Puma Biotechnology, Inc.
PBYIHealthcare|Biotechnology|US
$8.25
-1.52 (-15.56%)
DCF Value
$16.32
Tangible Book / Share
$2.10
Cash / Share
$2.10
Financials
Financial Snapshot
Market Cap
$425.9M
Enterprise Value
$384.4M
Revenue (TTM)
$231.9M
Net Income (TTM)
$23.9M
Cash & Investments
$108.5M
Net Cash
$108.5M
Free Cash Flow (TTM)
$14.5M
Operating CF (TTM)
$14.4M
Debt/Equity
0.00
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $194.5M | $81.7M | $108.4M | $111.6M | $93.4M | $82.1M | $81.1M | $95.9M | $101.0M | $97.5M | $108.5M | |
| Operating Cash Flow | -$141.7M | -$172.5M | -$24.1M | $22.4M | $800.0K | $20.6M | -$15.8M | $27.0M | $38.9M | $41.8M | $14.4M | |
| Free Cash Flow | -$149.0M | -$222.9M | -$24.7M | $22.1M | -$19.2M | $20.6M | -$22.8M | $14.4M | $38.9M | $41.7M | $14.5M | |
| Capital Expenditure | -$7.3M | -$50.4M | -$609.0K | -$306.0K | -$20.0M | $0.00 | -$7.0M | -$12.6M | -$56.0K | -$71.0K | $36.0K | |
| Financing Cash Flow | $162.4M | $75.1M | $108.4M | -$67.1M | $100.0K | -$31.9M | $12.2M | $0.00 | -$33.8M | -$45.2M | -$33.8M |
R&D Spending
R&D (TTM)
$73.8M
R&D Intensity
31.8%
R&D Growth vs Prior
+19.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $27.7M | $251.0M | $272.3M | $225.1M | $253.2M | $228.0M | $235.6M | $230.5M | $228.4M | $231.9M | |
| R&D Expense | $222.8M | $207.8M | $164.9M | $132.9M | $97.7M | $71.9M | $52.2M | $50.4M | $54.9M | $62.1M | $73.8M | |
| R&D % of Revenue | — | 750.2% | 65.7% | 48.8% | 43.4% | 28.4% | 22.9% | 21.4% | 23.8% | 27.2% | 31.8% | |
| SG&A | $53.8M | $106.7M | $146.2M | $141.6M | $118.5M | $116.3M | $90.0M | $89.3M | $80.2M | $71.2M | $70.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $27.7M | $251.0M | $272.3M | $225.1M | $253.2M | $228.0M | $235.6M | $230.5M | $228.4M | $231.9M | |
| Cost of Revenue | $1.1M | $5.6M | $34.6M | $36.8M | $39.4M | $63.7M | $55.1M | $62.7M | $64.4M | $58.2M | $61.2M | |
| Gross Profit | -$1.1M | $22.1M | $216.4M | $235.4M | $185.7M | $189.5M | $172.9M | $173.0M | $166.1M | $170.2M | $170.6M | |
| R&D | $222.8M | $207.8M | $164.9M | $132.9M | $97.7M | $71.9M | $52.2M | $50.4M | $54.9M | $62.1M | $73.8M | |
| SG&A | $53.8M | $106.7M | $146.2M | $141.6M | $118.5M | $116.3M | $90.0M | $89.3M | $80.2M | $71.2M | $70.6M | |
| Operating Income | -$276.6M | -$292.4M | -$94.7M | -$75.6M | -$30.4M | $1.3M | $23.7M | $32.6M | $31.0M | $37.3M | $26.2M | |
| Interest Expense | $958.0K | $720.0K | $11.0M | $15.0M | $14.0M | $12.8M | $11.6M | $13.3M | $12.5M | $6.6M | $2.0M | |
| Pretax Income | -$276.0M | -$292.0M | -$113.6M | -$75.5M | -$59.8M | -$28.8M | $457.0K | $22.7M | $24.1M | $35.8M | $28.1M | |
| Net Income | -$276.0M | -$292.0M | -$113.6M | -$75.6M | -$60.0M | -$29.1M | $2.0K | $21.6M | $30.3M | $31.1M | $23.9M | |
| EPS (Diluted) | -8.29 | -7.86 | -2.99 | -2.13 | -1.52 | -0.72 | 0.02 | 0.45 | 0.62 | 0.61 | 0.46 | |
| EBITDA | -$275.4M | -$288.4M | -$95.2M | -$52.4M | -$35.7M | -$4.7M | $21.9M | $47.5M | $48.1M | $53.3M | $37.0M | |
| Shares Out. (M) | 33.30 | 37.17 | 37.94 | 38.77 | 39.58 | 40.64 | 44.93 | 47.55 | 49.10 | 50.65 | 53.12 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $194.5M | $81.7M | $108.4M | $60.0M | $85.3M | $63.1M | $76.2M | $84.6M | $69.2M | $29.6M | $41.5M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $51.6M | $8.1M | $19.0M | $4.9M | $11.4M | $31.7M | $67.9M | $67.0M | |
| Total Current Assets | $236.5M | $106.4M | $203.0M | $166.3M | $146.1M | $140.0M | $134.3M | $156.2M | $147.7M | $162.7M | $108.5M | |
| Total Assets | $252.8M | $165.5M | $259.1M | $234.9M | $244.2M | $226.6M | $222.1M | $230.5M | $213.3M | $216.3M | $108.5M | |
| Total Current Liabilities | $37.5M | $58.3M | $67.1M | $90.8M | $114.3M | $109.6M | $77.5M | $99.4M | $96.1M | $81.3M | $0.00 | |
| Long-Term Debt | $0.00 | $48.5M | $151.9M | $95.0M | $84.0M | $97.1M | $98.3M | $65.7M | $21.7M | $0.00 | $0.00 | |
| Total Liabilities | $43.0M | $112.2M | $224.8M | $217.4M | $250.2M | $229.0M | $200.5M | $177.1M | $121.2M | $86.0M | $0.00 | |
| Stockholders' Equity | $209.8M | $53.3M | $34.3M | $17.5M | -$6.0M | -$2.4M | $21.6M | $53.4M | $92.1M | $130.3M | $0.00 | |
| Retained Earnings | -$796.5M | -$1.09B | -$1.20B | -$1.28B | -$1.34B | -$1.37B | -$1.37B | -$1.35B | -$1.31B | -$1.28B | $0.00 |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$141.7M | -$172.5M | -$24.1M | $22.4M | $800.0K | $20.6M | -$15.8M | $27.0M | $38.9M | $41.8M | $14.4M | |
| Capital Expenditure | -$7.3M | -$50.4M | -$609.0K | -$306.0K | -$20.0M | $0.00 | -$7.0M | -$12.6M | -$56.0K | -$71.0K | $36.0K | |
| Free Cash Flow | -$149.0M | -$222.9M | -$24.7M | $22.1M | -$19.2M | $20.6M | -$22.8M | $14.4M | $38.9M | $41.7M | $14.5M | |
| Investing Cash Flow | $142.2M | -$15.4M | -$57.6M | $5.2M | $23.3M | -$10.9M | $7.1M | -$19.1M | -$20.4M | -$36.2M | -$26.3M | |
| Financing Cash Flow | $162.4M | $75.1M | $108.4M | -$67.1M | $100.0K | -$31.9M | $12.2M | $0.00 | -$33.8M | -$45.2M | -$33.8M | |
| Issuance of Stock | $161.9M | $26.7M | $7.7M | $0.00 | $68.0K | $0.00 | $12.5M | $0.00 | $150.0K | $130.0K | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $50.0M | $105.0M | -$55.0M | $0.00 | -$1.5M | $0.00 | $0.00 | -$33.3M | -$44.4M | -$33.3M | |
| Stock Based Comp. | $117.3M | $108.7M | $86.9M | $57.3M | $36.6M | $32.6M | $11.8M | $10.2M | $8.2M | $6.9M | $1.6M | |
| Net Change in Cash | $162.9M | -$112.8M | $26.7M | -$39.5M | $24.2M | -$22.2M | $3.5M | $7.9M | -$15.4M | -$39.6M | -$19.1M |
Dilution Tracker
Shares outstanding grew 28.0% over 5 years — significant dilution
Shares Outstanding
52M
5-Year Share Growth
+28.0%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 33.30 | 37.17 | 37.94 | 38.77 | 39.58 | 40.64 | 44.93 | 47.55 | 49.10 | 50.65 | 53.12 | |
| Change vs Prior % | — | 11.6% | 2.1% | 2.2% | 2.1% | 2.7% | 10.6% | 5.8% | 3.3% | 3.2% | 4.9% | |
| Stock Issuance | $161.9M | $26.7M | $7.7M | $0.00 | $68.0K | $0.00 | $12.5M | $0.00 | $150.0K | $130.0K | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $117.3M | $108.7M | $86.9M | $57.3M | $36.6M | $32.6M | $11.8M | $10.2M | $8.2M | $6.9M | $1.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | 79.8% | 86.2% | 86.5% | 82.5% | 74.8% | 75.8% | 73.4% | 72.1% | 74.5% | 73.6% | |
| Operating Margin % | — | -1055.6% | -37.7% | -27.8% | -13.5% | 0.5% | 10.4% | 13.9% | 13.4% | 16.3% | 11.3% | |
| Net Margin % | — | -1054.2% | -45.3% | -27.8% | -26.7% | -11.5% | 0.0% | 9.2% | 13.1% | 13.6% | 10.3% | |
| EBITDA Margin % | — | -1041.2% | -37.9% | -19.3% | -15.9% | -1.9% | 9.6% | 20.2% | 20.9% | 23.4% | 16.0% | |
| FCF Margin % | — | -804.8% | -9.8% | 8.1% | -8.5% | 8.2% | -10.0% | 6.1% | 16.9% | 18.3% | 6.2% | |
| ROE % | -131.6% | -547.8% | -331.1% | -432.9% | 1008.1% | 1190.8% | 0.0% | 40.4% | 32.9% | 23.9% | 24.0% | |
| ROA % | -109.2% | -176.4% | -43.8% | -32.2% | -24.6% | -12.9% | 0.0% | 9.4% | 14.2% | 14.4% | 22.0% | |
| ROIC % | -127.5% | -270.7% | -45.9% | -51.5% | -20.6% | 1.1% | 0.1% | 18.3% | 18.4% | 20.4% | 20.8% | |
| R&D / Revenue % | — | 750.2% | 65.7% | 48.8% | 43.4% | 28.4% | 22.9% | 21.4% | 23.8% | 27.2% | 31.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 806.1% | 8.5% | -17.3% | 12.5% | -9.9% | 3.3% | -2.2% | -0.9% | |
| Gross Profit | -48.1% | 2023.4% | 879.2% | 8.8% | -21.1% | 2.0% | -8.7% | 0.0% | -4.0% | 2.5% | |
| Operating Income | -15.1% | -5.7% | 67.6% | 20.2% | 59.8% | 104.2% | 1738.8% | 37.6% | -5.1% | 20.5% | |
| Net Income | -15.3% | -5.8% | 61.1% | 33.5% | 20.6% | 51.5% | 100.0% | 1079450.0% | 40.2% | 2.8% | |
| EPS (Diluted) | -11.3% | 5.2% | 62.0% | 28.8% | 28.6% | 52.6% | 102.8% | 2116.7% | 37.8% | -1.6% | |
| Operating Cash Flow | 8.3% | -21.7% | 86.0% | 192.8% | -96.4% | 2481.3% | -176.6% | 270.7% | 44.1% | 7.4% | |
| Free Cash Flow | 4.3% | -49.6% | 88.9% | 189.3% | -187.2% | 207.3% | -210.5% | 162.9% | 170.5% | 7.4% | |
| R&D Expense | 6.9% | -6.7% | -20.6% | -19.4% | -26.5% | -26.4% | -27.3% | -3.6% | 9.0% | 13.0% | |
| SG&A Expense | 69.2% | 98.3% | 37.0% | -3.1% | -16.3% | -1.9% | -22.6% | -0.7% | -10.2% | -11.2% | |
| Total Assets | 5.4% | -34.5% | 56.5% | -9.3% | 4.0% | -7.2% | -2.0% | 3.8% | -7.5% | 1.4% | |
| Book Value / Share | -1.7% | -77.2% | -36.9% | -50.2% | -133.4% | 60.0% | 903.6% | 134.4% | 67.0% | 37.6% | |
| Debt | 0.0% | 0.0% | 213.3% | -20.8% | 0.6% | -3.6% | -2.0% | -2.4% | -33.6% | -61.5% | |
| Diluted Shares | 3.6% | 11.6% | 2.1% | 2.2% | 2.1% | 2.7% | 10.6% | 5.8% | 3.3% | 3.2% |
Valuation
P/E (TTM)17.32
10Y Low / Med / High4.92 / 9.60 / 207.35
P/S1.84
10Y Low / Med / High0.49 / 1.25 / 132.64
P/B0.00
10Y Low / Med / High1.61 / 8.75 / 68.93
EV/EBITDA10.38
10Y Low / Med / High3.19 / 5.56 / 10.37
EV/Revenue1.66
10Y Low / Med / High0.66 / 1.30 / 131.44
P/FCF29.46
10Y Low / Med / High3.82 / 7.13 / 15.37
Intrinsic Value Models (per share)
DCF Value
$16.32
Tangible Book / Share
$2.10
Net Current Assets / Share
$2.10
Graham Net-Net
$2.10
Cash / Share
$2.10
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -3.70 | -12.58 | -6.81 | -4.11 | -6.75 | -4.22 | 207.35 | 9.41 | 4.92 | 9.60 | 17.32 | |
| P/S Ratio | 0.00 | 132.64 | 3.08 | 1.25 | 1.80 | 0.49 | 0.83 | 0.87 | 0.64 | 1.30 | 1.84 | |
| P/B Ratio | 4.87 | 68.93 | 22.51 | 19.43 | -68.23 | -50.51 | 8.75 | 3.82 | 1.61 | 2.28 | 0.00 | |
| EV/EBITDA | -3.00 | -12.62 | -8.57 | -7.62 | -12.37 | -37.75 | 10.37 | 4.86 | 3.19 | 5.56 | 10.38 | |
| EV/Revenue | 0.00 | 131.44 | 3.25 | 1.47 | 1.96 | 0.70 | 1.00 | 0.98 | 0.66 | 1.30 | 1.66 |
Analyst Estimates & Quality
Altman Z-Score
—
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $226.0M | $229.0M | $230.0M |
| Net Income | $19.2M | $10.1M | $7.6M |
| EPS | $0.38 | $0.20 | $0.15 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| License | $2.5M | $51.8M | — | — | — | — |
| Royalty | $5.7M | $12.3M | $28.0M | $32.5M | $35.3M | $24.3M |
| Product | — | $189.1M | $200.0M | $203.1M | $195.2M | $204.1M |