Puma Biotechnology reported a net income of $16.5 million, or $0.40 per diluted share, for the first quarter of 2021, compared to a net loss of $16.9 million, or $0.43 per share, for the first quarter of 2020. Total revenue increased to $98.2 million, driven by $50.0 million in license revenue and $45.8 million in net product revenue. The company had cash, cash equivalents and marketable securities of $109.1 million at the end of the quarter.
Puma Biotechnology reported a net income of $16.5 million, a significant turnaround from the net loss of $16.9 million in the same quarter last year.
Total revenue surged to $98.2 million, primarily due to a substantial increase in license revenue to $50.0 million.
Net product revenue from NERLYNX was $45.8 million, slightly lower than the $48.6 million in the first quarter of 2020.
The company's cash, cash equivalents, and marketable securities stood at $109.1 million as of March 31, 2021.
Puma Biotechnology anticipates several key milestones over the next 12 months, including reporting top line data from the Phase II SUMMIT trial, conducting a pre-NDA meeting with the FDA, and receiving regulatory decisions for the extended adjuvant HER2-positive early stage breast cancer indication in additional countries.
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