approval triggered $275 million in payments from partner Takeda, with up to $875 million more possible plus royalties of 14% to 29% on sales.
The approval is the single largest new event and directly changes PTGX's revenue outlook.
Company swings to profit on milestone cash Second-quarter results flipped from a $34.8 million loss to a $162.8 million profit, helped by a $50 million payment from Johnson & Johnson for psoriasis drug ICOTYDE and $200 million from Takeda. Cash stands at $849.5 million. But most of that revenue is one-time milestone money, not repeatable product sales, and research costs are expected to rise.
It shows the financial effect of the deals and gives the honest counterweight that the profit is not repeatable.
ICOTYDE launch and pipeline expansion Partner Johnson & Johnson reports a strong launch of ICOTYDE, the once-daily pill for plaque psoriasis, which J&J says could become its biggest product ever. Protagonist gets royalties and up to $580 million more in milestones. The drug also met its goal in a mid-stage ulcerative colitis trial, opening a second large market.
It is the main recurring royalty stream and shows the partnered drug reaching new uses.
Royalty choice trades control for steady income Protagonist gave up its 50:50 U.S. profit share with Takeda in exchange for royalties of 14% to 29% on worldwide sales. That means steadier, simpler income but no control over pricing or market access, and the remaining $875 million in milestones depends on the drug selling well.
It explains the trade-off behind the deal structure that shapes future PTGX earnings.