On November 2, 2023, Puma Biotechnology Inc (PBYI, Financial) announced its financial results for the third quarter ended September 30, 2023. The biopharmaceutical company reported a net income of $5.8 million for Q3 2023, a significant improvement from a net loss of $0.4 million in Q3 2022. The net income for the first nine months of 2023 was $9.3 million, compared to a net income of $5.6 million for the same period in 2022.
Financial Highlights
Product revenue, which consists entirely of sales revenue from NERLYNX®, Puma’s first commercial product, was $51.6 million in Q3 2023, compared to $54.3 million in Q3 2022. For the first nine months of 2023, product revenue was $149.9 million, compared to $146.3 million in the same period in 2022.
Non-GAAP adjusted net income for Q3 2023 was $8.3 million, compared to $2.5 million in Q3 2022. For the first nine months of 2023, non-GAAP adjusted net income was $17.1 million, compared to $14.8 million in the same period in 2022.
Net cash provided by operating activities for Q3 2023 was $10.7 million, compared to $17.3 million in Q3 2022. For the first nine months of 2023, net cash provided by operating activities was $16.6 million, a significant improvement from net cash used in operating activities of $23.5 million in the same period in 2022.
Company's Outlook
Alan H. Auerbach, Chairman, Chief Executive Officer, and President of Puma, expressed satisfaction with the company's positive net income and cash flow for Q3 2023. He also highlighted the FDA’s acceptance of their IND for alisertib and their granting of Orphan Drug Designation to alisertib for the treatment of small cell lung cancer. The company plans to initiate a Phase II clinical trial of alisertib in small cell lung cancer in Q4 2023.
For the fourth quarter and full year 2023, Puma Biotechnology expects product revenue to be between $56 million - $59 million and $206 million - $209 million, respectively. The company also anticipates net income to be between $13 million - $16 million for Q4 2023 and $22 million - $25 million for the full year 2023.
Explore the complete 8-K earnings release (here) from Puma Biotechnology Inc for further details.
