Detailed financial statements for Puma Biotechnology, Inc. (PBYI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Puma Biotechnology, Inc. is a biopharmaceutical company dedicated to the global development and commercialization of treatments aimed at advancing cancer care. Its lead drug candidate, orally administered neratinib (PB272), targets a range of indications. These include patients with early-stage HER2-overexpressed/amplified breast cancer, as well as adults suffering from advanced or metastatic HER2-positive breast cancer when used in combination with capecitabine.
Analysis Summary
Puma Biotechnology, Inc. reported revenue of $228.4M in the most recent fiscal year, growing at a 5-year CAGR of 0.3%.
Trailing-twelve-month margins: gross margin 74.8%, operating margin 13.2%, net margin 11.6%.
At the current price of $9.39, PBYI trades at a P/E of 16.72 and an ROE of 20.85%. Market capitalisation stands at $478M.
Balance sheet quality for PBYI: current ratio of 2.0, net cash position of $69.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $41.7M represents 134% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $27.7M | $251.0M | $272.3M | $225.1M | $253.2M | $228.0M | $235.6M | $230.5M | $228.4M |
| Cost of Revenue | $1.1M | $5.6M | $34.6M | $36.8M | $39.4M | $63.7M | $55.1M | $62.7M | $64.4M | $58.2M |
| Gross Profit | -$1.1M | $22.1M | $216.4M | $235.4M | $185.7M | $189.5M | $172.9M | $173.0M | $166.1M | $170.2M |
| Research & Development | $222.8M | $207.8M | $164.9M | $132.9M | $97.7M | $71.9M | $52.2M | $50.4M | $54.9M | $62.1M |
| Selling, General & Admin | $53.8M | $106.7M | $146.2M | $141.6M | $118.5M | $116.3M | $90.0M | $89.3M | $80.2M | $71.2M |
| Operating Expenses | $276.6M | $314.5M | $311.1M | $311.0M | $216.1M | $188.2M | $149.2M | $140.3M | $135.1M | $132.9M |
| Operating Income | -$276.6M | -$292.4M | -$94.7M | -$75.6M | -$30.4M | $1.3M | $23.7M | $32.6M | $31.0M | $37.3M |
| EBITDA | -$275.4M | -$288.4M | -$95.2M | -$52.4M | -$35.7M | -$4.7M | $21.9M | $47.5M | $48.1M | $53.3M |
| Interest Expense | $958000 | $720000 | $11.0M | $15.0M | $14.0M | $12.8M | $11.6M | $13.3M | $12.5M | $6.6M |
| Pre-tax Income | -$276.0M | -$292.0M | -$113.6M | -$75.5M | -$59.8M | -$28.8M | $457000 | $22.7M | $24.1M | $35.8M |
| Income Tax | -$2.1M | -$2.2M | -$7.9M | $53000 | $207000 | $324000 | $455000 | $1.1M | -$6.2M | $4.7M |
| Net Income | -$276.0M | -$292.0M | -$113.6M | -$75.6M | -$60.0M | -$29.1M | $2000 | $21.6M | $30.3M | $31.1M |
| EPS | $-8.29 | $-7.86 | $-2.99 | $-2.13 | $-1.52 | $-0.72 | $0.02 | $0.46 | $0.62 | $0.62 |
| EPS (Diluted) | $-8.29 | $-7.86 | $-2.99 | $-2.13 | $-1.52 | $-0.72 | $0.02 | $0.45 | $0.62 | $0.61 |
| Shares Outstanding (Diluted) | $33.3M | $37.2M | $37.9M | $38.8M | $39.6M | $40.6M | $44.9M | $47.6M | $49.1M | $50.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $54.5M | $75.5M | $44.8M | $56.5M |
| Gross Profit | $42.3M | $52.3M | $34.4M | $44.0M |
| Operating Income | $9.6M | $17.1M | -$3.8M | $7.6M |
| EBITDA | $13.5M | $20.9M | -$196000 | $13.5M |
| Net Income | $8.8M | $13.4M | -$3.8M | $8.2M |
| EPS | $0.18 | $0.27 | $-0.07 | $0.16 |
| EPS (Diluted) | $0.17 | $0.26 | $-0.07 | $0.16 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $194.5M | $81.7M | $108.4M | $60.0M | $85.3M | $63.1M | $76.2M | $84.6M | $69.2M | $29.6M |
| Short-term Investments | 0 | 0 | 0 | $51.6M | $8.1M | $19.0M | $4.9M | $11.4M | $31.7M | $67.9M |
| Receivables | 0 | $9.7M | $21.9M | $28.9M | $25.5M | $32.5M | $42.3M | $48.5M | $32.0M | $53.7M |
| Inventory | 0 | $2.0M | $2.6M | $3.2M | $3.5M | $7.1M | $4.5M | $7.1M | $8.7M | $5.5M |
| Total Current Assets | $236.5M | $106.4M | $203.0M | $166.3M | $146.1M | $140.0M | $134.3M | $156.2M | $147.7M | $162.7M |
| Property, Plant & Equipment | $5.2M | $4.5M | $4.0M | $21.8M | $18.9M | $15.8M | $12.5M | $8.6M | $5.1M | $5.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $48.4M | $44.4M | $40.5M | $74.1M | $66.1M | $70.6M | $60.9M | $51.1M | $41.4M |
| Total Assets | $252.8M | $165.5M | $259.1M | $234.9M | $244.2M | $226.6M | $222.1M | $230.5M | $213.3M | $216.3M |
| Accounts Payable | $20.0M | $27.7M | $20.7M | $19.2M | $12.1M | $11.2M | $6.4M | $6.9M | $5.5M | $5.1M |
| Short-term Debt | 0 | 0 | 0 | 0 | $14.3M | 0 | 0 | $34.0M | $45.3M | $22.5M |
| Total Current Liabilities | $37.5M | $58.3M | $67.1M | $90.8M | $114.3M | $109.6M | $77.5M | $99.4M | $96.1M | $81.3M |
| Long-term Debt | 0 | $48.5M | $151.9M | $95.0M | $84.0M | $97.1M | $98.3M | $65.7M | $21.7M | 0 |
| Total Liabilities | $43.0M | $112.2M | $224.8M | $217.4M | $250.2M | $229.0M | $200.5M | $177.1M | $121.2M | $86.0M |
| Retained Earnings | -$796.5M | -$1.09B | -$1.20B | -$1.28B | -$1.34B | -$1.37B | -$1.37B | -$1.35B | -$1.31B | -$1.28B |
| Total Equity | $209.8M | $53.3M | $34.3M | $17.5M | -$6.0M | -$2.4M | $21.6M | $53.4M | $92.1M | $130.3M |
| Total Debt | 0 | $48.5M | $151.9M | $120.2M | $121.0M | $116.6M | $114.3M | $111.5M | $74.1M | $28.5M |
| Net Debt | -$194.5M | -$33.2M | $43.5M | $8.6M | $27.6M | $34.5M | $33.2M | $15.6M | -$26.9M | -$69.0M |
| Working Capital | $199.0M | $48.1M | $135.9M | $75.5M | $31.9M | $30.4M | $56.8M | $56.8M | $51.5M | $81.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $53.5M | $29.6M | $36.2M | $36.5M |
| Total Assets | $202.9M | $216.3M | $192.7M | $192.7M |
| Total Liabilities | $87.6M | $86.0M | $64.3M | $54.2M |
| Total Equity | $115.3M | $130.3M | $128.4M | $138.5M |
| Total Debt | $41.1M | $28.5M | $16.0M | $4.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$276.0M | -$292.0M | -$113.6M | -$75.6M | -$60.0M | -$29.1M | $2000 | $21.6M | $30.3M | $31.1M |
| Depreciation & Amortization | $1.1M | $2.8M | $7.4M | $8.1M | $10.0M | $11.3M | $9.8M | $11.5M | $11.5M | $10.9M |
| Stock-based Compensation | $117.3M | $108.7M | $86.9M | $57.3M | $36.6M | $32.6M | $11.8M | $10.2M | $8.2M | $6.9M |
| Change in Working Capital | $12.5M | $7.9M | -$5.1M | $23.3M | $13.2M | -$1.3M | -$44.5M | -$17.9M | -$3.5M | -$10.1M |
| Operating Cash Flow | -$141.7M | -$172.5M | -$24.1M | $22.4M | $800000 | $20.6M | -$15.8M | $27.0M | $38.9M | $41.8M |
| Capital Expenditure | -$7.3M | -$50.4M | -$609000 | -$306000 | -$20.0M | 0 | -$7.0M | -$12.6M | -$56000 | -$71000 |
| Acquisitions | $15000 | $36000 | $193000 | 0 | $20.0M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$149.0M | -$222.9M | -$24.7M | $22.1M | -$19.2M | $20.6M | -$22.8M | $14.4M | $38.9M | $41.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $9.7M | $14.4M | $15.4M | $1.6M |
| Capital Expenditure | -$26000 | $36000 | 0 | 0 |
| Free Cash Flow | $9.7M | $14.5M | $15.4M | $1.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.7M | $1.6M | $1.9M | $2.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +806.1% | +8.5% | -17.3% | +12.5% | -9.9% | +3.3% | -2.2% | -0.9% | ||
| Net Income Growth (YoY) | -5.8% | +61.1% | +33.5% | +20.6% | +51.5% | +100.0% | +1079450.0% | +40.2% | +2.8% | |
| EPS Growth (YoY) | +5.2% | +62.0% | +28.8% | +28.6% | +52.6% | +102.8% | +2154.9% | +34.8% | +0.0% | |
| Shares Change (YoY) | +11.6% | +2.1% | +2.2% | +2.1% | +2.7% | +10.6% | +5.8% | +3.3% | +3.2% | |
| FCF Growth (YoY) | -49.6% | +88.9% | +189.3% | -187.2% | +207.3% | -210.5% | +162.9% | +170.5% | +7.4% | |
| Gross Margin | 79.8% | 86.2% | 86.5% | 82.5% | 74.8% | 75.8% | 73.4% | 72.1% | 74.5% | |
| Operating Margin | -1055.6% | -37.7% | -27.8% | -13.5% | 0.5% | 10.4% | 13.9% | 13.4% | 16.3% | |
| EBITDA Margin | -1041.2% | -37.9% | -19.3% | -15.9% | -1.9% | 9.6% | 20.2% | 20.9% | 23.4% | |
| Net Margin | -1054.2% | -45.3% | -27.8% | -26.7% | -11.5% | 0.0% | 9.2% | 13.1% | 13.6% | |
| FCF Margin | -804.8% | -9.8% | 8.1% | -8.5% | 8.2% | -10.0% | 6.1% | 16.9% | 18.3% | |
| Effective Tax Rate | 0.8% | 0.8% | 7.0% | -0.1% | -0.3% | -1.1% | 99.6% | 4.8% | -25.6% | 13.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-4.47 | $-6.00 | $-0.65 | $0.57 | $-0.49 | $0.51 | $-0.51 | $0.30 | $0.79 | $0.82 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $33.3M | $37.2M | $37.9M | $38.8M | $39.6M | $40.6M | $44.7M | $47.1M | $48.6M | $50.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 20.85% |
| Return on Invested Capital | 18.20% |
| Return on Assets | 13.86% |
| Gross Margin | 74.83% |
| Operating Margin | 13.16% |
| Net Margin | 11.55% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 2.91 |
| Piotroski F-Score | 7 |
| Altman Z-Score | -4.16 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -3.70 | -12.58 | -6.81 | -4.11 | -6.75 | -4.22 | 207.35 | 9.41 | 4.92 | 9.60 |
| P/B | 4.87 | 68.93 | 22.51 | 19.43 | -68.23 | -50.51 | 8.75 | 3.82 | 1.61 | 2.28 |
| P/S | 0.00 | 132.64 | 3.08 | 1.25 | 1.80 | 0.49 | 0.83 | 0.87 | 0.64 | 1.30 |
| Gross Margin | 0.0% | 79.8% | 86.2% | 86.5% | 82.5% | 74.8% | 75.8% | 73.4% | 72.1% | 74.5% |
| Operating Margin | 0.0% | -1055.6% | -37.7% | -27.8% | -13.5% | 0.5% | 10.4% | 13.9% | 13.4% | 16.3% |
| Net Margin | 0.0% | -1054.2% | -45.3% | -27.8% | -26.7% | -11.5% | 0.0% | 9.2% | 13.1% | 13.6% |
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Explore sector: Healthcare · Biotechnology
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