PBYI - Puma Biotechnology extends losses on earnings miss

Puma Biotechnology (NASDAQ:PBYI) is extending the post-market losses with a ~26.0% decline in early hours after the company’s Q3 2021 financials lagged expectations. Total revenue fell short of Street forecasts by as much as $7.2M after recording a ~9.1% YoY decline to reach $46.2M. The net product revenue at $43.4M consisting entirely of breast cancer therapy NERLYNX fell ~12.0% YoY. CEO Alan H. Auerbach highlighted the impact of COVID-19 on operations. “Our operating results continued to be negatively impacted by the effects of COVID-19 and its limitations to our access to healthcare providers during the third quarter,” Auerbach remarked. He also noted a negative impact of nearly $3.5M caused by inventory reduction. Meanwhile, net loss widened ~41.9% YoY to $44.7M despite ~12.2% YoY decline in operating expenses. The management updated on several upcoming milestones in the R&D front. The data from the Phase II TBCRC-022 trial for Kadcyla plus neratinib in HER2-positive breast

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Puma Biotechnology extends losses on earnings miss