Phathom Pharmaceuticals vs Protagonist Therapeutics
Phathom Pharmaceuticals is the larger business, with $175m of revenue in fiscal 2025 against $46.0m for Protagonist Therapeutics (3.8 times as much). Phathom Pharmaceuticals grew faster (216.9% against -89.4%). Phathom Pharmaceuticals kept more of each dollar of sales as profit: a net margin of -126.3% against -282.8%.
| Latest fiscal year | Phathom PharmaceuticalsPHAT, 2025 | Protagonist TherapeuticsPTGX, 2025 |
|---|---|---|
| Revenue | $175m | $46.0m |
| Revenue growth | 216.9% | -89.4% |
| Net income | −$221m | −$130m |
| Operating margin | -91.4% | -343.6% |
| Net margin | -126.3% | -282.8% |
| Return on equity | — | -20.2% |
| Free cash flow | −$167m | $56.1m |
| Cash | $130m | $128m |
| Total debt | $209m | $0 |
| Debt to equity | — | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 371 | 132 |
| Market value | $449m | $9.14bn |
| Price vs our value range | — | Above our value range |
| Moat score | — | 14 (Weak) |
| Insider trades, 12 months | 0 buys, 1 sales | 0 buys, 37 sales |