Puma Biotechnology, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Anyone investing here is not buying a growth story but a remaining term with an option on top. The balance sheet is clean and the cash box is full, but the calendar is unforgiving: composition of matter in 2030, crystal forms in 2028. If you wait, check three lines in every report: royalty revenue (last $2.9 million in the first quarter of 2026 after $24.3 million for full-year 2025), the deduction for variable consideration (last 24.3 percent of product revenue after 19.5 percent) and clinical trial expense for alisertib (last $8.8 million in the quarter after $3.6 million). The next quarterly report is expected on August 6, 2026. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Puma Biotechnology is the hurdle trap in pure form: five consecutive beats put the stock at rank 15 in our earnings-surprise ranking — yet the latest "surprise" on May 7, 2026 was a loss of $0.04 against an estimate of minus $0.13 per share. The turnaround behind it is real: net income from minus $60.0 million to plus $31.1 million, debt-free since May 4, 2026, $101.5 million in the bank. So is the ceiling: one product, six years of flat revenue, royalties down 31 percent — and a composition-of-matter patent that expires in 2030. Not investment advice.
Balance sheet and debt freedom
On May 4, 2026 Puma paid $11.5 million to retire the remainder of the 2021 note purchase agreement, ending it 80 days before maturity. Financial debt fell from $121.0 million (2020) through $74.1 million (2024) and $28.5 million (December 31, 2025) to zero; $101.5 million in cash and marketable securities sat on the balance sheet as of March 31, 2026.
Earnings power
Net income moved from minus $60.0 million (2020) to plus $31.1 million (2025), and operating cash flow was $41.8 million in 2025 after $38.9 million a year earlier. The profit, however, comes from cost cuts: selling, general and administrative expense fell from $118.5 million to $70.8 million.
Growth
Revenue has been stuck between $225.1 million and $253.2 million for six years ($228.4 million in 2025). The highest-margin line is shrinking fastest: royalty revenue from sub-licensees fell 31 percent in 2025, from $35.3 million to $24.3 million, primarily because of China according to the annual report.
Patent term
The U.S. composition-of-matter patent on neratinib expires in 2030 according to the 2025 annual report, and three crystal-form patents as early as 2028; in Europe an opposition appeal by several generic manufacturers is pending. Since NERLYNX is the only approved product, that calendar governs most of the company value.
Development pipeline
The follow-up candidate alisertib is in-licensed from a Takeda subsidiary and arrives with data from 22 earlier trials in more than 1,300 patients, but it sits in two ongoing Phase II studies with no realistic approval before the end of the decade. Clinical trial expense jumped 143.1 percent to $8.8 million in the first quarter of 2026.
Current earnings trend
The profit streak has already broken: the first quarter of 2026 closed with a $3.8 million operating loss against operating income of $4.0 million a year earlier, on revenue down from $46.0 million to $44.8 million. The analyst estimate for full-year 2026 stood at $0.45 per share as of July 25, 2026, after $0.61 in 2025.
Worth Noting
PBYI reached our research list through the in-house big-earnings-surprise ranking: rank 15 of the U.S. selection with an RS rating of 89, as of July 25, 2026. The scanner measures how far reported earnings exceeded the analyst estimate — not how good the earnings were. The lists are recalculated daily, so any rank is a snapshot.
Risk of confusion: Puma Biotechnology, Inc. (Nasdaq: PBYI, Los Angeles, CIK 0001401667) has no connection whatsoever to PUMA SE, the sportswear maker of Herzogenaurach, Germany. SEC records list the company under the former name "Innovative Acquisitions Corp" until October 2011 — the shell through which Puma Biotechnology reached the market.
Two figures in this analysis are our own calculations from reported numbers, not company disclosures: the $269.6 million gross revenue implied for 2025 (from $204.1 million net revenue and a 24.3 percent deduction) and the rough earnings projection through 2030. The Piotroski balance-sheet score of 7 out of 9 is our own calculation (data as of July 25, 2026); the Altman Z-score of minus 3.4 is deliberately not read as a distress signal, because it is produced entirely by the $1.288 billion accumulated deficit.
All valuation figures are dated and meant to be evergreen: market value roughly $406 million on the trading day of July 24, 2026, on 50,899,456 shares outstanding (quarterly report cover page, as of May 4, 2026). Cross-check against a documented price: on July 6, 2026 the chief executive sold shares at $8.263 each (Form 4 filed July 8, 2026), which puts the same market value at roughly $421 million. Those sales were sell-to-cover transactions under a 10b5-1 plan adopted in December 2020 and are not a sell signal.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at PBYI since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.30 $ to 9.70 $ · Last price: 9.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Puma Biotechnology, Inc. PBYI | 0.5 | 19.8 | 8.4 | 74.8 | -8.5 | -0.9 | 119.4 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 31.8 | 19.6 | 59.1 | 20.7 | 5.1 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -277 | -276 | -8.29 | -142 | 210 | 253 |
| 2017 | 28 | -292 | -292 | -7.86 | -173 | 53 | 166 |
| 2018 | 251 | -95 | -114 | -2.99 | -24 | 34 | 259 |
| 2019 | 272 | -76 | -76 | -1.95 | 22 | 17 | 235 |
| 2020 | 225 | -30 | -60 | -1.52 | 1 | -6 | 244 |
| 2021 | 253 | 1 | -29 | -0.72 | 21 | -2 | 227 |
| 2022 | 228 | 24 | 0 | 0.00 | -16 | 22 | 222 |
| 2023 | 236 | 33 | 22 | 0.45 | 27 | 53 | 231 |
| 2024 | 230 | 31 | 30 | 0.62 | 39 | 92 | 213 |
| 2025 | 228 | 37 | 31 | 0.61 | 42 | 130 | 216 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.05 | -150.00 | 47 | -13.70 | -9.60 | 1 | 1 |
| 2024: Q3 | 0.41 | 241.70 | 81 | 43.50 | 25.20 | 11 | 11 |
| 2024: Q4 | 0.43 | 65.40 | 59 | -18.20 | 32.70 | 16 | 16 |
| 2025: Q1 | 0.06 | 220.00 | 46 | 5.10 | 6.50 | 4 | 4 |
| 2025: Q2 | 0.12 | 340.00 | 52 | 11.40 | 11.20 | 14 | 14 |
| 2025: Q3 | 0.17 | -58.50 | 55 | -32.40 | 16.20 | 10 | 10 |
| 2025: Q4 | 0.26 | -39.50 | 76 | 27.70 | 17.80 | 14 | 14 |
| 2026: Q1 | -0.07 | -216.70 | 45 | -2.60 | -8.40 | 15 | 15 |
| 2026: Q2 | 0.16 | 33.30 | 57 | 7.80 | 14.50 | 2 | 2 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 13 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Power Trend
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.55 | 0.55 – 0.55 | 0 | -26.7% | 1 |
| 12/31/2027 | 0.35 | 0.35 – 0.35 | 0 | -36.4% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 0.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $41.2M |
|---|---|
| Market cap | $483.0M |
| Free cash flow in year ten | $42.8M |
| Terminal value as a share of market value | 46.7% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Negativ-Befund: In den vier ausgewerteten Quartalsberichten (10-Q) kommt künstliche Intelligenz kein einziges Mal vor, im Geschäftsbericht 2025 nur zweimal als allgemeine Cyber-Risiko-Floskel; Puma Biotechnology verkauft, nutzt und benennt keine KI im eigenen Geschäftsmodell (ein Krebsmedikament NERLYNX plus die Entwicklung von alisertib).
View the full file — quotes, sources, reviewed filings
„Even if identified, we may be unable to adequately investigate or remediate incidents or breaches due to attackers increasingly using tools and techniques – including artificial intelligence – that are designed to circumvent controls, to avoid detection, and to remove or obfuscate forensic evidence."
Selbst wenn wir sie erkennen, können wir Vorfälle oder Sicherheitsverletzungen möglicherweise nicht ausreichend untersuchen oder beheben, weil Angreifer zunehmend Werkzeuge und Techniken einsetzen – darunter künstliche Intelligenz –, die darauf ausgelegt sind, Kontrollen zu umgehen, einer Entdeckung zu entgehen und forensische Spuren zu beseitigen oder zu verschleiern.
10-K · 2026-02-26 · View SEC filing
„Furthermore, any integration of artificial intelligence in our or any third party’s operations, products or services is expected to pose new or unknown cybersecurity risks and challenges."
Darüber hinaus dürfte jede Einbindung künstlicher Intelligenz in unsere Abläufe, Produkte oder Dienste oder in die eines Dritten neue oder unbekannte Cyber-Sicherheitsrisiken und Herausforderungen mit sich bringen.
10-K · 2026-02-26 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-K 2026-02-26 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2025-02-27
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 0.1%
- More than 10% revenue growth is expected for the coming year -73.3%
- Share count grows by less than 3% a year 4.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 17.4%
- Gross margin at 40% or higher and without meaningful erosion 74.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 69 m net cash
- Operating cash flow covers the profits of the last three years 25 m
- Return on capital at 15% or higher, or up versus two years ago 27.6%
- Insiders hold at least 10% or are net buyers 15.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% -100.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -24.5%
- Net debt < 4x EBIT -1.8x
- EBIT positive, 10Y straight 5
- Max. EBIT decline < 50% 5.1%
- Return on equity > 15% 35.0%
- ROCE > 15% 27.6%
- Expected return > 10% -18.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Wilson Troy Edward | Director | Sell | 5,000 | 9.10 | 45,500 |
| Sep 14, 2026 | Cesano Alessandra | Director | Sell | 62,150 | 9.12 | 566,994 |
| Sep 14, 2026 | Cesano Alessandra | Director | Other | 50,000 | 2.93 | 146,500 |
| Jul 6, 2026 | Auerbach Alan H | President and CEO | Sell | 44,058 | 8.26 | 364,051 |
| Jul 6, 2026 | Hunt Douglas M | See Remarks | Sell | 8,460 | 8.26 | 69,905 |
| Jul 6, 2026 | Nougues Maximo F | Chief Financial Officer | Sell | 9,386 | 8.26 | 77,557 |
The company
About the Company
Puma Biotechnology, Inc., a biopharmaceutical company, focuses on the development and commercialization of products to enhance cancer care in the United States and internationally. It offers NERLYNX, an oral version of neratinib that is used to treat adult patients with early stage HER2-overexpressed/amplified breast cancer; and advanced or metastatic HER2-positive breast cancer when combined with capecitabine. The company also develops alisertib, a small molecule inhibitor of aurora kinase A for the treatment of hormone receptor positive breast cancer, triple negative breast cancer, small cell lung cancer, and head and neck cancer. It sells its products through specialty pharmacy and distributor networks. The company has license agreements with Pfizer Inc. for the development, manufacture, and commercialization of neratinib (oral), neratinib (intravenous), PB357, and related compounds, as well as sub-license agreements with Specialised Therapeutics Asia Pte Ltd., Medison Pharma Ltd., Pint Pharma International SA, Knight Therapeutics, Inc., Pierre Fabre Medicament SAS, and Bixink Therapeutics Co., Ltd. Puma Biotechnology, Inc. was founded in 2010 and is headquartered in Los Angeles, California.
- Employees
- 179
- Headquarters
- Los Angeles, CA
- Address
- 10880 Wilshire Boulevard, 90024 Los Angeles, United States
- Phone
- 424 248 6500
- Website
- pumabiotechnology.com
- IPO Date
- 04/24/2012
- ISIN
- US74587V1070
Management
| Name | Title | Birth Year |
|---|---|---|
| Alan H. Auerbach | Founder, Chairman, President, CEO & Secretary | 1970 |
| Maximo F. Nougues | CFO & Principal Accounting Officer | 1969 |
| Douglas Hunt B.Sc., FRAPS | Chief Regulatory Affairs, Medical Affairs, Pharmacovigilance & Law Officer | 1965 |
| Gordon G. Esplin | Chief Accounting Officer | 1968 |
| Mariann Ohanesian | Senior Director of Investor Relations | – |
| Heather Blaber | Senior Vice President of Marketing | – |
| Roger L. Storms | Senior Vice President of Sales | – |
| Pamela Wilson BA | Senior Vice President of Clinical Operations | – |
| Petra Rietschel | Senior Vice President of Clinical Development | – |
| Kenneth Wiehe | Senior Vice President of Supply Chain & Manufacturing | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 PUMA BIOTECHNOLOGY, INC. (PBYI): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.