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Mar 31, 2020
Puma Biotechnology Q1 2020 Earnings Report
Puma Biotechnology reported a net loss for Q1 2020, with product revenue increasing slightly compared to Q1 2019.
Key Takeaways
Puma Biotechnology reported a net loss of $16.9 million, or $0.43 per share, for the first quarter of 2020. Net product revenue was $48.6 million, compared to $45.6 million in the first quarter of 2019. Total revenue for the first quarter of 2020 was $51.2 million, compared to $99.1 million for the first quarter of 2019.
Net product revenue for Q1 2020 was $48.6 million, an increase from $45.6 million in Q1 2019.
Puma reported a net loss of $16.9 million, or $0.43 per share, for Q1 2020, compared to a net loss of $10.1 million, or $0.26 per share, for Q1 2019.
Non-GAAP adjusted net loss was $8.0 million, or $0.20 per share, for Q1 2020, compared to non-GAAP adjusted net income of $8.1 million, or $0.20 per share, for Q1 2019.
Cash, cash equivalents and marketable securities totaled $100.6 million as of March 31, 2020.
Revenue by Segment
Forward Guidance
Puma anticipates several key milestones over the next 12 months, including a pre-NDA meeting with the FDA, reporting Phase II data from the SUMMIT trial, reporting additional data from the Phase II CONTROL trial, and receiving regulatory decisions for an extended adjuvant HER2-positive early stage breast cancer indication in additional countries.
Positive Outlook
- Conducting a pre-NDA meeting with the FDA to discuss accelerated approval of neratinib in HER2 mutated hormone receptor positive breast cancer and HER2 mutated cervical cancer in the first quarter of 2021.
- Reporting Phase II data from the HER-positive breast and cervical cancer cohort from the SUMMIT trial of neratinib in patients with HER2 mutations in the fourth quarter of 2020.
- Reporting additional data from the Phase II CONTROL trial in the fourth quarter of 2020.
- Receiving regulatory decisions for an extended adjuvant HER2-positive early stage breast cancer indication in additional countries.
- Maintain a significant stock of NERLYNX and do not anticipate any disruption of supply to existing or new patients.
Challenges Ahead
- Any adverse impact on Puma’s business or the global economy and financial markets, generally, from the global COVID-19 pandemic
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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