Puma Biotechnology (PBYI) Q4 2025 earnings summary

Executive summary

• Q4 2025 total revenue reached $75.5M, with net product revenue of $59.9M and royalty revenue of $15.6M, both up sequentially and year-over-year.

• Net income for Q4 2025 was $13.4M GAAP ($0.20/share basic, $0.26/share diluted), up from $8.8M in Q3 2025, and $31.1M for full year 2025.

• NERLYNX sales and demand increased, with 3,298 bottles sold in Q4 2025, up 12% quarter-over-quarter and 11% year-over-year.

• Approximately 75% of patients in Q4 2025 started at a reduced dose, continuing a multi-year trend.

• Ongoing clinical trials for alisertib in breast and lung cancer are progressing ahead of schedule, with key milestones expected in 2026.

Financial highlights

• Gross revenue from NERLYNX sales was $82.9M in Q4 2025, up from $70M in Q3 2025.

• Royalty revenue surged to $15.6M in Q4 2025, mainly due to shipments to the China partner.

• Gross-to-net adjustment increased to 27.8% in Q4 2025 from 25.9% in Q3 2025, driven by higher Medicare/Medicaid share and government chargebacks.

• Cost of sales for Q4 2025 was $23.2M, including $2.4M amortization of intangible assets.

• Cash and equivalents at year-end 2025 were $97.5M, with $22M in outstanding principal debt.

Outlook and guidance

• FY 2026 net NERLYNX product revenue expected between $194M-$198M.

• FY 2026 gross-to-net adjustment projected at 27.5%-28.5%.

• FY 2026 net income guidance is $10M-$13M; royalty revenue expected at $20M-$23M.

• Q1 2026 net product revenue guidance is $36M-$39M, with a projected net loss of $8M-$10M.

• Key clinical milestones for alisertib trials expected in Q2 and Q4 2026.