logo-loader
viewPuma Biotechnology Inc

Puma Biotechnology shares rocket after biopharma zips past Street's 4Q estimate

Puma won approval from the FDA for Nerlynx, which treats early-stage HER2-positive breast cancer, in July of 2017

cancer in headline
Revenue from Nerlynx accounted for the bulk of the $71.1 million in sales Puma reported in the fourth quarter

Shares of Puma Biotechnology (NASDAQ:PBYI) rocketed Friday after the biopharmaceutical company beat Wall Street’s fourth-quarter estimates thanks to sales of its flagship breast cancer drug Nerlynx (neratinib).

In its latest reporting period, the Los Angeles company’s net loss shrank to $12.2 million, or $0.32 per share, from a loss of $38.6 million, or $1.03 per share, in the year-ago quarter. Its sales amounted to $71.1 million, of which $61.1 million was revenue from Nerlynx and $10 million was license revenue.

Investors were impressed by the results, sending Puma shares up 28% to $35.60 in pre-market action before Friday’s opening bell.

READ: Puma Biotechnology’s 3Q earnings beat Street, but stock plummets as sale of cancer drug Nerlynx slows

Analysts had expected Puma to lose $0.69 and post revenue of $53.65 million.

Puma won approval from the US Food and Drug Administration for Nerlynx which treats early-stage HER2-positive breast cancer, in July of 2017. The drug has also been granted marketing authorization to treat early-stage breast cancer by the European Commission.

Contact Ellen [email protected]

Quick facts: Puma Biotechnology Inc

Price: 8.45 USD

NASDAQ:PBYI
Market: NASDAQ
Market Cap: $329.22 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

VolitionRx records first revenues from research kits and strengthens balance...

VolitionRx Limited's (NYSEAMERICAN:VNRX) Cameron Reynolds talks Proactive London's Andrew Scott through the firm's third quarter update. He says excellent progress has been made on platform development - Nu.Q Capture, Nu.Q Vet and its colorectal cancer and lung cancer trials. Volition also...

29 minutes ago

2 min read