Puma Biotechnology Inc
pumabiotechnology.comWhat Do They Do?
Sells NERLYNX, a breast cancer treatment, and develops alisertib for cancer patients.
10-K for FY2025, filed Feb 26, 2026
How Do They Make Money?
U.S. specialty pharmacies and distributors pay for NERLYNX when it is delivered; international sublicensees buy product for resale and pay royalties on their sales. Puma also earns upfront and milestone license fees, with some license payments tied to work or approvals.
10-K for FY2025, filed Feb 26, 2026The Company recognizes revenue on product sales when the specialty pharmacy or specialty distributor, as applicable, obtains control of the…View ↗
Product revenue also consists of product sales under sub-license agreements to our sub-licensees, who then sell into their respective…View ↗
The Company also recognizes license revenue under certain of the Company’s sub-license agreements that are within the scope of ASC 606. The…View ↗
License fees under the sub-license agreements include one-time upfront payments when each sub-license agreement was executed and potential…View ↗
For sub-license agreements that are within the scope of ASC 606, the Company recognizes revenue when the related sales occur in accordance…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$228.4M
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10-K for FY2025, filed Feb 26, 2026
$228.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
89%
FY2022: 88%
|
Product, FY2025
$204.1M Sources
|
Sold outright |
|
Royalty
Licensed
10-K for FY2025, filed Feb 26, 2026 |
11%
FY2022: 12%
|
Royalty, FY2025
$24.3M Sources
|
Licensed |
Who Are Their Customers?
In the United States, specialty pharmacies resell NERLYNX to patients, while specialty distributors sell to hospitals, physician practices and other care sites. Outside the United States, sublicensees commercialize the drug in their territories.
10-K for FY2025, filed Feb 26, 2026In the United States, we sell our products through a specialty pharmacy network and special distributor network. The specialty pharmacy…View ↗
Outside the United States, we seek to enter into exclusive sub-license agreements with third parties to pursue regulatory approval, if…View ↗
The Company sells NERLYNX to a limited number of specialty pharmacies and specialty distributors in the United States. These customers…View ↗
10-K for FY2025, filed Feb 26, 2026
For the year ended December 31, 2025, five customers individually comprised approximately 27.3%, 17.0%, 16.4%, 13.1% and 10.6%…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 14 cents of every revenue dollar as net income in FY2025 and turned 18 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$37.3MView ↗
10-K for FY2025, filed Feb 26, 2026
$31.1MView ↗
10-K for FY2025, filed Feb 26, 2026
$41.7MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
Shrinking. Revenue fell 10% in 4 years, from $253.2M in FY2021 to $228.4M in FY2025, about 3% a year.
Neratinib use
The latest report describes NERLYNX as approved for certain breast cancers; the older report also described a managed access program for patients with breast cancer and tumors with specified mutations.
10-K for FY2022, filed Mar 2, 2023 10-K for FY2025, filed Feb 26, 2026NERLYNX, the commercial name for neratinib, is currently approved in the United States for two indications: the extended adjuvant treatment…View ↗
Who Do They Compete With?
Competes with Genentech, Novartis, Roche, Boehringer Ingelheim, Lilly, Merck, AbbVie, Pfizer, Amgen, Daiichi Sankyo, Jazz, and Seagen
10-K for FY2025, filed Feb 26, 2026The development and commercialization of new products to treat cancer is highly competitive. Significant financial resources are invested…View ↗
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