Protagonist Therapeutics Inc (PTGX)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	279,408	173,079	172,604	165,436	-78,955	-140,484	-137,611	-140,188	-127,393	-130,106	-132,678	-122,483	-125,551	-107,530	-81,489	-68,939	-64,845	-62,604	-71,352	-83,863
Revenue (ttm)	US$ in thousands	434,433	323,795	319,120	314,953	60,000	0	0	859	26,581	35,198	45,484	46,890	27,357	24,390	27,218	31,170	28,628	25,697	16,724	2,318
Pretax margin		64.32%	53.45%	54.09%	52.53%	-131.59%	—	—	-16,319.91%	-479.26%	-369.64%	-291.70%	-261.21%	-458.94%	-440.88%	-299.39%	-221.17%	-226.51%	-243.62%	-426.64%	-3,617.90%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $279,408K ÷ $434,433K
= 64.32%

Protagonist Therapeutics Inc has demonstrated a fluctuating trend in its pretax margin over the past few years. The company's pretax margin was significantly negative, ranging from -3,617.90% to -479.26% between the period of March 31, 2020, and December 31, 2022. This indicates that the company's operating expenses and non-operating costs were high relative to its revenue during this period.

However, there was a substantial improvement in the pretax margin performance in the subsequent quarters. By March 31, 2024, the pretax margin had turned positive, reaching 52.53%. This significant positive change suggests that Protagonist Therapeutics Inc was able to effectively control its costs and generate higher revenue, resulting in a more efficient operation.

The positive pretax margins of 52.53%, 54.09%, 53.45%, and 64.32% in the quarters from March 31, 2024, to December 31, 2024, indicate that the company achieved a notable level of profitability and efficiency in its operations during that period. This positive trend in pretax margin suggests an improvement in Protagonist Therapeutics Inc's financial performance and indicates a potential turnaround in its profitability.