Puma Biotechnology(PBYI) - 2022 Q2 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Puma reported total revenue for Q2 2022 of $59.5 million, which includes product revenue net of$51.3 million, an increase from $40.7 million in Q1 2022 and$48.9 million in Q2 2021 [9][10] - Net income based on GAAP for Q2 2022 was $9.4 million or$0.21 per share, compared to a net loss of $3.4 million or$0.08 per share in Q1 2022 [45] - Gross revenue from NERLYNX sales was $63.4 million in Q2 2022, up from$51.5 million in Q1 2022 [46] Business Line Data and Key Metrics Changes - NERLYNX sales included approximately $2.7 million on inventory build at specialty pharmacies and distributors in Q2 2022 [9] - The company sold 3,200 bottles of NERLYNX in Q2 2022, an increase of 520 from Q1 2022 [11][32] - New prescriptions (NRx) were down approximately 8$44 million to $47 million, with a net loss expected between$1 million and $2 million [50][52] Other Important Information - The company plans to submit final data from the SUMMIT trial to the FDA later this year [17] - Cash burn for Q2 2022 was approximately$14 million, down from $17 million in Q1 2022 [54] Q&A Session Summary Question: Changes in sales force structure due to increased live interactions - Management believes that a combination of live and virtual interactions will be the new normal, and they are currently satisfied with the size of the sales force [63][65] Question: Presentation of updated HER2-mutated breast cancer data - Management anticipates presenting updated data at the San Antonio Breast Cancer meeting, but the timing of FDA disclosures is uncertain [68] Question: Long-term profitability and cost management - Management reiterated the commitment to being net income positive and cash flow positive, with potential further cost cuts if necessary [77]