Puma Biotechnology, Inc. (PBYI)
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symbol.quality_heading
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.
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.
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Puma Biotechnology has beaten analyst estimates five quarters in a row, which is why it sits at rank 15 in our earnings-surprise ranking. The SEC filings tell a different story: revenue has been flat between $225.1 million and $253.2 million for six years, royalty revenue fell 31 percent in 2025, and the U.S. composition-of-matter patent on the company's only product expires in 2030. On the other side of the ledger: debt-free since May 4, 2026, with $101.5 million in the bank. Not a recommendation — just the question of what a drug is worth when you can hear its clock ticking.
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Stock Watch
This analysis is as of July 25, 2026. Stock Watch will tell you what's changed at PBYI since then.
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Appears in These Scanners
This stock currently matches 13 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 7.90 $ — 87% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralNegativ-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.
„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.
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
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.
Analysts & Price Target
The price target sits 36.7% below the current price.
- Consensus
- Hold
- Analyst Ratings
- 1
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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.45 | 0.45 – 0.45 | 222 | -40.0% | 1 |
| 12/31/2027 | 0.35 | 0.35 – 0.35 | 219 | -22.2% | 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.
Next Reporting Date
- Expected Earnings per Share
- 0.05 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.05 | -150.00 | 47 | -13.70 | -9.60 | 1 | 1 |
| 2024: Q3 | 0.45 | 164.70 | 81 | 43.50 | 25.20 | 11 | 11 |
| 2024: Q4 | 0.43 | 65.40 | 59 | -18.20 | 32.70 | 16 | 16 |
| 2025: Q1 | 0.06 | 220.00 | 46 | 5.10 | 6.50 | 4 | 4 |
| 2025: Q2 | 0.12 | 340.00 | 52 | 11.40 | 11.20 | 14 | 14 |
| 2025: Q3 | 0.21 | -53.30 | 55 | -32.40 | 16.20 | 10 | 10 |
| 2025: Q4 | 0.26 | -39.50 | 76 | 27.70 | 17.80 | 14 | 14 |
| 2026: Q1 | -0.04 | -166.70 | 45 | -2.60 | -8.40 | 15 | 15 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($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 |
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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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.
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.
- 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.
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 | 24. Apr 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.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 6. Jul 2026 | Auerbach Alan H | President and CEO | Sell | 44,058 | 8.26 | 364,051 |
| 6. Jul 2026 | Hunt Douglas M | See Remarks | Sell | 8,460 | 8.26 | 69,905 |
| 6. Jul 2026 | Nougues Maximo F | Chief Financial Officer | Sell | 9,386 | 8.26 | 77,557 |
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.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.