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Puma Biotechnology Reports Third Quarter 2024 Financial Results

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Puma Biotechnology (NASDAQ: PBYI) reported strong Q3 2024 financial results with total revenue of $80.5 million, including $56.1 million in product revenue from NERLYNX® and $24.4 million in royalty revenue. The company posted a net income of $20.3 million ($0.41 per share), up from $5.8 million in Q3 2023. Operating cash flow was $11.0 million, with cash and equivalents of $97 million. The company updated its full-year 2024 guidance, projecting net product revenue of $187-190 million and net income of $15-17 million.

Puma Biotechnology (NASDAQ: PBYI) ha riportato risultati finanziari solidi per il Q3 2024, con un fatturato totale di 80,5 milioni di dollari, di cui 56,1 milioni derivanti dalle vendite di NERLYNX® e 24,4 milioni dalle royalties. L'azienda ha registrato un utile netto di 20,3 milioni di dollari (0,41 dollari per azione), in aumento rispetto ai 5,8 milioni di dollari del Q3 2023. Il flusso di cassa operativo è stato di 11,0 milioni di dollari, con liquidità e equivalenti di 97 milioni di dollari. L'azienda ha aggiornato le previsioni per l'intero anno 2024, prevedendo un fatturato netto da prodotto di 187-190 milioni di dollari e un utile netto di 15-17 milioni di dollari.

Puma Biotechnology (NASDAQ: PBYI) reportó resultados financieros sólidos para el tercer trimestre de 2024 con ingresos totales de 80.5 millones de dólares, que incluyen 56.1 millones en ingresos por productos de NERLYNX® y 24.4 millones en ingresos por regalías. La compañía reportó un ingreso neto de 20.3 millones de dólares (0.41 dólares por acción), un aumento desde los 5.8 millones en el tercer trimestre de 2023. El flujo de caja operativo fue de 11.0 millones de dólares, con efectivo y equivalentes de 97 millones de dólares. La empresa actualizó su guía para el año completo 2024, proyectando ingresos netos por productos de 187-190 millones de dólares y un ingreso neto de 15-17 millones de dólares.

Puma Biotechnology (NASDAQ: PBYI)는 2024년 3분기에 총 수익 8,050만 달러를 기록하며 강력한 재무 실적을 발표했습니다. 여기에는 NERLYNX®에서 발생한 5,610만 달러의 제품 수익과 2,440만 달러의 로열티 수익이 포함됩니다. 회사는 순이익 2,030만 달러 (주당 0.41 달러)를 올렸으며, 이는 2023년 3분기 580만 달러에서 증가한 수치입니다. 운영 현금 흐름은 1,100만 달러였으며, 현금 및 현금성 자산은 9,700만 달러입니다. 회사는 2024년 전체 연도 가이드를 업데이트하여 순 제품 수익을 1억 8,700만에서 1억 9,000만 달러, 순이익을 1,500만에서 1,700만 달러로 예상했습니다.

Puma Biotechnology (NASDAQ: PBYI) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des revenus totaux de 80,5 millions de dollars, dont 56,1 millions issus des ventes de NERLYNX® et 24,4 millions de dollars de revenus de redevances. L'entreprise a affiché un bénéfice net de 20,3 millions de dollars (0,41 dollar par action), en hausse par rapport à 5,8 millions de dollars au troisième trimestre 2023. Le flux de trésorerie d'exploitation s'élevait à 11,0 millions de dollars, avec des liquidités et équivalents de 97 millions de dollars. L'entreprise a mis à jour ses prévisions pour l'année complète 2024, prévoyant des revenus nets de produits de 187 à 190 millions de dollars et un bénéfice net de 15 à 17 millions de dollars.

Puma Biotechnology (NASDAQ: PBYI) hat starke Finanzzahlen für das 3. Quartal 2024 gemeldet, mit einem Gesamtumsatz von 80,5 Millionen Dollar, einschließlich 56,1 Millionen Dollar aus Produktumsätzen von NERLYNX® und 24,4 Millionen Dollar aus Lizenzgebühren. Das Unternehmen verzeichnete ein Nettoeinkommen von 20,3 Millionen Dollar (0,41 Dollar pro Aktie), ein Anstieg von 5,8 Millionen Dollar im 3. Quartal 2023. Der operative Cashflow betrug 11,0 Millionen Dollar, mit liquiden Mitteln und Äquivalenten in Höhe von 97 Millionen Dollar. Das Unternehmen hat seine Prognose für das Gesamtjahr 2024 aktualisiert und erwartet ein Nettoumsatz von 187-190 Millionen Dollar sowie ein Nettoergebnis von 15-17 Millionen Dollar.

Positive
  • Q3 2024 total revenue increased to $80.5M from $56.1M in Q3 2023
  • Net income grew significantly to $20.3M from $5.8M year-over-year
  • Positive operating cash flow of $11.0M in Q3 2024
  • Company raised full-year 2024 guidance for net income to $15-17M
  • Royalty revenue increased substantially to $24.4M from $4.5M year-over-year
Negative
  • Product revenue for first nine months of 2024 decreased to $140.8M from $149.9M in 2023
  • Operating costs increased to $58.4M from $47.5M year-over-year
  • Cost of sales rose significantly to $29.1M from $13.3M in Q3 2023

Insights

Strong Q3 2024 financial performance shows significant improvement with $80.5 million in total revenue, up 43.5% year-over-year. NERLYNX product revenue increased to $56.1 million, while royalty revenue surged to $24.4 million. Net income jumped to $20.3 million ($0.41 per share), compared to $5.8 million in Q3 2023.

Cash position remains stable at $97 million, with positive operating cash flow of $11 million. The company raised its full-year 2024 guidance, now expecting net income of $15-17 million. Cost management efforts are evident in reduced SG&A expenses, though R&D costs increased due to alisertib development.

The pipeline development of alisertib represents significant potential in two major oncology markets. The upcoming Phase II trials in HER2-negative breast cancer and small cell lung cancer could expand Puma's market beyond NERLYNX. The strategic focus on chemotherapy-naïve patients in breast cancer trials suggests positioning as an earlier-line treatment option, which could drive larger market opportunities if successful.

Clinical milestones in 2025 will be important for validating alisertib's efficacy. The $39.8 million investment in R&D year-to-date demonstrates commitment to pipeline advancement while maintaining profitability.

LOS ANGELES--(BUSINESS WIRE)-- Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced financial results for the third quarter ended September 30, 2024. Unless otherwise stated, all comparisons are for the third quarter of 2024 compared to the third quarter of 2023.

Product revenue, net consists entirely of sales revenue from NERLYNX®, Puma’s first commercial product. Product revenue, net in the third quarter of 2024 was $56.1 million, compared to $51.6 million in the third quarter of 2023. Product revenue, net in the first nine months of 2024 was $140.8 million, compared to $149.9 million in the first nine months of 2023.

Based on accounting principles generally accepted in the United States (GAAP), Puma reported net income of $20.3 million, or $0.41 per basic and diluted share, for the third quarter of 2024, compared to a net income of $5.8 million, or $0.12 per basic and diluted share, for the third quarter of 2023. Net income for the first nine months of 2024 was $11.0 million, or $0.23 per basic share and $0.22 per diluted share, compared to net income of $9.3 million, or $0.20 per basic and diluted share, for the first nine months of 2023.

Non-GAAP adjusted net income was $22.4 million, or $0.46 per basic share and $0.45 per diluted share, for the third quarter of 2024, compared to $8.3 million, or $0.18 per basic share and $0.17 per diluted share, for the third quarter of 2023. Non-GAAP adjusted net income for the first nine months of 2024 was $17.5 million, or $0.36 per basic and diluted share, compared to non-GAAP adjusted net income of $17.1 million, or $0.36 per basic and diluted share, for the first nine months of 2023. Non-GAAP adjusted net income excludes stock-based compensation expenses. For a reconciliation of GAAP net income to non-GAAP adjusted net income and GAAP net income per share to non-GAAP adjusted net income per share, please see the financial tables at the end of this news release.

Net cash provided by operating activities for the third quarter of 2024 was $11.0 million, compared to $10.7 million in the third quarter of 2023. Net cash provided by operating activities for the first nine months of 2024 was $23.3 million, compared to net cash provided by operating activities of $16.6 million in the first nine months of 2023. On September 30, 2024, Puma had cash, cash equivalents and marketable securities of approximately $97 million, compared to cash, cash equivalents, and marketable securities of approximately $96 million at December 31, 2023.

“We are pleased to announce both positive net income and positive operating cash flow for the third quarter of 2024,” said Alan H. Auerbach, Chairman, Chief Executive Officer, and President of Puma. “In addition to our focus on the commercialization of NERLYNX, we are also continuing to make progress with the clinical development of alisertib for patients with extensive stage small cell lung cancer and patients with chemotherapy-naïve HER2-negative, hormone receptor-positive metastatic breast cancer.”

Mr. Auerbach added, “We anticipate the following key milestones over the next 12 months: (i) initiation of ALI-1201/ALISCA™-Breast1, a Phase II trial of alisertib in combination with endocrine treatment in patients with chemotherapy-naïve HER2-negative, hormone receptor-positive metastatic breast cancer (Q4 2024); (ii) presentation of interim data from ALI-4201/ALISCA™-Lung1, a Phase II clinical trial of alisertib monotherapy for the treatment of patients with extensive stage small cell lung cancer (2025); and (iii) presentation of interim data from ALISCA™-Breast1, a Phase II trial of alisertib in combination with endocrine treatment in patients with chemotherapy-naïve HER2-negative, hormone receptor-positive metastatic breast cancer (2025).”

Revenue

Total revenue consists of product revenue, net from sales of NERLYNX, Puma’s first commercial product and royalty revenue. For the third quarter of 2024, total revenue was $80.5 million, of which $56.1 million was product revenue, net and $24.4 million was royalty revenue. This compares to total revenue of $56.1 million in the third quarter of 2023, of which $51.6 million was product revenue, net and $4.5 million was royalty revenue. For the first nine months of 2024, total revenue was $171.4 million, of which $140.8 million was product revenue, net and $30.6 million was royalty revenue. This compares to total revenue of $163.5 million for the first nine months of 2023, of which $149.9 million was product revenue, net, and $13.6 million was royalty revenue.

Operating Costs and Expenses

Total operating costs and expenses were $58.4 million for the third quarter of 2024, compared to $47.5 million for the third quarter of 2023. Operating costs and expenses in the first nine months of 2024 were $153.8 million, compared to $145.7 million in the first nine months of 2023.

Cost of Sales

Cost of sales was $29.1 million for the third quarter of 2024, compared to $13.3 million for the third quarter of 2023. Cost of sales was $50.5 million for the first nine months of 2024, compared to $38.4 million for the first nine months of 2023. The increase was primarily due to royalty expense related to the timing of sales made in China by our sub-licensee and an increase in units shipped to China.

Selling, General and Administrative Expenses

Selling, general and administrative (SG&A) expenses were $16.8 million for the third quarter of 2024, compared to $22.8 million for the third quarter of 2023. SG&A expenses for the first nine months of 2024 were $63.5 million, compared to $69.7 million for the first nine months of 2023. The $6.2 million decrease in SG&A expenses for the first nine months of 2024 compared to the first nine months of 2023 resulted from a decrease in payroll and related costs of approximately $2.4 million, primarily due to lower headcount, partially offset by annual salary increases; and a decrease in professional fees and expenses of approximately $1.2 million, primarily due to decreases of approximately $3.2 million in marketing expenses and $0.4 million in insurance and other expenses. These decreases were partially offset by an increase of approximately $2.3 million in legal fees; a decrease in stock-based compensation expense of approximately $1.1 million, primarily due to lower headcount; a decrease in provision for credit loss of $0.6 million, due to a customer payment on an overdue receivable; and a decrease in loss on impairment of asset expense of approximately $0.6 million in connection with our decision to sublease a portion of our office space in 2023.

Research and Development Expenses

Research and development (R&D) expenses were $12.5 million for the third quarter of 2024, compared to $11.4 million for the third quarter of 2023. R&D expenses for the first nine months of 2024 were $39.8 million, compared to $37.6 million for the first nine months of 2023. The $2.2 million year-over-year increase in R&D expenses resulted primarily from an increase in clinical trial expenses of approximately $1.8 million, primarily due to the procurement of alisertib drug product and increased alisertib study activity, partially offset by fewer clinical milestones being achieved, and an increase in internal R&D expenses of approximately $0.8 million, primarily due to one-time payroll and severance related expenses.

Total Other Income (Expenses)

Total other expenses were $1.5 million for the third quarter of 2024, compared to $2.6 million for the third quarter of 2023. Total other expenses of $5.7 million for the first nine months of 2024 were down from $8.0 million for the first nine months of 2023 due primarily to an increase in interest income.

Fourth Quarter and Full Year 2024 Financial Outlook

 

Fourth Quarter 2024

Full Year 2024 (previous)

Full Year 2024

(new)

Net Product Revenue

$46$48 million

$183$190 million

$187$190 million

Royalty Revenue

$3.5$5 million

$30$34 million

$34$36 million

License Revenue

$1$2 million

$1$2 million

$1$2 million

Net Income

$4$6 million

$12$15 million

$15$17 million

Gross to Net Adjustment

21%22%

21%22%

20.5%21.5%

Conference Call

Puma Biotechnology will host a conference call to report its third quarter 2024 financial results and provide an update on Puma’s business and outlook at 1:30 p.m. PST/4:30 p.m. EST on Thursday, November 7, 2024. The call may be accessed by dialing 1 (877) 709-8150 (domestic) or 1 (201) 689-8354 (international). Please dial in at least 10 minutes in advance and inform the operator that you would like to join the “Puma Biotechnology Conference Call.” A live webcast of the conference call and presentation slides may be accessed on the Investors section of the Puma Biotechnology website at https://www.pumabiotechnology.com. A replay of the call will be available shortly after completion of the call and will be archived on Puma’s website for 90 days.

About Puma Biotechnology

Puma Biotechnology, Inc. is a biopharmaceutical company with a focus on the development and commercialization of innovative products to enhance cancer care. Puma in-licensed the global development and commercialization rights to PB272 (neratinib, oral) in 2011. Neratinib, oral was approved by the U.S. Food and Drug Administration in 2017 for the extended adjuvant treatment of adult patients with early stage HER2-overexpressed/amplified breast cancer, following adjuvant trastuzumab-based therapy, and is marketed in the United States as NERLYNX® (neratinib) tablets. In February 2020, NERLYNX was also approved by the FDA in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic setting. NERLYNX was granted marketing authorization by the European Commission in 2018 for the extended adjuvant treatment of adult patients with early stage hormone receptor-positive HER2-overexpressed/amplified breast cancer and who are less than one year from completion of prior adjuvant trastuzumab-based therapy. NERLYNX® is a registered trademark of Puma Biotechnology, Inc.

In September 2022, Puma entered into an exclusive license agreement for the development and commercialization of the anti-cancer drug alisertib, a selective, small molecule, orally administered inhibitor of aurora kinase A. Initially, Puma intends to focus the development of alisertib on the treatment of small cell lung cancer and breast cancer. In February 2024, Puma initiated ALISCA™-Lung 1, a Phase II clinical trial of alisertib monotherapy for the treatment of patients with extensive-stage small cell lung cancer.

Further information about Puma Biotechnology may be found at https://www.pumabiotechnology.com.

INDICATIONS

  • NERLYNX® (neratinib) tablets, for oral use, is a kinase inhibitor indicated:
  • As a single agent, for the extended adjuvant treatment of adult patients with early stage HER2-positive breast cancer, to follow adjuvant trastuzumab-based therapy.
  • In combination with capecitabine, for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer, who have received two or more prior anti-HER2 based regimens in the metastatic setting.

Important Safety Information Regarding NERLYNX® (neratinib) U.S. Indication

CONTRAINDICATIONS: None

WARNINGS AND PRECAUTIONS:

Diarrhea: Manage diarrhea through either NERLYNX dose escalation or loperamide prophylaxis. If diarrhea occurs despite recommended prophylaxis, treat with additional antidiarrheals, fluids, and electrolytes as clinically indicated. Withhold NERLYNX in patients experiencing severe and/or persistent diarrhea. Permanently discontinue NERLYNX in patients experiencing Grade 4 diarrhea or Grade ≥ 2 diarrhea that occurs after maximal dose reduction.

  • Hepatotoxicity: Monitor liver function tests monthly for the first 3 months of treatment, then every 3 months while on treatment and as clinically indicated. Withhold NERLYNX in patients experiencing Grade 3 liver abnormalities and permanently discontinue NERLYNX in patients experiencing Grade 4 liver abnormalities.
  • Embryo-Fetal Toxicity: NERLYNX can cause fetal harm. Advise patients of potential risk to a fetus and to use effective contraception.

ADVERSE REACTIONS: The most common adverse reactions (reported in ≥ 5% of patients) were as follows:

  • NERLYNX as a single agent: Diarrhea, nausea, abdominal pain, fatigue, vomiting, rash, stomatitis, decreased appetite, muscle spasms, dyspepsia, AST or ALT increased, nail disorder, dry skin, abdominal distention, epistaxis, weight decreased, and urinary tract infection.
  • NERLYNX in combination with capecitabine: Diarrhea, nausea, vomiting, decreased appetite, constipation, fatigue/asthenia, weight decreased, dizziness, back pain, arthralgia, urinary tract infection, upper respiratory tract infection, abdominal distention, renal impairment, and muscle spasms.

To report SUSPECTED ADVERSE REACTIONS, contact Puma Biotechnology, Inc. at 1-844-NERLYNX (1-844-637-5969) or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch. DRUG INTERACTIONS:

  • Gastric acid reducing agents: Avoid concomitant use with proton pump inhibitors. Separate NERLYNX by at least 2 hours before or 10 hours after H2-receptor antagonists. Or separate NERLYNX by at least 3 hours with antacids.
  • Strong CYP3A4 inhibitors: Avoid concomitant use.
  • P-gp and moderate CYP3A4 dual inhibitors: Avoid concomitant use.
  • Strong or moderate CYP3A4 inducers: Avoid concomitant use.
  • Certain P-gp substrates: Monitor for adverse reactions of P-gp substrates for which minimal concentration change may lead to serious adverse reactions when used concomitantly with NERLYNX.

USE IN SPECIFIC POPULATIONS:

  • Lactation: Advise women not to breastfeed.

Please see Full Prescribing Information for additional safety information.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding Puma’s anticipated milestones and estimates of future financial results for the fourth quarter and full year 2024. All forward-looking statements involve risks and uncertainties that could cause Puma’s actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors, which include, but are not limited to, any adverse impact on Puma’s business or the global economy and financial markets, any changes in Puma’s product candidates’ regulatory approvals, results from Puma’s clinical trials, any litigation involving Puma, any changes to Puma’s in-licensed intellectual property and the risk factors disclosed in the periodic and current reports filed by Puma with the Securities and Exchange Commission from time to time, including Puma’s Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Puma assumes no obligation to update these forward-looking statements, except as required by law.

PUMA BIOTECHNOLOGY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2024

 

2023

 

2024

 

2023

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Revenues:
Product revenue, net

$

56.1

 

$

51.6

 

$

140.8

 

$

149.9

 

Royalty revenue

 

24.4

 

 

4.5

 

 

30.6

 

 

13.6

 

Total revenue

 

80.5

 

 

56.1

 

 

171.4

 

 

163.5

 

Operating costs and expenses:
Cost of sales

 

29.1

 

 

13.3

 

 

50.5

 

 

38.4

 

Selling, general and administrative

 

16.8

 

 

22.8

 

 

63.5

 

 

69.7

 

Research and development

 

12.5

 

 

11.4

 

 

39.8

 

 

37.6

 

Total operating costs and expenses

 

58.4

 

 

47.5

 

 

153.8

 

 

145.7

 

Income from operations

 

22.1

 

 

8.6

 

 

17.6

 

 

17.8

 

Other income (expenses):
Interest income

 

1.3

 

 

0.7

 

 

3.5

 

 

1.9

 

Interest expense

 

(3.1

)

 

(3.3

)

 

(9.8

)

 

(10.0

)

Legal verdict expense

 

 

 

 

 

 

 

 

Other income

 

0.3

 

 

 

 

0.6

 

 

0.1

 

Total other expenses, net

 

(1.5

)

 

(2.6

)

 

(5.7

)

 

(8.0

)

Net income before income taxes

$

20.6

 

$

6.0

 

$

11.9

 

$

9.8

 

Income tax expense

 

(0.3

)

 

(0.2

)

 

(0.9

)

 

(0.5

)

Net income

$

20.3

 

$

5.8

 

$

11.0

 

$

9.3

 

Net income per share of common stock—basic

$

0.41

 

$

0.12

 

$

0.23

 

$

0.20

 

Net income per share of common stock—diluted

$

0.41

 

$

0.12

 

$

0.22

 

$

0.20

 

Weighted-average shares of common stock outstanding—basic

 

49,008,464

 

 

47,520,338

 

 

48,498,579

 

 

46,977,127

 

Weighted-average shares of common stock outstanding—diluted

 

49,173,361

 

 

47,819,234

 

 

49,025,103

 

 

47,397,209

 

 
 
PUMA BIOTECHNOLOGY, INC. AND SUBSIDIARY
LIQUIDITY AND CAPITAL RESOURCES
(in millions)
 

September 30,

December 31,

2024

2023

(Unaudited)
 
Cash and cash equivalents

$

67.3

 

$

84.6

 

Marketable securities

 

29.5

 

 

11.4

 

Working capital

 

46.4

 

 

56.8

 

Long term debt

 

32.7

 

 

65.7

 

Stockholders' equity

 

71.1

 

 

53.4

 

 
 

Nine Months

 

Nine Months

Ended

 

Ended

September 30,

 

September 30,

2024

 

2023

(Unaudited)

(Unaudited)

Cash provided by (used in):
Operating activities

$

23.3

 

$

16.6

 

Investing activities

 

(18.1

)

 

(11.0

)

Financing activities

 

(22.5

)

 

 

 
(Decrease) increase in cash and cash equivalents,
and restricted cash

$

(17.3

)

$

5.6

 

Use of Non-GAAP Measures

In addition to operating results as calculated in accordance with GAAP, Puma uses certain non-GAAP financial measures when planning, monitoring, and evaluating operational performance. The following table presents Puma’s net income and net income per share calculated in accordance with GAAP and as adjusted to remove the impact of stock-based compensation expense. For the three months and nine months ended September 30, 2024, stock-based compensation represented approximately 7.0% and 6.3% of total selling, general and administrative expense and research and development expense, respectively, and 7.4% and 7.3% for the same periods in 2023. Puma’s management believes that these non-GAAP financial measures are useful to enhance understanding of Puma’s financial performance, are more indicative of its operational performance, and facilitate a better comparison among fiscal periods. These non-GAAP financial measures are not, and should not be viewed as, substitutes for GAAP reporting measures.

PUMA BIOTECHNOLOGY, INC. AND SUBSIDIARY
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income and
GAAP Net Income Per Share to Non-GAAP Adjusted Net Income Per Share
(in millions except share and per share data)
(Unaudited)
 

Three Months Ended September 30,

2024

2023

GAAP net income

$

20.3

 

$

5.8

Adjustments:
Stock-based compensation -
Selling, general and administrative (1)

 

1.5

 

 

1.8

Research and development (2)

 

0.6

 

 

0.8

Non-GAAP adjusted net income

$

22.4

 

$

8.3

 
GAAP net income per share—basic

$

0.41

 

$

0.12

Adjustment to net income (as detailed above)

 

0.05

 

 

0.06

Non-GAAP adjusted basic net income per share

$

0.46

 

(3

)

$

0.18

(4

)

 
GAAP net income per share—diluted

$

0.41

 

$

0.12

Adjustment to net income (as detailed above)

 

0.04

 

 

0.05

Non-GAAP adjusted diluted net income per share

$

0.45

 

(5

)

$

0.17

(6

)

 

Nine Months Ended September 30,

2024

2023

GAAP net income

$

11.0

 

$

9.3

Adjustments:
Stock-based compensation -
Selling, general and administrative (1)

 

4.3

 

 

5.4

Research and development (2)

 

2.2

 

 

2.4

Non-GAAP adjusted net income

$

17.5

 

$

17.1

 
GAAP net income per share—basic

$

0.23

 

$

0.20

Adjustment to net income (as detailed above)

 

0.13

 

 

0.16

Non-GAAP adjusted basic net income per share

$

0.36

 

(3

)

$

0.36

(4

)

 
GAAP net income per share—diluted

$

0.41

 

$

0.20

Adjustment to net income (as detailed above)

 

(0.05

)

 

0.16

Non-GAAP adjusted diluted net income per share

$

0.36

 

(5

)

$

0.36

(6

)

(1) To reflect a non-cash charge to operating expense for selling, general, and administrative stock-based compensation.
(2) To reflect a non-cash charge to operating expense for research and development stock-based compensation.
(3) Non-GAAP adjusted basic net income per share was calculated based on 49,008,464 and 48,498,579 weighted-average shares of common stock outstanding for the three and nine months ended September 30, 2024, respectively.
(4) Non-GAAP adjusted basic net income per share was calculated based on 47,520,338 and 46,977,127 weighted-average shares of common stock outstanding for the three and nine months ended September 30, 2023, respectively.
(5) Non-GAAP adjusted diluted net income per share was calculated based on 49,173,361 and 49,025,103 weighted-average shares of common stock outstanding for the three and nine months ended September 30, 2024, respectively.
(6) Non-GAAP adjusted diluted net income per share was calculated based on 47,819,234 and 47,397,209 weighted-average shares of common stock outstanding for the three and nine months ended September 30, 2023, respectively.
 

 

Alan H. Auerbach or Mariann Ohanesian, Puma Biotechnology, Inc., +1 424 248 6500

info@pumabiotechnology.com

ir@pumabiotechnology.com

David Schull, Russo Partners, +1 212 845 4200

david.schull@russopartnersllc.com

Source: Puma Biotechnology, Inc.

FAQ

What was Puma Biotechnology's (PBYI) revenue in Q3 2024?

Puma Biotechnology's total revenue in Q3 2024 was $80.5 million, consisting of $56.1 million in product revenue from NERLYNX® and $24.4 million in royalty revenue.

How much net income did PBYI report for Q3 2024?

PBYI reported net income of $20.3 million, or $0.41 per basic and diluted share, for Q3 2024.

What is PBYI's updated full-year 2024 guidance?

PBYI updated its full-year 2024 guidance to net product revenue of $187-190 million, royalty revenue of $34-36 million, and net income of $15-17 million.

How much cash does PBYI have as of September 30, 2024?

PBYI had approximately $97 million in cash, cash equivalents, and marketable securities as of September 30, 2024.

PUMA BIOTECHNOLOGY INC

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149.32M
38.59M
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6.5%
Biotechnology
Pharmaceutical Preparations
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United States of America
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