Puma Biotech grants stock award to new hire

LOS ANGELES - Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical firm specializing in cancer care products, disclosed on Monday that it has awarded restricted stock units (RSUs) to a newly hired non-executive employee as part of an inducement plan. The Compensation Committee of Puma’s Board of Directors sanctioned the grant of 3,500 shares under the company’s 2017 Employment Inducement Incentive Award Plan. The company’s stock has shown remarkable momentum, gaining nearly 28% in the past week and 54% over the last six months.

The RSUs are set to vest over three years, beginning with one-third on the first anniversary of the vesting start date, March 1, 2025, and subsequently one-sixth every six months thereafter, contingent on continued employment. This move aligns with Nasdaq Listing Rule 5635(c)(4), which permits such inducements for new employees. According to InvestingPro, Puma maintains strong financial health with a "GREAT" overall score, suggesting robust operational performance.

Puma Biotechnology, known for its development and commercialization of NERLYNX® (neratinib) tablets, has been expanding its portfolio. NERLYNX® is approved in the U.S. for certain types of early stage and metastatic breast cancer treatments. The company also holds rights to alisertib, an anti-cancer drug targeting aurora kinase A, with ongoing Phase II clinical trials for small cell lung cancer and metastatic breast cancer.

This announcement is based on a press release statement from Puma Biotechnology, Inc.

In other recent news, Puma Biotechnology reported fourth-quarter earnings that exceeded analyst expectations. The company posted adjusted earnings per share of $0.43, surpassing the consensus estimate of $0.11 by $0.32. Revenue for the quarter was $59.1 million, exceeding expectations of $55.45 million and marking a 2.2% increase from the previous year. Product revenue from NERLYNX, Puma’s first commercial product, amounted to $54.4 million in Q4, reflecting a 2.3% year-over-year growth. However, the full-year 2024 product revenue saw a decline to $195.2 million from $203.1 million in 2023. Puma reported a GAAP net income of $19.3 million for Q4 2024, up from $12.3 million in the same period the previous year. The fourth-quarter results included a $7.1 million benefit from a partial release of the company’s tax valuation allowance. Looking ahead, Puma expects net product revenue between $41 million and $43 million for Q1 2025 and projects full-year 2025 revenue between $192 million and $198 million. Additionally, net income for 2025 is anticipated to range from $23 million to $28 million.

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