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Sep 30, 2020
Puma Biotechnology Q3 2020 Earnings Report
Puma Biotechnology's financial performance was impacted by COVID-19 challenges, resulting in a net loss, while the company focused on supporting breast cancer patients and advancing clinical milestones.
Key Takeaways
Puma Biotechnology reported a net loss of $31.5 million for Q3 2020, impacted by COVID-19 challenges. Total revenue was $50.8 million, with NERLYNX revenue at $49.3 million. The company continued to advance clinical milestones and support breast cancer patients.
Net NERLYNX revenue was $49.3 million, compared to $53.5 million in Q3 2019.
Puma reported a net loss of $31.5 million, or $0.79 per share, compared to a net loss of $16.9 million, or $0.44 per share, for the third quarter of 2019.
Non-GAAP adjusted net loss was $23.9 million, or $0.60 per share.
Net cash provided by operating activities was $1.7 million.
Revenue by Segment
Forward Guidance
Puma Biotechnology anticipates several key milestones over the next 12 months, including reporting Phase II data from various SUMMIT trials, conducting a pre-NDA meeting with the FDA, and receiving regulatory decisions for an extended adjuvant HER2-positive early stage breast cancer indication in additional countries.
Positive Outlook
- Reporting Phase II data from the SUMMIT trial of neratinib in hormone receptor positive breast cancer 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 Phase II data from the SUMMIT trial of neratinib in bile duct cancer patients with HER2 mutations in the first quarter of 2021.
- Reporting Phase II data from the SUMMIT trial of neratinib in non-small cell lung cancer patients with EGFR exon 18 mutations 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 and HER2 mutated cervical cancer in the first half of 2021.
Challenges Ahead
- COVID-19 may continue to impact revenues going forward.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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