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Jun 30, 2020
Puma Biotechnology Q2 2020 Earnings Report
Puma Biotechnology reported net income for Q2 2020, with NERLYNX revenues within the company's guidance range, despite COVID-19 challenges and inventory draw down.
Key Takeaways
Puma Biotechnology reported a net income of $3.4 million for the second quarter of 2020, a significant improvement compared to the net loss of $37.4 million in the same quarter of the previous year. NERLYNX product revenue was $48.8 million, slightly lower than the $53.8 million in Q2 2019. Total revenue for the quarter was $70.6 million, including license and royalty revenue.
Puma Biotechnology reported a net income of $3.4 million for Q2 2020, compared to a net loss of $37.4 million for Q2 2019.
Net NERLYNX product revenue was $48.8 million, a decrease from $53.8 million in the same quarter last year.
Total revenue for Q2 2020 was $70.6 million, including product, license, and royalty revenue.
Non-GAAP adjusted net income was $14.0 million, compared to a non-GAAP adjusted net loss of $22.0 million for the same period in 2019.
Revenue by Segment
Forward Guidance
Puma Biotechnology anticipates key milestones over the next 12 months, including reporting Phase II data from the SUMMIT trial, additional data from the Phase II CONTROL trial, and data from the Phase II TBCRC-022 trial. They also plan to conduct a pre-NDA meeting with the FDA and receive regulatory decisions for an extended adjuvant HER2-positive early stage breast cancer indication in additional countries.
Positive Outlook
- Reporting Phase II data from the hormone receptor positive breast cancer cohort of 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.
- Reporting data from the Phase II TBCRC-022 trial of the combination of Kadcyla plus neratinib in patients with HER2 positive breast cancer with brain metastases who have previously been treated with Kadcyla in the first half of 2021.
- Conducting a pre-NDA meeting with the FDA to discuss accelerated approval of neratinib in HER2 mutated hormone receptor positive breast cancer in the first half of 2021.
- Receiving regulatory decisions for an extended adjuvant HER2-positive early stage breast cancer indication in additional countries.
Challenges Ahead
- The COVID-19 pandemic could have an adverse impact on Puma’s business or the global economy and financial markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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