Puma Biotechnology (PBYI)
NASDAQ:PBYI
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Puma Biotechnology
(NASDAQ:PBYI)
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Rating:69Neutral
Price Target:
$7.50
▼(-0.13% Downside)
Action:ReiteratedDate:03/03/26
The score is driven primarily by improving fundamentals (profitability since 2023, stronger balance sheet, and positive free cash flow), supported by a relatively low P/E. This is tempered by near-term earnings and cash-flow volatility highlighted on the earnings call (Q1 loss outlook, higher gross-to-net, rising R&D spend) and a mixed technical picture with limited momentum.
Positive Factors
Profitability & Margin Sustainability
Multi-year return to GAAP profitability and very high gross margins (~72%–76%) indicate the core product generates durable operating cash. Sustained net income supports reinvestment in trials and commercialization while reducing reliance on external financing over the next several quarters.
Negative Factors
Flat Revenue Trend & Prescription Weakness
Relatively flat historical revenue and recent declines in new prescriptions limit organic growth from the existing product base. With a single marketed therapy driving sales, sustained NRx weakness or muted demand growth could cap revenue expansion and strain long-term cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & Margin Sustainability
Multi-year return to GAAP profitability and very high gross margins (~72%–76%) indicate the core product generates durable operating cash. Sustained net income supports reinvestment in trials and commercialization while reducing reliance on external financing over the next several quarters.
Read all positive factors
Puma Biotechnology (PBYI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$382.08M
Dividend YieldN/A
Average Volume (3M)562.57K
Price to Earnings (P/E)9.6
Beta (1Y)0.82
Revenue Growth-12.96%
EPS Growth56.02%
CountryUS
Employees172
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.26
Shares Outstanding50,876,488
10 Day Avg. Volume391,965
30 Day Avg. Volume562,573
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)2.28
Price to Sales (P/S)1.30
P/FCF Ratio7.13
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue1.67
Enterprise Value/Gross Profit2.24
Enterprise Value/Ebitda6.46
Forecast
1Y Price Target
$5.00Price Target Upside-33.42% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.4
Revenue Forecast (FY)$220.00M
Puma Biotechnology Business Overview & Revenue Model
Company Description
Puma Biotechnology, Inc., a biopharmaceutical company, focuses on the development and commercialization of products to enhance cancer care in the United States and internationally. The company's drug candidates include PB272 neratinib (oral) for t...
How the Company Makes Money
Puma Biotechnology primarily makes money by selling its commercial oncology drug NERLYNX (neratinib). Revenue is generated from product sales in markets where Puma commercializes the drug directly and from sales-based arrangements in markets where...
Puma Biotechnology Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented meaningful commercial momentum (QoQ and YoY revenue and volume growth), a large one-time royalty uplift, continued GAAP profitability in Q4 and faster-than-expected enrollment in a key Phase II breast cancer trial with interim data expected in Q2 2026. Offsetting this are soft new prescription trends, elevated gross-to-net deductions and higher near-term operating and R&D spend (with an anticipated Q1 2026 loss), plus inventory-related seasonality and modest cash depletion. On balance the company shows strong operational and clinical progress with manageable financial headwinds and near-term volatility.Positive Updates
Revenue Growth — Q4 2025
Total revenue of $75.5M in Q4 2025; net product revenue (NERLYNX) of $59.9M, up from $51.9M in Q3 2025 (+15.4% QoQ) and up from $54.4M in Q4 2024 (+10.2% YoY). Gross NERLYNX revenue was $82.9M in Q4 versus $70.0M in Q3.
Negative Updates
Decline in New Prescriptions and Enrollments
New prescriptions (NRx) down ~11% QoQ and ~6% YoY in Q4 2025. Enrollments declined ~5% QoQ and ~3% YoY; TRx declined ~6% YoY (though TRx was slightly up QoQ ~2%).
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth — Q4 2025
Total revenue of $75.5M in Q4 2025; net product revenue (NERLYNX) of $59.9M, up from $51.9M in Q3 2025 (+15.4% QoQ) and up from $54.4M in Q4 2024 (+10.2% YoY). Gross NERLYNX revenue was $82.9M in Q4 versus $70.0M in Q3.
Read all positive updates
Company Guidance
Puma guided to full‑year 2026 net NERLYNX product revenue of $194–$198 million with a full‑year gross‑to‑net adjustment of 27.5%–28.5% and anticipated royalties from partners of about $20–$23 million (the company also said it does not expect license revenue in 2025), and cited expected full‑year net income of roughly $10–$13 million; for Q1 2026 management forecast net product revenue of $36–$39 million, royalty revenue of $2–$3 million, a Q1 gross‑to‑net of ~29.5%–30.5% and a Q1 net loss of $8–$10 million. It further said it will continue to amortize milestone/license costs of about $2.4 million per quarter to cost of sales, expects SG&A to rise 3%–5% and R&D to rise 30%–35% year‑over‑year (driven by clinical progress), and warned gross‑to‑net pressure in 2026 from sustained government chargebacks and Medicare/Medicaid share.Puma Biotechnology Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
76
Positive
Cash Flow
69
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 228.37M | 230.47M | 235.64M | 228.03M | 253.16M |
| Gross Profit | 170.21M | 166.06M | 172.96M | 172.94M | 189.45M |
| EBITDA | 53.34M | 48.08M | 47.52M | 21.89M | -4.69M |
| Net Income | 31.11M | 30.28M | 21.59M | 2.00K | -29.13M |
Balance Sheet | |||||
| Total Assets | 216.30M | 213.33M | 230.53M | 222.06M | 226.59M |
| Cash, Cash Equivalents and Short-Term Investments | 97.53M | 100.97M | 95.94M | 81.07M | 82.11M |
| Total Debt | 28.55M | 74.08M | 111.49M | 114.28M | 116.64M |
| Total Liabilities | 85.96M | 121.21M | 177.09M | 200.45M | 229.03M |
| Stockholders Equity | 130.34M | 92.13M | 53.44M | 21.61M | -2.45M |
Cash Flow | |||||
| Free Cash Flow | 41.73M | 38.86M | 14.37M | -22.83M | 20.65M |
| Operating Cash Flow | 41.80M | 38.92M | 27.01M | -15.83M | 20.65M |
| Investing Cash Flow | -36.19M | -20.44M | -19.13M | 7.10M | -10.88M |
| Financing Cash Flow | -45.20M | -33.85M | 0.00 | 12.22M | -31.93M |
Puma Biotechnology Technical Analysis
Positive
7.51
Price Trends
6.55
Positive
6.12
Positive
5.30
Positive
Market Momentum
0.17
Negative
71.07
Negative
93.47
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PBYI, the sentiment is Positive. The current price of 7.51 is above the 20-day moving average (MA) of 6.35, above the 50-day MA of 6.55, and above the 200-day MA of 5.30, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 71.07 is Negative, neither overbought nor oversold. The STOCH value of 93.47 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PBYI.
Puma Biotechnology Risk Analysis
Puma Biotechnology disclosed 57 risk factors in its most recent earnings report. Puma Biotechnology reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Puma Biotechnology Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $382.08M | 9.56 | 27.78% | ― | -12.96% | 56.02% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $156.86M | -10.73 | 304.91% | ― | 12.60% | 58.23% | |
47 Neutral | $233.63M | -1.93 | -51.35% | ― | -80.88% | -388.61% | |
47 Neutral | $769.10M | 0.02 | 72.70% | ― | ― | -1072.48% | |
45 Neutral | $287.04M | -4.58 | 105.48% | ― | -3.91% | 37.89% | |
44 Neutral | $157.37M | -1.20 | -85.20% | ― | ― | 46.68% |
* Healthcare Sector Average
PBYI
Puma Biotechnology
7.51
4.60
158.08%
HRTX
Heron Therapeutics
0.83
-1.05
-55.74%
VYGR
Voyager Therapeutics
3.92
0.81
26.05%
FHTX
Foghorn Therapeutics
4.89
1.35
38.14%
VOR
Vor Biopharma
15.75
4.18
36.20%
TNYA
Tenaya Therapeutics
0.73
0.27
60.40%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.