PBYI · Puma Biotechnology, Inc.

Puma Biotechnology's Q1 2026 results showed total revenue of $44.8 million, down slightly from $46.0 million in Q1 2025, driven by product revenue of $42.0 million from NERLYNX sales versus $43.1 million last year, with royalty revenue at $2.8 million. Operating expenses rose to $48.6 million from $42.0 million, primarily due to a $6.0 million increase in R&D to $19.8 million from heightened alisertib clinical trial activity, and a $0.8 million rise in SG&A to $18.4 million from higher employee compensation and marketing costs. This led to a GAAP net loss of $3.8 million ($0.07/share) versus net income of $3.0 million ($0.06/share) in Q1 2025; non-GAAP adjusted net loss was $1.9 million ($0.04/share) versus $5.0 million ($0.10/share). Cost of sales remained stable at $10.4 million. Management highlighted year-over-year NERLYNX demand growth, prompting raised FY 2026 guidance: net product revenue to $202-206 million (from $194-198 million), total revenue to $222-229 million, and net income to $16-19 million (from $10-13 million). Q2 guidance includes $52-55 million total revenue and $2-4 million net income. Balance sheet strengthened with $101.5 million in cash and equivalents (up from $97.5 million at year-end), operating cash flow of $15.4 million, and debt reduced to $11.3 million from $22.5 million after principal payments. On May 4, 2026, Puma fully repaid its 2021 Note Purchase Agreement, eliminating all debt obligations. CEO Alan Auerbach emphasized continued NERLYNX demand growth for a second consecutive year and positive interim data from ALISCA-Breast1 and ALISCA-Lung1 trials for alisertib, with upcoming milestones including enrollment expansions and data presentations in H2/Q4 2026.