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Mar 31, 2022
Puma Biotechnology Q1 2022 Earnings Report
Puma Biotechnology reported a net loss for Q1 2022, with a decrease in product revenue compared to the same period last year.
Key Takeaways
Puma Biotechnology reported a net loss of $3.4 million for the first quarter of 2022, compared to a net income of $16.5 million in the first quarter of 2021. Product revenue, net was $40.7 million, down from $45.8 million in the prior year. Total revenue was $45.7 million, which includes royalty revenue of $5.0 million.
Product revenue, net was $40.7 million, a decrease from $45.8 million in the first quarter of 2021.
Net loss was $3.4 million, or $0.08 per share, compared to net income of $16.5 million, or $0.41 per share, in the first quarter of 2021.
Non-GAAP adjusted net loss was $0.3 million, or $0.01 per share, compared to non-GAAP adjusted net income of $22.4 million, or $0.56 per share, in the first quarter of 2021.
Cash, cash equivalents and marketable securities totaled $73.9 million as of March 31, 2022.
Revenue by Segment
Forward Guidance
Puma Biotechnology anticipates several key milestones over the next 12 months, including reporting Phase II data from various cohorts in the SUMMIT basket trial and conducting meetings with the FDA to discuss potential accelerated approval pathways for neratinib in HER2-mutated HR-positive breast cancer and non-small cell lung cancer patients with EGFR exon 18 mutations.
Positive Outlook
- Reporting Phase II data from the cohort of patients in the SUMMIT basket trial of neratinib in HER2-mutated HR-positive breast cancer (H1 2022).
- Reporting Phase II data from the cohort of patients in the SUMMIT basket trial of neratinib in HER2-mutated biliary tract cancer (H1 2022).
- Reporting Phase II data from the cohort of patients in the SUMMIT basket trial of neratinib in non-small cell lung cancer patients with EGFR exon 18 mutations (H2 2022).
- Conducting a pre-NDA meeting with the FDA to discuss the potential for an accelerated approval pathway of neratinib in HER2-mutated HR-positive breast cancer (H2 2022).
- Conducting a meeting with the FDA to discuss the potential for an accelerated approval pathway for neratinib in non-small cell lung cancer patients with EGFR exon 18 mutations who have previously been treated with an EGFR tyrosine kinase inhibitor (2022).
Challenges Ahead
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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