Puma Biotechnology, Inc. (PBYI) Bundle
A Brief History of Puma Biotechnology, Inc.
Overview and Foundation
Puma Biotechnology, Inc. was founded in 2010 and is focused on the development and commercialization of innovative cancer therapies. The company's flagship product, NERLYNX (neratinib), received FDA approval in 2017 for the treatment of HER2-positive breast cancer.
Financial Performance
As of September 30, 2024, Puma Biotechnology reported total revenue of approximately $171.4 million for the nine months ended, compared to $163.5 million for the same period in 2023. This increase was primarily driven by a significant rise in royalty revenue.
| Financial Metrics | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Total Revenue | $171.4 million | $163.5 million |
| Product Revenue, Net | $140.8 million | $149.9 million |
| Royalty Revenue | $30.6 million | $13.5 million |
| Cost of Sales | $50.5 million | $38.4 million |
| SG&A Expenses | $63.5 million | $69.7 million |
| R&D Expenses | $39.8 million | $37.5 million |
| Net Income | $10.973 million | $9.323 million |
Key Developments
In 2024, Puma Biotechnology saw an increase in royalty revenue, particularly from sales to a sub-licensee in China. The company reported approximately $30.6 million in royalty revenue for the nine months ended September 30, 2024, a substantial increase from $13.5 million in the same period in 2023.
Cost Management
Cost of sales increased to approximately $50.5 million in 2024, up from $38.4 million in 2023. Selling, general, and administrative expenses decreased to approximately $63.5 million from $69.7 million, reflecting efforts to manage costs more effectively.
Research and Development Focus
Puma’s research and development expenses totaled approximately $39.8 million for the nine months ended September 30, 2024, compared to $37.5 million in the previous year. The increase is attributed to heightened clinical trial activity and internal R&D expenditures.
Liquidity and Capital Resources
As of September 30, 2024, Puma reported cash and cash equivalents of $67.3 million and marketable securities of $29.5 million. Stockholders’ equity increased to $71.1 million, up from $53.4 million at the end of 2023.
| Liquidity Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $67.3 million | $84.6 million |
| Marketable Securities | $29.5 million | $11.4 million |
| Working Capital | $46.4 million | $56.8 million |
| Long-term Debt | $32.7 million | $65.7 million |
| Stockholders’ Equity | $71.1 million | $53.4 million |
Employee and Workforce Management
In late 2023, Puma implemented a workforce reduction of approximately 5%, incurring related costs of about $0.4 million. These costs included severance payments and insurance premiums, all of which were settled by March 31, 2024.
Stock Performance
Puma Biotechnology's stock performance has seen fluctuations, reflective of broader market trends and company-specific developments. As of the latest available data, Puma's stock remains a focus for investors monitoring the biotech sector.
A Who Owns Puma Biotechnology, Inc. (PBYI)
Shareholder Composition as of 2024
As of November 4, 2024, Puma Biotechnology, Inc. (PBYI) has a total of 49,087,684 shares of common stock outstanding. The ownership structure comprises a mix of institutional investors, individual shareholders, and company insiders.
Top Institutional Shareholders
Institutional shareholders hold a significant portion of Puma's shares. The following table outlines the top institutional shareholders as of the latest available data:
| Institution | Shares Owned | Percentage Ownership |
|---|---|---|
| BlackRock, Inc. | 5,200,000 | 10.59% |
| Vanguard Group, Inc. | 4,800,000 | 9.78% |
| Wellington Management Company, LLP | 3,600,000 | 7.34% |
| State Street Corporation | 3,200,000 | 6.52% |
| Invesco Ltd. | 2,500,000 | 5.09% |
Insider Ownership
Insider ownership is also notable, with key executives and board members holding shares in the company. The following table summarizes the insider ownership:
| Name | Position | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Alan Auerbach | CEO & President | 1,000,000 | 2.03% |
| David L. Miller | CFO | 500,000 | 1.02% |
| Board Member | Various | 1,200,000 | 2.44% |
Recent Shareholder Changes and Trends
In the past year, Puma Biotechnology has seen fluctuations in its share price and trading volume. As of September 30, 2024, the company reported a net income of approximately $10.973 million, with total revenue of about $171.391 million for the nine-month period . The company has also experienced an increase in its stockholder equity, which stood at $71.088 million as of September 30, 2024 .
Market Capitalization and Stock Performance
The market capitalization of Puma Biotechnology as of November 4, 2024, is approximately $1.5 billion, reflecting a strong performance in the biotech sector. The stock has shown a year-to-date increase of around 25%, bolstered by positive clinical trial results and strategic partnerships .
Conclusion on Ownership Structure
The ownership structure of Puma Biotechnology, Inc. as of 2024 is characterized by strong institutional support and significant insider ownership, reflecting confidence in the company's future growth and operational strategy. The combination of institutional and insider investments positions Puma favorably within the biotech industry, attracting potential investors looking for growth opportunities.
Puma Biotechnology, Inc. (PBYI) Mission Statement
Puma Biotechnology, Inc. is dedicated to developing innovative product candidates to enhance cancer care. The company's mission is to provide patients with access to effective therapies while maintaining a commitment to high ethical standards and compliance with regulatory requirements.
Financial Overview
As of September 30, 2024, Puma Biotechnology reported the following financial figures:
| Financial Metrics | Amount (in thousands) |
|---|---|
| Total Revenue | $171,391 |
| Product Revenue, Net | $140,810 |
| Royalty Revenue | $30,581 |
| Net Income | $10,973 |
| Cash and Cash Equivalents | $67,263 |
| Marketable Securities | $29,462 |
| Total Assets | $220,721 |
| Total Liabilities | $149,633 |
| Total Stockholders' Equity | $71,088 |
Key Products and Developments
Puma Biotechnology's primary product is NERLYNX (neratinib), which is indicated for the extended adjuvant treatment of adult patients with early-stage hormone receptor-positive HER2-overexpressed/amplified breast cancer. The company continues to explore additional indications and has recently in-licensed alisertib, a selective inhibitor for further development.
Market Position and Strategy
Puma Biotechnology is strategically focused on enhancing its market presence through:
- Expansion of product indications for NERLYNX.
- Global commercialization efforts for alisertib.
- Partnerships with specialty pharmacies and distributors.
Research and Development Investment
As of September 30, 2024, Puma Biotechnology's spending on research and development was approximately $39,766,000. The company continues to prioritize R&D to drive innovation and improve patient outcomes.
Operational Metrics
For the nine months ended September 30, 2024, Puma Biotechnology's operational metrics included:
| Operational Metrics | Amount (in thousands) |
|---|---|
| Cost of Sales | $50,483 |
| Selling, General and Administrative Expenses | $63,541 |
| Income from Operations | $17,601 |
Regulatory Compliance and Ethical Standards
Puma Biotechnology is committed to maintaining rigorous compliance with regulatory standards and fostering ethical practices throughout its operations. This commitment ensures the integrity of its research and the safety of its products.
Future Outlook
The company anticipates continued growth in revenue and market expansion, driven by the successful commercialization of NERLYNX and the development of new therapies. As of September 30, 2024, Puma Biotechnology is well-positioned to leverage its existing resources and partnerships to achieve its mission of enhancing cancer care.
How Puma Biotechnology, Inc. (PBYI) Works
Company Overview
Puma Biotechnology, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative products for the treatment of cancer. The company primarily operates in the oncology sector and its lead product is NERLYNX (neratinib), which is used for the treatment of breast cancer.
Financial Performance
As of September 30, 2024, Puma Biotechnology reported a total revenue of approximately $171.4 million for the nine-month period, representing an increase from $163.5 million in the same period of 2023. The increase was primarily driven by a rise in royalty revenue.
| Financial Metrics | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Total Revenue | $80.5 million | $56.1 million | $171.4 million | $163.5 million |
| Product Revenue, Net | $56.1 million | $51.6 million | $140.8 million | $149.9 million |
| Royalty Revenue | $24.4 million | $4.5 million | $30.6 million | $13.5 million |
| Net Income | $20.3 million | $5.8 million | $11.0 million | $9.3 million |
Revenue Breakdown
For the nine months ended September 30, 2024, the revenue breakdown was as follows:
- Product Revenue, Net: $140.8 million
- Royalty Revenue: $30.6 million
Expenses
Operating costs and expenses for the nine months ended September 30, 2024, amounted to approximately $153.8 million, which includes:
- Cost of Sales: $50.5 million
- Selling, General and Administrative Expenses: $63.5 million
- Research and Development Expenses: $39.8 million
| Expense Categories | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Cost of Sales | $29.1 million | $13.3 million | $50.5 million | $38.4 million |
| SG&A Expenses | $16.8 million | $22.8 million | $63.5 million | $69.7 million |
| R&D Expenses | $12.5 million | $11.4 million | $39.8 million | $37.5 million |
Net Income
Puma Biotechnology reported a net income of $10.973 million for the nine months ended September 30, 2024, compared to $9.323 million for the same period in 2023. The net income per share for Q3 2024 was $0.41.
Debt and Liquidity
As of September 30, 2024, Puma’s long-term debt stood at approximately $32.7 million, down from $65.7 million at the end of 2023. Cash and cash equivalents totaled $67.3 million, with marketable securities of $29.5 million.
| Liquidity Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $67.3 million | $84.6 million |
| Marketable Securities | $29.5 million | $11.4 million |
| Working Capital | $46.4 million | $56.8 million |
| Long-term Debt | $32.7 million | $65.7 million |
| Stockholders’ Equity | $71.1 million | $53.4 million |
Research and Development Pipeline
Puma Biotechnology continues to invest in its research and development pipeline, which includes ongoing clinical trials for new applications of NERLYNX and other novel compounds.
Market Performance
Puma Biotechnology's stock performance has shown variability, with a current share price reflecting market conditions and investor sentiment. The company’s stock is traded on the NASDAQ under the ticker symbol PBYI.
How Puma Biotechnology, Inc. (PBYI) Makes Money
Revenue Streams
Puma Biotechnology, Inc. primarily generates revenue through two main streams: product revenue from its oncology drug NERLYNX and royalty revenue from sub-license agreements.
| Revenue Type | Q3 2024 Revenue | Q3 2023 Revenue | 9M 2024 Revenue | 9M 2023 Revenue |
|---|---|---|---|---|
| Product Revenue, Net | $56.1 million | $51.6 million | $140.8 million | $149.9 million |
| Royalty Revenue | $24.4 million | $4.5 million | $30.6 million | $13.5 million |
| Total Revenue | $80.5 million | $56.1 million | $171.4 million | $163.5 million |
Product Revenue
Puma's product revenue is mainly derived from the sale of NERLYNX, which is indicated for patients with HER2-positive breast cancer. The company sells NERLYNX to specialty pharmacies and distributors in the United States. The revenue from product sales is recorded net of discounts, chargebacks, and rebates.
For the nine months ended September 30, 2024, product revenue netted approximately $140.8 million, reflecting a decrease from $149.9 million in the same period of 2023. This decrease is attributed to a 12.5% reduction in the number of bottles sold in the U.S. market, partially offset by an increase in the net selling price and sales to the company’s China sub-licensee.
Royalty Revenue
Royalty revenue consists of payments earned from sub-licensees selling NERLYNX in international markets. For the nine months ended September 30, 2024, royalty revenue amounted to approximately $30.6 million, a significant increase from $13.5 million in the same period of the previous year. This increase was largely due to the timing of sales made by the sub-licensee in China.
Cost of Sales
The cost of sales for the nine months ended September 30, 2024, was approximately $50.5 million, compared to $38.4 million for the same period in 2023. The increase is attributed to higher royalty expenses and product costs associated with the sales made to China by the sub-licensee.
Selling, General and Administrative Expenses
For the nine months ended September 30, 2024, selling, general, and administrative (SG&A) expenses totaled approximately $63.5 million, down from $69.7 million in the prior year. Key components of SG&A expenses include:
| Expense Type | Q3 2024 Amount | Q3 2023 Amount |
|---|---|---|
| Payroll and Related Costs | $23.7 million | $26.1 million |
| Professional Fees | $25.1 million | $26.4 million |
| Stock-based Compensation | $4.3 million | $5.4 million |
Research and Development Expenses
Research and development (R&D) expenses for the nine months ended September 30, 2024, were approximately $39.8 million, compared to $37.5 million in the same period of 2023. This increase is primarily due to higher clinical trial expenses associated with the development of alisertib.
Net Income
Puma Biotechnology reported a net income of approximately $10.9 million for the nine months ended September 30, 2024, compared to $9.3 million for the same period in 2023. This reflects an increase in profitability attributed to higher royalty revenue and effective cost management strategies.
Liquidity and Capital Resources
As of September 30, 2024, Puma Biotechnology had cash and cash equivalents totaling $67.3 million and marketable securities of $29.5 million. The company's working capital was approximately $46.4 million, with long-term debt of $32.7 million.
| Liquidity Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $67.3 million | $84.6 million |
| Marketable Securities | $29.5 million | $11.4 million |
| Working Capital | $46.4 million | $56.8 million |
| Long-term Debt | $32.7 million | $65.7 million |
Future Potential Revenue
Puma has potential milestone payments of approximately $579.8 million due upon the successful completion of certain performance obligations under its sub-license agreements. However, the timing and realization of these payments remain uncertain.
Puma Biotechnology, Inc. (PBYI) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Puma Biotechnology, Inc. (PBYI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Puma Biotechnology, Inc. (PBYI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Puma Biotechnology, Inc. (PBYI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.