Takeda Pharmaceutical Company (NYSE:TAK) Q3 2026 Earnings call January 29, 2026 05:30 AM ET Speaker2Thank you for taking time out of a very busy schedule to join us for the earnings announcement for the third quarter, FY 25 by Takeda. I'm the MC, O'Reilly, from IR. I would like to explain the language setting first. Please find the button for the language selection at the bottom of your window for the Zoom screen. If you wish to listen in Japanese, please select Japanese. If you wish to listen in English, p ...

TSE: 4502 Committed to Growth & Shareholder Returns FY2025 Q3 Earnings Announcement The companies in which Takeda directly and indirectly owns investments are separate entities. In this presentation, "Takeda" is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifyi ...

Protagonist Therapeutics (NasdaqGM:PTGX) FY Conference January 13, 2026 11:15 AM ET Company ParticipantsDinesh Patel - President and CEOArturo Molina - CMOSamuel Saks - CDAAsif Ali - EVP and CFOConference Call ParticipantsBrian Cheng - Senior Biotech AnalystNone - AnalystBrian ChengGood morning, everyone. Thanks for joining us for another session at the 44th JPMorgan Healthcare Conference. I'm Brian Cheng. I'm the Senior Biotech Analyst here at the firm. On stage, we have the CEO of Protagonist Therapeutics ...

Core Viewpoint - Johnson & Johnson (NYSE: JNJ) is in acquisition talks with Protagonist Therapeutics (NASDAQ: PTGX), which has led to a significant increase in Protagonist's stock price, closing at $8.7, a rise of approximately 30% with a market capitalization of $540 million [2]. Group 1: Acquisition Details - The details of the potential acquisition are not finalized, and the terms under discussion may not be guaranteed [5]. - The expected deal would significantly exceed Protagonist's market value, including a premium, and would enhance Johnson & Johnson's portfolio in immunology and oncology through two experimental drugs [5]. Group 2: Collaboration and Product Development - Johnson & Johnson and Protagonist are collaborating on the oral IL-23 inhibitor, Icotrokinra, which is aimed at treating immune diseases such as plaque psoriasis and ulcerative colitis, with Johnson & Johnson holding exclusive commercialization rights [6][8]. - Johnson & Johnson has already submitted a new drug application to the FDA for Icotrokinra to treat plaque psoriasis, following the loss of patent exclusivity for its product Stelara [8]. Group 3: Financial Aspects and Milestones - The collaboration includes potential financial milestones, with an upfront payment and milestone achievements totaling $337.5 million, alongside royalties of 6% to 10% on net sales exceeding $4 billion [6]. - Upcoming potential milestones through 2028 include various payments for marketing approvals and NDA filing acceptances, totaling an estimated $155 million [6]. Group 4: Market Performance - Protagonist's stock has more than doubled this year, with a notable 45% increase in March due to encouraging results from late-stage trials of Rusfertide, a treatment for polycythemia vera [12].

Core Viewpoint - Johnson & Johnson is in talks to acquire Protagonist Therapeutics, which could strengthen its product line amid competition from low-cost generics for its key immunotherapy drug Stelara [1] Group 1: Company Developments - Johnson & Johnson is currently collaborating with Protagonist Therapeutics on the development of immunology drugs [1] - Protagonist is also working with Takeda Pharmaceutical on a drug called Rusfertide, aimed at treating rare blood cancers [1] Group 2: Market Implications - The potential acquisition would help Johnson & Johnson consolidate its product offerings as it faces competition from generic versions of Stelara [1]

Core Thesis - Protagonist Therapeutics, Inc. (PTGX) presents a compelling investment opportunity due to strong clinical progress and underappreciated fundamentals, with a market cap of $3.6 billion and $615 million in net cash as of June 2025 [2][4] Clinical Assets - PTGX's most valuable asset, Icotrokinra (Ico), is an oral IL-23R peptide antagonist partnered with JNJ, nearing FDA approval with robust Phase 2/3 data for multiple indications including psoriasis and Crohn's disease [2][3] - Ico's efficacy rivals or potentially surpasses injectable treatments like Skyrizi and Tremfya, positioning PTGX to capture significant market share in a $25 billion IL-23 class [3] Financial Projections - PTGX is projected to earn $400–$900 million in annual royalties from Ico, with additional upside from sales milestones and market expansion, leading to a plausible base-case DCF value of $3–4 billion [3][5] - Rusfertide, another asset partnered with Takeda, targets polycythemia vera and is expected to generate $100–$200 million in annual cash flow, along with a $400 million opt-out payment [3][4] Strategic Positioning - PTGX's platform includes oral IL-17, oral hepcidin, and obesity drug candidates, providing high optionality and potential for significant future upside [4] - The company has a strong balance sheet with minimal burn relative to upcoming catalysts, and management incentives are aligned with shareholder value [4] Market Catalysts - Multiple catalysts exist, including Ico approval and Rusfertide commercialization decisions, which the market has yet to fully price in [4][5] - The potential for strategic transactions, such as royalty sales or platform acquisitions, could further unlock value for PTGX [5]

Core Viewpoint - Protagonist Therapeutics has selected PN-477 as its primary development candidate for obesity treatment, which is a triple agonist peptide targeting GLP-1, GIP, and glucagon (GCG) receptors, offering both efficacy and convenience through oral or subcutaneous administration [2][4]. Group 1: Drug Development and Efficacy - PN-477 has completed extensive preclinical evaluations, demonstrating positive effects in various animal models of obesity and blood glucose control, including diet-induced obese mice, normal dogs, and crab-eating macaques [4]. - The drug exhibits strong activation of GLP-1, GIP, and GCG receptors in vitro, indicating its potential effectiveness [4]. - PN-477's pharmacodynamic properties and overall performance make it suitable for parallel development as both a daily oral medication (PN-477o) and a weekly injection (PN-477sc) [4]. Group 2: Clinical Trials and Future Plans - The Investigational New Drug (IND) application is currently underway, with the first phase of clinical trials expected to start in the second quarter of 2026 [4]. - Protagonist Therapeutics plans to submit a New Drug Application (NDA) for its other candidates in 2025, indicating a robust pipeline [6][7]. Group 3: Market Position and Competitive Advantage - Despite the dominance of GLP-1 receptor agonists in the market, there is room for improvement, and a triple agonist like PN-477 could provide a significant breakthrough in obesity treatment by offering an oral option alongside injectable therapies [6]. - PN-477 is anticipated to reduce fat mass while preserving lean body mass and improving tolerability and comorbidities, positioning it as a potential blockbuster product for the company [6]. Group 4: Company Overview - Protagonist Therapeutics is an integrated biopharmaceutical company focused on drug discovery and late-stage development, with two novel candidates in Phase III clinical trials and plans for NDA submissions in 2025 [6][7]. - The company is also advancing several preclinical peptide drug development projects, including PN-881 and oral hepcidin [7].