PBYI Beats Q3 Earnings & Revenue Estimates, Revises '24 View, Stock Up

Core Insights - Puma Biotechnology, Inc. reported third-quarter 2024 adjusted earnings of 45 cents per share, exceeding the Zacks Consensus Estimate of 35 cents, and up from 17 cents in the same quarter last year [1] - Total revenues for the third quarter were $80.5 million, surpassing the Zacks Consensus Estimate of$71 million, and reflecting a year-over-year increase of approximately 43.5% [2] Financial Performance - Product revenues from Nerlynx amounted to $56.1 million, an increase of nearly 8.7$50-$53 million [4] - Royalty revenues reached$24.4 million, significantly higher than the previous year, attributed to expected sales to China by PBYI's offshore partner, Pierre Fabre, and beating the model estimate of $20.9 million [6] - Total operating costs for the quarter were$58.4 million, up 22.9% year over year, while selling, general and administrative expenses decreased by 26.3% to $16.8 million [7] Market Reaction - Shares of Puma Biotechnology rose by 12.2$187-$190 million, and royalty revenues to be between$34-$36 million [9] - For the fourth quarter of 2024, Nerlynx product sales are anticipated to be between$46-$48 million, with expected royalty revenues of$3.5-$5 million [11] Pipeline Developments - Puma Biotechnology in-licensed global development rights to alisertib from Takeda and plans to initiate a phase II study for treating patients with chemotherapy-naive HER2-negative, hormone receptor-positive metastatic breast cancer later in Q4 2024 [12]