Protagonist Therapeutics (PTGX) announced a $300 million share repurchase program after the market close on Tuesday, ahead of its appearance at Citigroup's Biopharma Back to School Summit on Wednesday.
CEO Dinesh Patel highlighted the dual nature of the current regulatory environment, noting that more than 30 drug approvals have occurred this year, though each takes over a decade to develop.
The company shared detailed launch metrics for ICOTYDE, its IL-23 blocker partnered with Johnson & Johnson since 2017. According to Patel, ICOTYDE has generated more than 18,000 prescriptions across more than 11,000 patients from over 6,000 prescribers. Launch data was made available roughly four months after approval. Long-term extension trial data showed that 95% of patients — 44 of 46 — remained on treatment for more than three years, while approximately 90% stayed on the drug beyond four years.
Royalty economics on ICOTYDE sit in the 6% to 10% range, Patel said.
For MIMRYLO (rusfertide), an oral hepcidin mimetic partnered with Takeda, Patel described Phase 3 findings presented at the American Society of Clinical Oncology as "practice-changing." Takeda guided to peak sales of $1 billion to $2 billion before Phase 3 data were presented. The drug's approval covers approximately 78% of current medication users in polycythemia vera with erythrocytosis, a chronic indication where patients typically remain on treatment for 15 to 20 years.
On the front of its oral peptide pipeline, Patel pointed to PN-881, an oral IL-17 blocker, and PN-477, an oral triple GLP receptor agonist. Phase 1 completion for PN-477 is expected within six to 12 months. Patel characterized oral peptides as occupying "the nice in-between space between oral small molecules and injectable antibodies," saying the company has "figured out how to create oral peptides" to combine the advantages of both approaches.
Regarding the anti-obesity portfolio, Patel said the company holds both a triple and a dual GLP agonist candidate and is also exploring amylin as a target. He emphasized that the project would be "primed for partnerships sooner rather than later" and confirmed that Protagonist has no desire to advance obesity candidates through Phase 3 independently.
Eli Lilly's Retatrutide was cited as a benchmark, having produced 28.5% weight loss in trials. Lilly identified 20% weight loss in an oral formulation as a "killer app," Patel noted.
InvestingPro assigned Protagonist an overall health score of 3.39 out of 5, rated "GREAT," with a current ratio exceeding 21. Patel acknowledged the operational risks inherent to biotech, stating the management team will "always be on our tippy-toes."
