PBYI's income statement is characterized by a structurally high gross margin, averaging approximately 75% over the last ten quarters, which provides a buffer against its heavy operating expense base that has historically pushed the company into losses during softer revenue periods.
Puma Biotechnology, Inc. (PBYI) annual income statement — 19-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 231.24M | 228.37M | 230.47M | 235.64M | 228.03M | 253.16M | 225.11M | 272.26M | 251M | 27.7M | 0 | 0 | 0 | 0 | 0 | -281.1K | 0 | 0 | 0 | 0 |
| Revenue Growth % | -2.86% | -0.91% | -2.19% | 3.34% | -9.92% | 12.46% | -17.32% | 8.47% | 806.14% | - | - | - | - | - | 100% | - | - | - | - | - |
| Cost of Goods Sold | 58.2M | 58.16M | 64.4M | 62.68M | 55.09M | 63.7M | 39.37M | 36.81M | 34.6M | 5.6M | 1.15M | 776K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 25.47% | 27.94% | 26.6% | 24.16% | 25.16% | 17.49% | 13.52% | 13.78% | 20.22% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 173.04M | 170.21M | 166.06M | 172.96M | 172.94M | 189.45M | 185.74M | 235.44M | 216.4M | 22.1M | -1.15M | -776K | 0 | 0 | 0 | -281.1K | 0 | 0 | 0 | 0 |
| Gross Margin % | 74.83% | 74.53% | 72.06% | 73.4% | 75.84% | 74.84% | 82.51% | 86.48% | 86.22% | 79.78% | - | - | - | - | - | 100% | - | - | - | - |
| Gross Profit Growth % | - | 2.5% | -3.98% | 0.01% | -8.72% | 2% | -21.11% | 8.8% | 879.19% | 2023.41% | -48.07% | - | - | - | 100% | - | - | - | - | - |
| Operating Expenses | 142.61M | 132.91M | 135.1M | 140.31M | 149.22M | 188.16M | 216.14M | 311.04M | 311.1M | 314.5M | 276.6M | 240.3M | 142.3M | 54.83M | 74.4M | 10.16M | 15.98K | 16.84K | 14.08K | -15.09M |
| OpEx % of Revenue | - | 58.2% | 58.62% | 59.55% | 65.44% | 74.33% | 96.01% | 114.24% | 123.94% | 1135.38% | - | - | - | - | - | -3613.24% | - | - | - | - |
| Selling, General & Admin | 71.38M | 71.21M | 80.16M | 89.31M | 89.98M | 116.29M | 118.49M | 141.64M | 146.2M | 106.7M | 53.8M | 31.8M | 19.4M | 9.79M | 24.8M | 9.32M | 15.98K | 16.84K | 14.08K | 0 |
| SG&A % of Revenue | - | 31.18% | 34.78% | 37.9% | 39.46% | 45.94% | 52.64% | 52.02% | 58.25% | 385.2% | - | - | - | - | - | -3315.45% | - | - | - | - |
| Research & Development | 71.44M | 62.07M | 54.94M | 50.38M | 52.24M | 71.87M | 97.65M | 132.85M | 164.9M | 207.8M | 222.8M | 208.5M | 122.9M | 45.05M | 49.6M | 826.37K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 27.18% | 23.84% | 21.38% | 22.91% | 28.39% | 43.38% | 48.8% | 65.7% | 750.18% | - | - | - | - | - | -293.98% | - | - | - | - |
| Other Operating Expenses | -213K | -362K | 0 | 625K | 7M | 0 | 0 | 36.55M | 0 | -100K | -400K | 25K | -14K | 2K | 293K | 10.7K | 0 | 0 | 0 | -15.09M |
| Operating Income | 30.44M | 37.3M | 30.97M | 32.64M | 23.72M | 1.29M | -30.4M | -75.59M | -94.7M | -292.4M | -276.6M | -240.3M | -142.3M | -54.83M | -74.4M | -10.16M | -15.98K | -16.84K | -14.08K | -15.09M |
| Operating Margin % | 13.16% | 16.33% | 13.44% | 13.85% | 10.4% | 0.51% | -13.51% | -27.77% | -37.73% | -1055.6% | - | - | - | - | - | 3613.24% | - | - | - | - |
| Operating Income Growth % | - | 20.45% | -5.13% | 37.61% | 1738.76% | 104.24% | 59.78% | 20.17% | 67.61% | -5.71% | -15.11% | -68.87% | -159.52% | 26.3% | -632.52% | -63474.49% | 5.11% | -19.55% | 99.91% | - |
| EBITDA | 43.41M | 48.24M | 42.49M | 44.16M | 33.56M | 12.6M | -20.37M | -67.52M | -87.32M | -289.59M | -275.45M | -239.52M | -141.67M | -54.41M | -74.14M | -10.15M | -15.98K | -16.84K | -14.08K | -15.09M |
| EBITDA Margin % | 18.77% | 21.12% | 18.44% | 18.74% | 14.72% | 4.98% | -9.05% | -24.8% | -34.79% | -1045.45% | - | - | - | - | - | 3609.43% | - | - | - | - |
| EBITDA Growth % | -24.29% | 13.53% | -3.78% | 31.58% | 166.45% | 161.83% | 69.83% | 22.67% | 69.85% | -5.13% | -15% | -69.07% | -160.38% | 26.61% | -630.68% | -63407.51% | 5.11% | -19.55% | 99.91% | - |
| D&A (Non-Cash Add-back) | 12.98M | 10.94M | 11.52M | 11.52M | 9.84M | 11.3M | 10.03M | 8.08M | 7.38M | 2.81M | 1.15M | 776K | 627K | 423K | 265K | 10.7K | 0 | 0 | 0 | 0 |
| EBIT | 34.69M | 42.4M | 36.55M | 36M | 12.05M | -15.99M | -45.74M | -60.52M | -102.59M | -291.24M | -276.6M | -240.28M | -142.28M | -54.83M | -74.35M | -10.23M | -15.98K | 0 | 0 | 0 |
| Net Interest Income | 335K | -2.54M | -7.73M | -10.72M | -10.78M | -12.65M | -13.56M | -12.17M | -9.19M | 536K | 42K | 29K | -24K | 0 | 2K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.85M | 4.08M | 4.72M | 2.6M | 813K | 160K | 489K | 2.8M | 1.8M | 1.26M | 1M | 1M | 300K | 172K | 100K | 3.78K | 0 | 0 | 0 | 0 |
| Interest Expense | 3.52M | 6.62M | 12.45M | 13.33M | 11.59M | 12.81M | 14.05M | 15M | 11M | 720K | 958K | 971K | 324K | 172K | 98K | 3.78K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 732K | -1.52M | -6.87M | -9.97M | -23.26M | -30.09M | -29.39M | 53K | -18.92M | 435K | 585K | 996K | 310K | 174K | 98K | -76.22K | 0 | 0 | 0 | 0 |
| Pretax Income | 31.17M | 35.78M | 24.1M | 22.67M | 457K | -28.8M | -59.79M | -75.54M | -113.6M | -292M | -276M | -239.3M | -142M | -54.66M | -74.3M | -10.23M | -15.98K | -16.84K | -14.08K | -15.09M |
| Pretax Margin % | 13.48% | 15.67% | 10.46% | 9.62% | 0.2% | -11.38% | -26.56% | -27.75% | -45.26% | -1054.15% | - | - | - | - | - | 3640.35% | - | - | - | - |
| Income Tax | 4.45M | 4.67M | -6.18M | 1.08M | 455K | 324K | 207K | 53K | -7.92M | -2.21M | -2.15M | -1.75M | -941K | -172K | -267K | 76.22K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 14.28% | 13.05% | -25.63% | 4.78% | 99.56% | -1.12% | -0.35% | -0.07% | 6.97% | 0.76% | 0.78% | 0.73% | 0.66% | 0.31% | 0.36% | -0.74% | 0% | 0% | 0% | 0% |
| Net Income | 26.72M | 31.11M | 30.28M | 21.59M | 2K | -29.13M | -59.99M | -75.59M | -113.6M | -292M | -276M | -239.3M | -142M | -54.66M | -74.3M | -10.23M | -15.98K | -16.84K | -14.08K | -15.09M |
| Net Margin % | 11.55% | 13.62% | 13.14% | 9.16% | 0% | -11.51% | -26.65% | -27.77% | -45.26% | -1054.15% | - | - | - | - | - | 3640.35% | - | - | - | - |
| Net Income Growth % | -44.86% | 2.75% | 40.23% | 1079450% | 100.01% | 51.45% | 20.64% | 33.46% | 61.1% | -5.8% | -15.34% | -68.52% | -159.79% | 26.43% | -626.09% | -63951.56% | 5.11% | -19.55% | 99.91% | - |
| Net Income (Continuing) | 26.72M | 31.11M | 30.28M | 21.59M | 2K | -29.13M | -59.99M | -75.59M | -113.58M | -291.95M | -276.01M | -239.28M | -141.97M | -54.66M | -74.35M | -10.23M | -15.98K | -16.84K | -14.08K | -15.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.51 | 0.61 | 0.62 | 0.45 | 0.02 | -0.72 | -1.52 | -2.13 | -2.99 | -7.86 | -8.29 | -7.45 | -4.73 | -1.90 | -3.42 | -0.51 | -0.01 | -0.01 | -0.00 | -0.38 |
| EPS Growth % | -47.3% | -1.61% | 37.78% | 2116.75% | 102.82% | 52.63% | 28.64% | 28.76% | 61.96% | 5.19% | -11.28% | -57.51% | -148.95% | 44.44% | -570.59% | - | - | - | 98.76% | - |
| EPS (Basic) | - | 0.62 | 0.62 | 0.46 | 0.02 | -0.72 | -1.52 | -2.13 | -2.99 | -7.86 | -8.29 | -7.45 | -4.73 | -1.90 | -3.42 | -0.51 | -0.01 | -0.01 | -0.00 | -0.38 |
| Diluted Shares Outstanding | 52.6M | 50.65M | 49.1M | 47.55M | 44.93M | 40.64M | 39.58M | 38.77M | 37.94M | 37.17M | 33.3M | 32.13M | 30.01M | 28.7M | 21.73M | 20.04M | 3M | 3M | 3M | 39.29M |
| Basic Shares Outstanding | 50.94M | 50.01M | 48.65M | 47.13M | 44.67M | 40.64M | 39.58M | 38.77M | 37.94M | 37.17M | 33.3M | 32.13M | 30.01M | 28.7M | 21.73M | 20.04M | 3M | 3M | 3M | 39.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PBYI stock.
For fiscal year 2025, Puma Biotechnology, Inc. (PBYI) reported total revenue of $228.4M.
Puma Biotechnology, Inc. (PBYI) is profitable, generating $31.1M in net income for the fiscal year ending 2025 with a net profit margin of 13.6%.
Puma Biotechnology, Inc. (PBYI) reported an operating income of $37.3M, resulting in an operating profit margin of 16.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Puma Biotechnology, Inc. (PBYI) generated $170.2M in gross profit for the year, representing a gross profit margin of 74.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile revenue and earnings
Metrics are mathematically derived from official filings.
Erratic Revenue Path with Recent Rebound
PBYI's revenue trajectory is highly volatile, swinging from a 32.4% year-over-year decline in Q3 2025 to a 27.7% surge in Q4 2025, followed by a 7.8% increase in Q2 2026, suggesting inconsistent commercial execution or lumpiness in product demand.
The company's top line lacks a stable growth vector, with quarterly revenue ranging from $43.8M to $80.5M over the past ten quarters. This volatility, particularly the sharp 43.5% year-over-year growth in Q3 2024 followed by an 18.2% decline in Q4 2024, indicates that growth is not durable and may be driven by non-recurring factors like inventory stocking or timing of orders rather than sustained market share gains.
Gross Margin Resilience Amidst Operating Losses
Despite periods of operating losses, PBYI has maintained a structurally high gross margin, averaging approximately 75% over the last ten quarters, which appears to provide a significant buffer against its heavy operating expense base.
The company's gross margin has consistently remained in the mid-to-high 70% range, with the exception of Q3 2024 (63.9%) and Q4 2025 (69.3%), which may indicate temporary cost pressures or product mix shifts. This high gross margin profile is a key asset, as it allows the company to absorb substantial R&D and SG&A spending, though it has not yet translated into consistent profitability.
Operating Leverage Unlocked in Profitable Quarters
When revenue exceeds a certain threshold, PBYI demonstrates strong operating leverage, as seen in Q4 2025 where a 27.7% revenue increase drove operating income to $17.1M, a 22.7% operating margin, up from a loss in the prior quarter.
The company's cost structure appears to have a high fixed component, particularly in SG&A, which has remained relatively stable between $17M and $18.4M per quarter. This creates significant operating leverage; when revenue scales, profitability expands rapidly. However, the inverse is also true, as seen in Q1 2026 where a revenue dip led to an operating loss, highlighting the sensitivity of earnings to top-line performance.
Net Income Volatility and Non-Operating Impacts
Reported net income is highly erratic, with swings from a $20.3M profit in Q3 2024 to a $4.8M loss in Q1 2024, and the Q4 2024 net margin of 32.7% appears anomalously high relative to the operating margin, suggesting potential non-operating gains or tax benefits.
The quality of earnings is questionable due to the disconnect between operating and net income in certain periods. For instance, in Q4 2024, net income of $19.3M significantly exceeded operating income of $13.4M, implying a $5.9M non-operating benefit. Furthermore, stock-based compensation, while not enormous, represents a consistent non-cash charge that dilutes shareholders, averaging around $1.8M per quarter.
Elevated R&D and SG&A Burden
PBYI's primary cost challenges stem from its high operating expense ratio, with combined R&D and SG&A consistently consuming over 60% of revenue, which has historically pushed the company into operating losses during softer revenue quarters.
R&D spending has trended upward from $13.6M in early 2024 to $18.9M in Q2 2026, suggesting continued investment in the pipeline. SG&A has been more variable but remains a large fixed cost. The company's ability to achieve profitability is entirely dependent on generating sufficient revenue to cover this substantial overhead, making cost discipline or revenue growth critical for sustained earnings.
Sustainability of Profitability in Question
The strongest challenge to PBYI's income statement narrative is that its recent profitability, as seen in Q4 2025 and Q2 2026, appears contingent on achieving specific revenue levels that have historically been difficult to maintain, raising concerns about the durability of its earnings power.
A short-seller would focus on the company's track record of alternating between profitable and loss-making quarters, indicating that its cost structure is not yet aligned with a stable revenue base. The high gross margin is a positive, but the operating leverage works both ways; any revenue shortfall quickly erodes profitability. Investors should monitor whether the company can establish a new, higher revenue baseline to support its expense load.