Puma Biotechnology Reports Strong Q4 2025 Earnings

Driven by NERLYNX sales growth and increased royalty revenue

Published on Mar. 2, 2026

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Puma Biotechnology reported fourth-quarter 2025 total revenue of $75.5 million, driven by a 15% increase in NERLYNX product revenue to $59.9 million and a sharp rise in royalty revenue to $15.6 million. The company also provided 2026 guidance, projecting net NERLYNX product revenue of $194 million to $198 million and full-year net income of $10 million to $13 million.

Why it matters

Puma Biotechnology's NERLYNX is an important treatment option for patients with early-stage HER2-positive breast cancer, and the company's strong Q4 2025 results and 2026 outlook demonstrate its ability to drive continued commercial growth and profitability for this key product.

The details

Puma reported that NERLYNX product revenue net, which consists entirely of NERLYNX sales, totaled $59.9 million in Q4 2025, up from $51.9 million in Q3 2025 and $54.4 million in Q4 2024. Royalty revenue also rose sharply to $15.6 million, compared with $2.6 million in Q3 2025 and $4.7 million in Q4 2024. For 2026, Puma guided to net NERLYNX product revenue of $194 million to $198 million and full-year net income of $10 million to $13 million.

  • Puma reported Q4 2025 results on February 26, 2026.
  • Puma expects to initiate a new small cell lung cancer trial combining alisertib with paclitaxel in Q2 2026.
  • Puma anticipates interim data from its ALISCA-Lung 1 trial in small cell lung cancer in Q2 2026.

The players

Puma Biotechnology

A late-stage biopharmaceutical company dedicated to the development and commercialization of targeted therapies for oncology patients, with a focus on its lead product NERLYNX (neratinib) for the treatment of early-stage HER2-positive breast cancer.

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.

Alisertib

An investigational drug being evaluated by Puma Biotechnology in two ongoing Phase II trials, one in breast cancer and one in small cell 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)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

Puma plans to initiate a second small cell lung cancer trial combining alisertib with paclitaxel in Q2 2026, similar to a previously published randomized trial.

The takeaway

Puma Biotechnology's strong Q4 2025 results and 2026 outlook demonstrate the company's ability to drive continued commercial growth and profitability for its key product NERLYNX, which is an important treatment option for patients with early-stage HER2-positive breast cancer.