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LOS ANGELES - Puma Biotechnology, Inc. (NASDAQ:PBYI) reported fourth-quarter earnings that significantly exceeded analyst estimates, driving its stock up 5.4% in after-hours trading.
The biopharmaceutical company posted adjusted earnings per share of $0.43, surpassing the analyst consensus of $0.11 by $0.32. Revenue for the quarter came in at $59.1 million, beating expectations of $55.45 million and rising 2.2% from $53.2 million in the same quarter last year.
Product revenue from NERLYNX, Puma (OTC:PMMAF)’s first commercial product, reached $54.4 million in Q4, up 2.3% YoY. However, full-year 2024 product revenue declined to $195.2 million from $203.1 million in 2023.
The company reported GAAP net income of $19.3 million, or $0.39 per share, for Q4 2024, compared to $12.3 million, or $0.26 per share, in Q4 2023. The Q4 results included a $7.1 million benefit from a partial release of the company’s tax valuation allowance.
"We are very pleased with our financial results for the fourth quarter of 2024, as well as for the full year 2024, and we are very pleased to be able to report positive net income for the third consecutive year, reflecting our strong execution and disciplined financial management," said Alan H. Auerbach, Chairman, CEO and President of Puma.
For Q1 2025, Puma expects net product revenue between $41 million and $43 million. For the full year 2025, the company projects net product revenue of $192 million to $198 million and net income between $23 million and $28 million.
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