Puma Biotechnology, Inc.

Puma reported Q2 2026 total revenue of $56.5 million. NERLYNX product revenue was $53.6 million, up from $42.0 million in Q1 2026 and $49.2 million in Q2 2025; royalty revenue was $2.9 million versus $2.8 million in Q1 2026 and $3.2 million in Q2 2025. GAAP net income was $8.2 million, or $0.16 per diluted share, versus a Q1 2026 net loss of $3.8 million, or $0.07 per share. Non-GAAP net income was $10.1 million, or $0.20 per basic share and $0.19 per diluted share. Gross revenue from NERLYNX sales was $74.3 million, and the gross-to-net adjustment was about 27.9% versus 27.0% in Q1 2026. Cost of sales was $12.5 million, SG&A was $17.5 million, and R&D was $18.9 million. Cash, cash equivalents, and marketable securities were $93.9 million at June 30, 2026, and the company said it is now debt-free after making its final Athyrium principal payment of $11.1 million. For full-year 2026, Puma raised net NERLYNX product revenue guidance to $205 million to $209 million from $202 million to $206 million, royalty revenue guidance to $19 million to $22 million from $20 million to $23 million, and net income guidance to $17 million to $20 million from $16 million to $19 million. Full-year gross-to-net is expected to be 26.5% to 27.5%. For Q3 2026, Puma guided to NERLYNX net product revenue of $54 million to $56 million, royalty revenue of $2 million to $3 million, gross-to-net of 26% to 27%, and net income of $2 million to $2.5 million.

Alan Auerbach said the quarter reflected strong commercial execution and a second straight year-over-year demand increase for NERLYNX in the U.S., which he described as a first in the product’s launch history. He tied the company’s positive full-year net income outlook to both higher demand and disciplined spending, and said the company remains committed to preserving profitability even if that requires further expense reductions. On alisertib, he emphasized that the current Phase II data remain encouraging, that Phase III development looks achievable, and that Puma is open to both commercial and development-stage business development opportunities.

Maximo Nougues highlighted that Q2 2026 GAAP net income was $8.2 million and non-GAAP net income was $10.1 million, with NERLYNX product revenue of $53.6 million and royalty revenue of $2.9 million. He said the gross-to-net adjustment was about 27.9% in Q2, driven by higher Medicaid share, and that cost of sales included $2.4 million of amortization tied to the neratinib license, which he said will continue at about $2.4 million per quarter. He also noted SG&A of $17.5 million, R&D of $18.9 million, cash burn of about $9.7 million, and cash/cash equivalents/marketable securities of $93.9 million at quarter-end. He framed the company as now debt-free after the final $11.1 million Athyrium payment and said the balance sheet and cash generation support ongoing commercialization and alisertib development.

The main analyst question focused on the R&D spend trajectory into 2027 and beyond as alisertib programs advance. Auerbach said Puma believes it can fund Phase III trials in both ER-positive breast cancer and small cell lung cancer on its current projections, though the studies may need to be staggered, and he stressed that the company wants to preserve positive net income. Another question asked what kinds of business development assets Puma would consider; management said it is open to both commercial and development-stage oncology assets, not limited to any one technology or tumor type, as long as they fit the organization and can create value for patients and shareholders.