Shares in Los Angeles cancer drug maker Puma Biotechnology Inc (NASDAQ:PBYI) lost half their value Friday after it topped third-quarter earnings but showed growth was already plateauing for its much-hyped breast cancer drug, which has been on the market for a little over a year.
Puma Biotechnology stock fell 50% to $19.40 in morning trading.
For the quarter ended September 2018, Puma Biotechnology posted a loss of $0.37 per share on revenue of $62.6 million. It easily topped Wall Street consensus estimates of a loss of $1.07 per share on revenue of $55 million. Revenue grew 926.2% on a year-over-year basis.
But here lies the rub: Puma's breast cancer drug Nerlynx raked in $52.6 million for the three-month period, but the drug's commercial momentum appears to be plateauing with Nerlynx's sales only rising 3.5% in the quarter. This is disappointing given that most breast cancer drugs enjoy strong sales for several years. The company launched the drug commercially in the US market in September 2017.
The company, however, said it would continue to drive toward expanding the availability of Nerlynx throughout the world.
“The third quarter marked the achievement of another important milestone for Puma with the
“We expect this new medicine to be commercially available to patients in
Meanwhile, in the third quarter, the company’s new drug submission was accepted in
Contact Uttara Choudhury at firstname.lastname@example.org