Puma investors fret, as Nerlynx Q1 sales fall uncomfortably short of Wall Street estimates
“We are not pleased with our first-quarter Nerlynx revenues,” Puma Biotechnology chief Alan Auerbach said in a post-earnings conference call on Thursday, citing a spate of disconcerting factors, including patient discontinuations. Investors concurred with his assessment, as the stock $PBYI cratered. The disdain continued early Friday, as shares fell nearly 37% to $18.96 before the bell.
The drug, which was in-licensed by Puma from Pfizer $PFE, was approved by the FDA in July 2017, to prevent breast cancer relapse, following therapy in patients with HER2-positive cancer. The treatment is known to have a poor tolerability profile, predominantly relating to diarrhea. The Los Angeles-based company posted Q1 Nerlynx sales of $45.6 million — a 25% decline quarter-over-quarter — and well below Street consensus expectations of about $67 million.
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