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Sep 30, 2021
Puma Biotechnology Q3 2021 Earnings Report
Reported a net loss due to the negative impact of COVID-19 and inventory reduction at specialty pharmacies and distributors.
Key Takeaways
Puma Biotechnology reported a net loss of $44.7 million for Q3 2021, compared to a net loss of $31.5 million for Q3 2020. Total revenue for Q3 2021 was $46.2 million, a decrease from $50.8 million in Q3 2020. The results were negatively impacted by COVID-19 and inventory reduction.
Product revenue, net for the third quarter of 2021 was $43.4 million, compared to $49.3 million for the third quarter of 2020.
Net loss for the third quarter of 2021 was $44.7 million, or $1.09 per share, compared to a net loss of $31.5 million, or $0.79 per share, for the third quarter of 2020.
Net cash provided by operating activities for the third quarter of 2021 was $10.5 million, compared to $1.7 million for the third quarter of 2020.
The company anticipates key milestones over the next 12 months, including reporting top line data from the randomized cohort of the Phase II SUMMIT trial and data from the Phase II INSIGhT trial.
Revenue by Segment
Forward Guidance
Puma Biotechnology anticipates several key milestones over the next 12 months.
Positive Outlook
- Reporting top line data from the randomized cohort of the Phase II SUMMIT trial of neratinib in hormone receptor positive breast cancer that has a HER2 mutation (Q4 2021).
- Reporting data from the Phase II INSIGhT trial of neratinib in patients with glioblastoma at the Society of NeuroOncology (SNO) Annual Meeting (Q4 2021).
- Conducting a Type C meeting with the FDA to discuss potential for accelerated approval of neratinib in HER2-mutated hormone receptor positive breast cancer (Q4 2021).
- 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 (H1 2022).
- Reporting Phase II data from the SUMMIT trial of neratinib in non-small cell lung cancer patients with EGFR exon 18 mutations (H1 2022).
Challenges Ahead
- The company's operating results continued to be negatively impacted by the effects of COVID-19.
- Net revenue for the quarter was negatively impacted by approximately $3.5 million due to inventory reduction at specialty pharmacies and specialty distributors.
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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