Revenue performance remains volatile with a 2.6% year-over-year decline in 2026Q1, while gross margins fluctuate between 63.9% and 77.7% due to ongoing licensing royalty obligations.
| 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 | 227.18M | 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 % | -2.38% | -0.91% | -2.19% | 3.34% | -9.92% | 12.46% | -17.32% | 8.47% | 806.14% | - | - | - | - | - | 100% | - | - | - | - | - |
| Cost of Goods Sold | 58.02M | 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 | 169.15M | 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 % | 74.46% | 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 | 139.67M | 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 | 72.24M | 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 | 68M | 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 | -575K | -362K | 0 | 625K | 7M | 0 | 0 | 36.55M | 0 | -100K | -400K | 25K | -14K | 2K | 293K | 10.7K | 0 | 0 | 0 | -15.09M |
| Operating Income | 29.49M | 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 % | 12.98% | 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 | 40.13M | 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 % | 17.66% | 21.12% | 18.44% | 18.74% | 14.72% | 4.98% | -9.05% | -24.8% | -34.79% | -1045.45% | - | - | - | - | - | 3609.43% | - | - | - | - |
| EBITDA Growth % | -17.55% | 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) | 10.64M | 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 | 33.13M | 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 | -1.2M | -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 | 3.98M | 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 | 5.18M | 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 | -399K | -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 | 29.09M | 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 % | 12.8% | 15.67% | 10.46% | 9.62% | 0.2% | -11.38% | -26.56% | -27.75% | -45.26% | -1054.15% | - | - | - | - | - | 3640.35% | - | - | - | - |
| Income Tax | 4.7M | 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 % | 16.17% | 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 | 24.38M | 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 % | 10.73% | 13.62% | 13.14% | 9.16% | 0% | -11.51% | -26.65% | -27.77% | -45.26% | -1054.15% | - | - | - | - | - | 3640.35% | - | - | - | - |
| Net Income Growth % | -35.94% | 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) | 24.38M | 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) | 0.48 | 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 % | -37.82% | -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 | 50.85M | 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 | 50.85M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Single-asset commercial stagnation
As reported in recent financial filings, PBYI's revenue trajectory remains highly inconsistent, characterized by a 2.6% year-over-year decline in 2026Q1 and significant quarterly fluctuations that suggest the company is struggling to maintain consistent patient demand for its lead asset in a competitive oncology landscape.
The erratic revenue performance appears to be driven by the timing of milestone payments rather than organic growth in Nerlynx prescriptions. This lack of a clear upward trend suggests that the company's core U.S. breast cancer market may be facing saturation or erosion from newer therapeutic alternatives.
Based on the company's historical income statements, gross margins have fluctuated between 63.9% and 77.7%, reflecting the inherent cost burden of licensing obligations that prevent the firm from achieving the high-margin profile typically associated with successful, pure-play commercial-stage biotechnology companies in the oncology space.
The variability in gross margins indicates that PBYI's profitability is highly sensitive to product mix and royalty structures. Investors should monitor whether these margin levels can be sustained as competitive pressure forces potential pricing concessions or increased rebates to maintain market share.
According to the provided quarterly data, PBYI's operating income has swung from a $22.1 million profit in 2024Q3 to a $3.8 million loss in 2026Q1, demonstrating that the company lacks the operating leverage necessary to scale profitability effectively during periods of revenue contraction.
The inability to consistently scale operating income suggests that the company's fixed cost base, particularly regarding clinical trial obligations and sales force maintenance, remains disproportionately high relative to its current revenue generation. This creates a precarious situation where any further revenue decline could lead to sustained operating losses.
As indicated by the recent decline in cash and equivalents to $29.6 million, the company's current financial position warrants further investigation, as the combination of negative revenue growth and inconsistent profitability may limit the firm's ability to fund necessary R&D for future pipeline expansion.
Short-term profitability metrics may be masking a deeper structural issue regarding the long-term viability of the single-asset commercial model. Without a clear path to diversifying the revenue base, the company appears increasingly vulnerable to regulatory or competitive shocks that could rapidly deplete its remaining liquidity.
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.