Puma Biotechnology's (PBYI) Q2 Loss Narrower Than Expected

Puma Biotechnology, Inc. PBYI reported second-quarter 2024 adjusted loss of 5 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 10 cents. In the year-ago quarter, the company had reported adjusted earnings of 10 cents.The above-adjusted loss excludes the impact of stock-based compensation expense. Including the same, the reported loss per share was 9 cents in the second quarter of 2024 against earnings of 5 cents reported in the year-ago quarter.In the second quarter, total revenues were $47.1 million, which beat the Zacks Consensus Estimate of $44 million.Revenues, however, decreased around 13.7% year over year. 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 have plunged 19.2% so far this year compared with the industry’s 0.6% decrease.Image Source: Zacks Investment ResearchQuarter in DetailProduct revenues from Nerlynx were $44.4 million in the second quarter, down almost 14% year over year, as sales were negatively impacted by inventory drawdown at specialty pharmacies and specialty distributors. Nerlynx’s product sales were within the guidance range of $43-$45 million.Product revenues from Nerlynx beat the Zacks Consensus Estimate of $41.3 million, as well as our model estimate of $43.9 million. Nerlynx revenues decreased 24.2% sequentially.Nerlynx total prescriptions increased around 3% sequentially but decreased 14% year over year in the second quarter. Meanwhile, new prescriptions decreased around 9% on a sequential basis and around 10% year over year.Overall demand for Nerlynx increased by around 5% sequentially and declined by about 15% year over year during the reported quarter.Royalty revenues were $2.7 million, down almost 10% from the year-ago quarter. Royalty revenues were in line with our model estimate.Puma Biotechnology did not record any license revenues in the second quarter.Total operating costs (including stock-based compensation expense) in the quarter were $49.3 million, down 0.8% year over year.Selling, general and administrative expenses (including stock-based compensation expense) were up 2.5% year over year to $25 million.Research and development expenses (including stock-based compensation expense) were $13.6 million in the quarter, up 1.5% year over year.Cash, cash equivalents and marketable securities were $96.8 million as of Jun 30, 2024, compared with $107.2 million as of Mar 31, 2024.2024 GuidancePuma Biotechnology expects Nerlynx’s product sales to be in the range of $183-$190 million in 2024, unchanged from the previous guidance range. In the third quarter of 2024, Nerlynx product sales are expected in the band of $50-$53 million.Royalty revenues are expected to be in the $30-$33 million range in 2024, also unchanged from the previous guidance range. In the third quarter of 2024, royalty revenues are expected in the band of $20-$22 million.The company expects license revenues to be in the range of $1-$2 million in 2024.Net income is expected to be in the range of $12-$15 million in 2024. PBYI expects to report net income in the range of $11-$13 million in the third quarter of 2024.Pipeline UpdatePuma Biotechnology in-licensed the global development and commercialization rights to alisertib, an aurora kinase A inhibitor, from Japan’s Takeda in 2022.PBYI is conducting ALISCA-Lung1, a phase II study evaluating alisertib as a monotherapy for the treatment of patients with extensive stage small cell lung cancer. Interim data from the study is expected in the fourth quarter of 2024.Alisertib is also being studied in combination with AstraZeneca’s Tagrisso (osimertinib) in patients with metastatic EGFR-mutant non-small cell lung cancer who have developed Tagrisso resistance.The company plans to begin the phase II ALISCA-Breast1 study on alisertib in combination with endocrine treatment for treating patients with chemotherapy-naive HER2-negative, hormone receptor-positive metastatic breast cancer in the fourth quarter of 2024.Puma Biotechnology, Inc. Price, Consensus and EPS Surprise Puma Biotechnology, Inc. price-consensus-eps-surprise-chart | Puma Biotechnology, Inc. QuoteZacks Rank & Other Stocks to ConsiderPuma Biotechnology currently carries a Zacks Rank #1 (Strong Buy).Some other top-ranked stocks in the healthcare sector are United Therapeutics Corporation UTHR, Halozyme Therapeutics, Inc. HALO and Repare Therapeutics Inc. RPTX, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.In the past 60 days, estimates for United Therapeutics’ 2024 earnings per share have improved from $24.48 to $25.59. Earnings per share estimates for 2025 have improved from $26.81 to $28.32. Year to date, shares of UTHR have rallied 49.1%.UTHR’s earnings beat estimates in three of the trailing four quarters and missed on the remaining occasion, the average surprise being 5.81%.In the past 60 days, estimates for Halozyme’s 2024 earnings per share have improved from $3.69 to $3.90. Earnings per share estimates for 2025 have improved from $4.50 to $4.81. Year to date, shares of HALO have soared 48.9%.HALO’s earnings beat estimates in three of the trailing four quarters and met the same on the remaining occasion, the average surprise being 9.40%.In the past 60 days, estimates for Repare Therapeutics’ 2024 loss per share have narrowed from $2.42 to $2.35. Loss per share estimates for 2025 have narrowed from $3.29 to $3.21. Year to date, shares of RPTX have plunged 53.3%.RPTX’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 123.58%.Research Chief Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Therapeutics Corporation (UTHR): Free Stock Analysis Report Halozyme Therapeutics, Inc. (HALO): Free Stock Analysis Report Puma Biotechnology, Inc. (PBYI): Free Stock Analysis Report Repare Therapeutics Inc. (RPTX): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks