Puma Biotechnology, Inc. reported total revenue of approximately $230.5 million for the fiscal year ended December 31, 2024, a decrease from $235.6 million in 2023. This decline was primarily attributed to a reduction in product revenue, which fell to $195.2 million from $203.1 million in the previous year, reflecting an 8.7% decrease in the volume of NERLYNX sold. However, royalty revenue increased to $35.3 million, up from $32.5 million, due to enhanced product sales by sub-licensees in international markets, particularly in China. The company achieved a net income of $30.3 million, compared to $21.6 million in 2023, aided by a release of a valuation allowance related to deferred tax assets.
In terms of operational changes, Puma Biotechnology has focused on expanding its commercial efforts for NERLYNX, which is approved for treating certain HER2-positive breast cancers. The company employs a direct sales force of approximately 35 specialists in the U.S. and has entered into exclusive sub-license agreements for international commercialization. As of December 31, 2024, NERLYNX has received approval in over 40 countries outside the U.S. The company also in-licensed alisertib in September 2022, a drug candidate aimed at treating various cancers, and plans to initiate clinical trials for this product in 2025.
Puma's workforce consisted of 172 full-time employees as of December 31, 2024, a decrease from 185 in the previous year, reflecting organizational restructuring efforts. The company emphasizes a diverse workforce, with approximately 49% women and 37% ethnically diverse employees. The company has also adopted a virtual work environment to enhance operational efficiency.
Looking ahead, Puma Biotechnology anticipates continued investment in the development of alisertib and the commercialization of NERLYNX. The company faces challenges related to maintaining profitability and securing additional financing, as it has incurred significant cumulative operating losses since its inception. The company’s ability to generate revenue will depend on the successful commercialization of NERLYNX and the progress of alisertib through clinical trials. The management has expressed caution regarding future profitability, given the uncertainties in the biopharmaceutical market and the competitive landscape.
About PUMA BIOTECHNOLOGY, INC.
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