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Puma Biotechnology Reports Fourth Quarter and Full Year Financial Results
LOS ANGELES--(BUSINESS WIRE)-- Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced financial results for the fourth quarter and
About this update from Puma Biotechnology Inc
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nPuma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced financial results for the fourth quarter and year ended December 31, 2022. Unless otherwise stated, all comparisons are for the fourth quarter and full year 2022, compared to the fourth quarter and full year 2021.\n\nProduct revenue, net consists entirely of revenue from sales of NERLYNX®, Puma’s first commercial product. Product revenue, net for the fourth quarter of 2022 was $53.7 million, compared to $51.0 million in the fourth quarter of 2021. Product revenue, net for the full year 2022 was $200.0 million, compared to $189.1 million in 2021.\n\nBased on accounting principles generally accepted in the United States (GAAP), Puma reported a net loss of $5.6 million, or $0.12 per share, for the fourth quarter of 2022, compared to net income of $4.2 million, or $0.10 per basic and diluted share, for the fourth quarter of 2021. In the fourth quarter of 2022, Puma increased its legal accrual by approximately $12.4 million to reflect the settlement of a lawsuit. Net income for full year 2022 was $0.0 million, or $0.00 per basic and diluted share, compared to a net loss of $29.1 million, or $0.72 per share, for full year 2021.\n\nNon-GAAP adjusted net loss was $3.0 million, or $0.07 per share, for the fourth quarter of 2022, compared to non-GAAP adjusted net income of $8.4 million, or $0.21 per basic and diluted share, for the fourth quarter of 2021. Non-GAAP adjusted net income for full year 2022 was $11.8 million, or $0.26 per basic and diluted share, compared to non-GAAP adjusted net income of $3.5 million, or $0.09 per basic share and $0.08 per diluted share, for full year 2021. Non-GAAP adjusted net income/loss excludes stock-based compensation expense. For a reconciliation of GAAP net income/loss to non-GAAP adjusted net income/loss and GAAP net income/loss per share to non-GAAP adjusted net income/loss per share, please see the financial tables at the end of this news release.\n\nNet cash provided by operating activities for the fourth quarter of 2022 was $7.7 million, compared to net cash used in operating activities of $5.4 million for the fourth quarter of 2021. Net cash used in operating activities for full year 2022 was $15.8 million, compared to net cash provided by operating activities of $20.7 million for fu...