Puma Biotechnology Q1 2024 Financial Results

Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, has released its financial results for the first quarter ending March 31, 2024, highlighting significant changes in revenue, net loss, and operating expenses compared to the same period in the previous year.

Product revenue, which is solely derived from the sales of Puma’s first commercial product NERLYNX®, stood at $40.3 million for Q1 2024, marking a decrease from the $46.8 million reported in Q1 2023. The total revenue for the first quarter of 2024 amounted to $43.8 million, down from $52.8 million in the same quarter of the previous year. This total includes $3.5 million from royalty revenue, a decrease from the $6.0 million in Q1 2023.

On a GAAP basis, Puma recorded a net loss of $4.8 million, or $0.10 per basic and diluted share, for the first quarter of 2024, in contrast to a net income of $1.4 million, or $0.03 per basic and diluted share, for the first quarter of 2023. Adjusted for non-GAAP measures, which exclude stock-based compensation expenses, the net loss was $2.4 million, or $0.05 per share, for Q1 2024, compared to an adjusted net income of $4.2 million, or $0.09 per share, for Q1 2023.

The company reported operating costs and expenses totaling $46.1 million in Q1 2024, slightly down from $48.4 million in Q1 2023. The cost of sales for the first quarter of 2024 was $10.7 million, a reduction from $13.2 million in the same period last year, attributed mainly to lower royalty expenses due to decreased global net sales.

Selling, general, and administrative expenses decreased slightly to $21.8 million in Q1 2024 from $22.5 million in Q1 2023. This reduction was primarily due to lower payroll-related expenses and stock-based compensation, offset by increased professional fees and other expenses. Research and development expenses rose to $13.6 million in Q1 2024 from $12.7 million in the corresponding period of 2023. This increase was driven primarily by higher clinical trial expenses.

Total other expenses for Q1 2024 were $2.3 million, which is a decrease from $2.8 million in Q1 2023. This improvement was mainly due to higher interest income derived from increased interest rates and more cash investments.

Puma’s net cash provided by operating activities for the first quarter of 2024 was $11.3 million, compared to $2.6 million in the same period of 2023. As of March 31, 2024, the company held cash, cash equivalents, and marketable securities amounting to $107.2 million, up from $96.0 million as of December 31, 2023.

Alan H. Auerbach, Chairman, CEO, and President of Puma, expressed optimism about the company's progress. He highlighted the initiation of ALISertib in CAncer (ALISCA-Lung1), a Phase II clinical trial of alisertib monotherapy for extensive stage small cell lung cancer commenced in February. Auerbach also discussed upcoming milestones, including the presentation of updated data from clinical trials and biomarker studies at the American Society of Clinical Oncology (ASCO) Annual Meeting. Furthermore, he announced the planned initiation of ALISCA-Breast1, a Phase II trial of alisertib combined with endocrine treatment for HER2-negative, hormone receptor-positive metastatic breast cancer, later in the year.

Puma continues to focus on the development of alisertib, with clinical trials targeting various forms of cancer, while also managing resources to achieve a positive net income for the year.