Puma Biotechnology reported fourth‑quarter 2025 results that surpassed analyst expectations, with net product revenue of $59.9 million and net income of $13.4 million, translating to a basic EPS of $0.27 and a diluted EPS of $0.26. The company’s total revenue for the quarter reached $75.5 million, beating the consensus estimate of $66.6 million and reflecting a 13% increase driven largely by a 10% rise in royalty revenue, which climbed to $15.6 million from $4.7 million in Q4 2024.
The company also disclosed non‑GAAP adjusted figures that provide a clearer view of operating performance. Non‑GAAP net income for Q4 2025 was $15.1 million, or $0.30 per basic share and $0.29 per diluted share. An inventory build of approximately $5.7 million at specialty pharmacies and distributors helped support the higher product revenue, while the sharp rise in royalty income contributed significantly to the total revenue increase.
Full‑year 2025 results showed net product revenue of $204.1 million and net income of $31.1 million, or $0.62 per share. The company reduced its debt to $22.5 million as of December 31, 2025, down from $67.0 million a year earlier, and was added to the Nasdaq Biotechnology Index in December 2025, underscoring its growing market presence.
Management guided for 2026 with first‑quarter product revenue of $36–$39 million and full‑year revenue of $214–$221 million. The guidance includes a projected net loss of $8–$10 million for Q1 2026 and a net income of $10–$13 million for the year, reflecting expected increases in gross‑to‑net adjustments of 27.5%–28.5% and continued investment in the alisertib pipeline. CEO Alan H. Auerbach said, “Our current guidance forecasts that we will continue to be profitable in 2026, which we believe is a result of this continued financial discipline.”
Investors reacted negatively to the guidance, focusing on the projected Q1 loss and the lower-than‑expected revenue outlook. Analysts noted that the guidance signals a cautious view of near‑term demand, despite the strong Q4 performance. Auerbach added, “We anticipate the following key milestones over the next 12 months: (i) presentation of interim data from ALISCA™‑Breast1… (Q2 2026); (ii) presentation of additional interim data from the ALI‑4201/ALISCA™‑Lung1… (Q2 2026); and (iii) presentation of updated data from ALISCA™‑Breast1… (Q4 2026).”
Looking ahead, Puma’s focus remains on expanding NERLYNX sales while advancing alisertib in clinical trials for HER2‑negative metastatic breast cancer and extensive‑stage small cell lung cancer. The company’s debt reduction and disciplined cost management position it to navigate the expected headwinds of higher gross‑to‑net adjustments and a Q1 loss, while the strong royalty stream and inventory build provide a buffer for continued profitability in 2026.
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