Puma Biotechnology Reports Q4 2025 Earnings

Biopharmaceutical company sees continued commercial momentum with NERLYNX product revenue growth and clinical pipeline progress

Feb. 27, 2026 at 4:20am

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Puma Biotechnology, a biopharmaceutical company focused on developing targeted cancer therapies, reported its Q4 2025 financial results. The company saw continued commercial momentum, with total revenue of $75.5 million and product net revenue of $59.9 million for the quarter. Management also provided guidance for full-year 2026, expecting net NERLYNX product revenue of $194 million to $198 million and GAAP net income of $10 million to $13 million. However, the company expects higher gross-to-net reductions and a Q1 2026 net loss of $8 million to $10 million, which could pressure near-term margins and results.

Why it matters

Puma Biotechnology's Q4 2025 results demonstrate the continued commercial success of its lead product, NERLYNX, for the treatment of early-stage HER2-positive breast cancer. The company's ability to grow revenue and maintain profitability is crucial as it advances its clinical pipeline, including the ALISCA-Breast1 and ALISCA-Lung1 trials, which have the potential to provide near-term catalysts. However, the expected increase in gross-to-net reductions and a projected Q1 2026 net loss highlight the need for Puma to carefully manage its expenses and maintain a strong financial position.

The details

In Q4 2025, Puma Biotechnology reported earnings per share of $0.29, exceeding the consensus estimate of $0.24. The company's net margin was 17.45%, and it had a return on equity of 36.17%. Puma's revenue during the quarter was $75.5 million, compared to the consensus estimate of $68.6 million. Management expects higher gross-to-net reductions in 2026, with Q1 2026 gross-to-net reductions estimated to be 29.5% to 30.5%, which could pressure near-term margins and results. The company's clinical programs also advanced, with the ALISCA-Breast1 trial reaching and exceeding its 150-patient target ahead of schedule, and the ALISCA-Lung1 trial escalating doses and expected to provide an interim readout in Q2 2026.

  • Puma Biotechnology reported its Q4 2025 financial results on Thursday, February 27, 2026.
  • The company expects to provide an interim data readout for the ALISCA-Breast1 trial in Q2 2026.
  • The company expects to provide an interim data readout for the ALISCA-Lung1 trial in Q2 2026.

The players

Puma Biotechnology

A late-stage biopharmaceutical company dedicated to the development and commercialization of targeted therapies for oncology patients.

NERLYNX

Puma Biotechnology's lead product, an irreversible small-molecule tyrosine kinase inhibitor designed to target the HER2 receptor, which received FDA approval in 2017 for extended adjuvant treatment of early-stage HER2-positive breast cancer.

ALISCA-Breast1

A clinical trial being conducted by Puma Biotechnology to evaluate a potential new therapy for breast cancer.

ALISCA-Lung1

A clinical trial being conducted by Puma Biotechnology to evaluate a potential new therapy for lung cancer.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

Puma Biotechnology's Q4 2025 results demonstrate the company's ability to drive commercial growth for its lead product NERLYNX, while also advancing its clinical pipeline. However, the expected increase in gross-to-net reductions and a projected Q1 2026 net loss highlight the need for the company to carefully manage its expenses and maintain a strong financial position as it continues to invest in its future growth.