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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.

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