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PBYI Stock Rises as Q4 Earnings & Sales Outpace Estimates
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Puma Biotechnology (PBYI - Free Report) reported fourth-quarter 2024 adjusted earnings of 43 cents per share, which beat the Zacks Consensus Estimate of 14 cents. In the year-ago quarter, the company reported adjusted earnings of 31 cents per share.
The above-adjusted earnings exclude the impact of stock-based compensation expense. Including the same, earnings per share were 39 cents compared with 26 cents in the year-ago quarter.
For the fourth quarter, the company recorded a non-cash deferred tax income benefit of $7.1 million, which significantly increased the net income and EPS for the quarter.
Total revenues were $59.1 million, which also beat the Zacks Consensus Estimate of $51.8 million.
Revenues declined 18.1% year over year due to lower royalty revenues. Total revenues comprised net product sales of Nerlynx (neratinib), PBYI’s only marketed drug in the United States, and royalty revenues. Nerlynx is indicated for treating early-stage HER2-positive breast cancer.
Shares of Puma Biotechnology were up 5% in after-hours trading on Feb. 27 owing to the better-than-expected results.
Stay up-to-date with all quarterly releases:See Zacks Earnings Calendar.
The stock has plunged 51.9% in the past year compared with the industry’s 7.5% decline.
Image Source: Zacks Investment Research
More on PBYI’s Q4 Results
Product revenues from Nerlynx totaled $54.4 million, up almost 2.3% year over year. Nerlynx’s product sales were above the guidance of $46-$48 million.
Product revenues from Nerlynx beat the Zacks Consensus Estimate of $46.6 million as well as our model estimate of $46.6 million. However, Nerlynx revenues declined around 2% sequentially.
Nerlynx total prescriptions rose 4% on a sequential basis. However, new prescriptions declined 7%.
Overall demand for Nerlynx increased around 3% sequentially but was flat year over year during the reported quarter.
Royalty revenues amounted to $4.7 million, significantly lower than $19 million in the year-ago quarter, as the prior-year number included sales to China by PBYI’s offshore partner, Pierre Fabre. Royalty revenues beat our model estimate of $4 million but were within the guided range of $3.5-$5 million.
Total operating costs (including stock-based compensation expense) in the quarter were $45.7 million, down 20.4% year over year.
Selling, general and administrative expenses (including stock-based compensation expense) declined 17.8% year over year to $16.6 million.
Research and development expenses (including stock-based compensation expense) totaled $15.2 million, up 17.8% year over year.
Cash, cash equivalents and marketable securities amounted to $101 million as of Dec. 31, 2024, compared with $97 million as of Sept. 30, 2024.
PBYI’s FY24 Results
In 2024, total revenues were $230.5 million, which beat the Zacks Consensus Estimate of $223.2 million. Revenues declined 2.2% year over year. Product revenues totaled $195.2 million compared with $203.1 million in 2023.
Adjusted earnings in 2024 were 78 cents per share, which significantly beat the Zacks Consensus Estimate of 49 cents. In 2023, the company reported adjusted earnings of 69 cents per share.
Guidance for First-Quarter and Full-Year 2025
Puma Biotechnology issued its financial guidance for 2025. The company expects Nerlynx’s product sales to be in the range of $192-$198 million.
Royalty revenues are expected to be in the $20-$24 million range, which is lower than 2024 due to fewer shipments expected to China.
Net income is expected to be in the range of $23-$28 million in 2025.
In 2025, the company expects flat to a slightly lower total operating expenses compared to 2024. While SG&A expenses are expected to decrease 5-10%, R&D expenses are anticipated to rise 10-15% year over year.
For the first quarter of 2025, Nerlynx product sales are expected to be in the range of $41-$43 million. Royalty revenues are expected to be in the band of $1.5-$2.5 million. In the first quarter, net loss is expected to be between $2 million and breakeven.
PBYI’s Recent Pipeline Updates
Puma Biotechnology in-licensed the global development and commercialization rights to alisertib, an aurora kinase A inhibitor, from Japan’s Takeda in 2022. It is developing alisertib for hormone receptor-positive breast cancer as well as small-cell lung cancer (SCLC).
PBYI is conducting ALISCA-Lung1, a phase II study evaluating alisertib as a monotherapy for the treatment of patients with extensive-stage SCLC. Interim data from this study is expected to be announced in 2025.
Puma Biotechnology initiated the phase II ALISCA-Breast1 study on alisertib in combination with endocrine treatment for treating patients with chemotherapy-naïve HER2-negative, hormone receptor-positive metastatic breast cancer in November 2024. Initial data from the study is expected in 2025.
PBYI’s Zacks Rank & Key Picks
Puma Biotechnology currently carries a Zacks Rank #3 (Hold).
In the past 30 days, estimates for Immunocore’s 2025 loss per share have narrowed from $1.66 to $1.62, while that for 2026 has narrowed from $2.46 to $2.32. In the past year, shares of Immunocore have lost 57.3%.
IMCR’s earnings beat estimates in two of the trailing four quarters and missed in the remaining two, delivering an average surprise of 31.91%.
In the past 30 days, estimates for Pacira BioSciences’ 2025 earnings per share have risen from $3.20 to $3.59. In the past year, shares of PCRX have lost 15.2%.
Pacira BioSciences’ earnings beat estimates in two of the trailing four quarters, missed once and met in the other, delivering an average surprise of 7.13%.
In the past 30 days, estimates for Amicus Therapeutics’ 2025 earnings per share have remained stable at 43 cents. In the past year, shares of FOLD have lost 29.1%.
FOLD’s earnings beat estimates in three of the trailing four quarters and missed in the other one, delivering an average surprise of 45.42%.
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PBYI Stock Rises as Q4 Earnings & Sales Outpace Estimates
Puma Biotechnology (PBYI - Free Report) reported fourth-quarter 2024 adjusted earnings of 43 cents per share, which beat the Zacks Consensus Estimate of 14 cents. In the year-ago quarter, the company reported adjusted earnings of 31 cents per share.
The above-adjusted earnings exclude the impact of stock-based compensation expense. Including the same, earnings per share were 39 cents compared with 26 cents in the year-ago quarter.
For the fourth quarter, the company recorded a non-cash deferred tax income benefit of $7.1 million, which significantly increased the net income and EPS for the quarter.
Total revenues were $59.1 million, which also beat the Zacks Consensus Estimate of $51.8 million.
Revenues declined 18.1% year over year due to lower royalty revenues. Total revenues comprised net product sales of Nerlynx (neratinib), PBYI’s only marketed drug in the United States, and royalty revenues. Nerlynx is indicated for treating early-stage HER2-positive breast cancer.
Shares of Puma Biotechnology were up 5% in after-hours trading on Feb. 27 owing to the better-than-expected results.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
The stock has plunged 51.9% in the past year compared with the industry’s 7.5% decline.
Image Source: Zacks Investment Research
More on PBYI’s Q4 Results
Product revenues from Nerlynx totaled $54.4 million, up almost 2.3% year over year. Nerlynx’s product sales were above the guidance of $46-$48 million.
Product revenues from Nerlynx beat the Zacks Consensus Estimate of $46.6 million as well as our model estimate of $46.6 million. However, Nerlynx revenues declined around 2% sequentially.
Nerlynx total prescriptions rose 4% on a sequential basis. However, new prescriptions declined 7%.
Overall demand for Nerlynx increased around 3% sequentially but was flat year over year during the reported quarter.
Royalty revenues amounted to $4.7 million, significantly lower than $19 million in the year-ago quarter, as the prior-year number included sales to China by PBYI’s offshore partner, Pierre Fabre. Royalty revenues beat our model estimate of $4 million but were within the guided range of $3.5-$5 million.
Total operating costs (including stock-based compensation expense) in the quarter were $45.7 million, down 20.4% year over year.
Selling, general and administrative expenses (including stock-based compensation expense) declined 17.8% year over year to $16.6 million.
Research and development expenses (including stock-based compensation expense) totaled $15.2 million, up 17.8% year over year.
Cash, cash equivalents and marketable securities amounted to $101 million as of Dec. 31, 2024, compared with $97 million as of Sept. 30, 2024.
PBYI’s FY24 Results
In 2024, total revenues were $230.5 million, which beat the Zacks Consensus Estimate of $223.2 million. Revenues declined 2.2% year over year. Product revenues totaled $195.2 million compared with $203.1 million in 2023.
Adjusted earnings in 2024 were 78 cents per share, which significantly beat the Zacks Consensus Estimate of 49 cents. In 2023, the company reported adjusted earnings of 69 cents per share.
Guidance for First-Quarter and Full-Year 2025
Puma Biotechnology issued its financial guidance for 2025. The company expects Nerlynx’s product sales to be in the range of $192-$198 million.
Royalty revenues are expected to be in the $20-$24 million range, which is lower than 2024 due to fewer shipments expected to China.
Net income is expected to be in the range of $23-$28 million in 2025.
In 2025, the company expects flat to a slightly lower total operating expenses compared to 2024. While SG&A expenses are expected to decrease 5-10%, R&D expenses are anticipated to rise 10-15% year over year.
For the first quarter of 2025, Nerlynx product sales are expected to be in the range of $41-$43 million. Royalty revenues are expected to be in the band of $1.5-$2.5 million. In the first quarter, net loss is expected to be between $2 million and breakeven.
PBYI’s Recent Pipeline Updates
Puma Biotechnology in-licensed the global development and commercialization rights to alisertib, an aurora kinase A inhibitor, from Japan’s Takeda in 2022. It is developing alisertib for hormone receptor-positive breast cancer as well as small-cell lung cancer (SCLC).
PBYI is conducting ALISCA-Lung1, a phase II study evaluating alisertib as a monotherapy for the treatment of patients with extensive-stage SCLC. Interim data from this study is expected to be announced in 2025.
Puma Biotechnology initiated the phase II ALISCA-Breast1 study on alisertib in combination with endocrine treatment for treating patients with chemotherapy-naïve HER2-negative, hormone receptor-positive metastatic breast cancer in November 2024. Initial data from the study is expected in 2025.
PBYI’s Zacks Rank & Key Picks
Puma Biotechnology currently carries a Zacks Rank #3 (Hold).
Puma Biotechnology, Inc. Price and Consensus
Puma Biotechnology, Inc. price-consensus-chart | Puma Biotechnology, Inc. Quote
Some better-ranked stocks from the sector are Immunocore (IMCR - Free Report) , Pacira BioSciences (PCRX - Free Report) and Amicus Therapeutics (FOLD - Free Report) . While Pacira BioSciences currently sports a Zacks Rank #1 (Strong Buy), Immunocore and Amicus Therapeutics carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 30 days, estimates for Immunocore’s 2025 loss per share have narrowed from $1.66 to $1.62, while that for 2026 has narrowed from $2.46 to $2.32. In the past year, shares of Immunocore have lost 57.3%.
IMCR’s earnings beat estimates in two of the trailing four quarters and missed in the remaining two, delivering an average surprise of 31.91%.
In the past 30 days, estimates for Pacira BioSciences’ 2025 earnings per share have risen from $3.20 to $3.59. In the past year, shares of PCRX have lost 15.2%.
Pacira BioSciences’ earnings beat estimates in two of the trailing four quarters, missed once and met in the other, delivering an average surprise of 7.13%.
In the past 30 days, estimates for Amicus Therapeutics’ 2025 earnings per share have remained stable at 43 cents. In the past year, shares of FOLD have lost 29.1%.
FOLD’s earnings beat estimates in three of the trailing four quarters and missed in the other one, delivering an average surprise of 45.42%.