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Puma Biotechnology’s Q1 Earnings and Revenues Beat

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Puma Biotechnology, Inc. (NASDAQ: PBYI) reported first-quarter 2024 adjusted loss of 5 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 16 cents. In the year-ago quarter, the company had reported adjusted earnings of 9 cents.

The above-adjusted loss excludes the impact of stock-based compensation expense. Including the same, reported loss per share was 10 cents in the first quarter of 2024 against earnings of 3 cents reported in the year-ago quarter.

In the first quarter, total revenues were $43.8 million, which beat the Zacks Consensus Estimate of $42 million.

Revenues, however, decreased around 17% year over year. Total revenues comprised net product sales of Nerlynx (neratinib), Puma Biotechnology’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 have rallied 14.6% so far this year against the industry’s 8.8% decline.

Zacks Investment Research
Image Source: Zacks Investment Research

Quarter in Detail

Product revenues from Nerlynx were $40.3 million in the reported quarter, down 13.9% year over year, as sales were negatively impacted by inventory drawdown at specialty pharmacies and specialty distributors. However, Nerlynx’s product sales were higher than the guidance range of $38-$40 million.

Product revenues also beat the Zacks Consensus Estimate of $38.6 million, as well as our model estimate of $38.5 million. Nerlynx revenues decreased 24.2% sequentially.

On the first-quarter conference call, management stated that overall demand for Nerlynx declined around 18% year over year and 8% sequentially. Nerlynx total prescriptions decreased 16% year over year and 3% sequentially in the first quarter. New prescriptions increased 27% sequentially but declined 15% …

Full story available on Benzinga.com

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