PUMA BIOTECHNOLOGY, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PUMA BIOTECHNOLOGY, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		27.7	251	272	225	253	228	236	230	228
Cost of revenue		5.57	34.6	36.8	39.4	63.7	55.1	62.7	64.4	58.2
Gross profit		22.1	216	235	186	189	173	173	166	170
Research and development	223	208	165	133	97.7	71.9	52.2	50.4	54.9	62.1
Selling, general and administrative	53.8	107	146	142	118	116	90	89.9	80.2	70.8
General and administrative	53.8
Operating expenses	277	320	346	311	256
Operating income	-277	-292	-94.7	-39	-30.4	1.29	23.7	32.6	31	37.3
Interest expense		0.72	11	15	14	12.8	11.6	13.3	12.5	6.62
Interest income	0.96	1.26	1.8	2.85	0.49	0.16	0.81	2.61	4.72	4.08
Other non-operating income	0.59	0.44	-18.9	-36.5	-29.4	-30.1	-23.3	-9.97	-6.87	-1.52
Pre-tax income			-114	-75.5	-59.8	-28.8	0.46	22.7	24.1	35.8
Income tax	0	0	0.02	0.05	0.21	0.32	0.46	1.08	-6.18	4.67
Net income	-276	-292	-114	-75.6	-60	-29.1	0	21.6	30.3	31.1
EBITDA	-275	-290	-87.3	-31	-20.4	12.6	33.6	44.2	42.5	48.2
EPS, basic	-8.29	-7.85	-2.99	-75,595.00	-1.52	-0.72	0.00	0.46	0.62	0.62
EPS, diluted	-8.29	-7.85	-2.99	-1.95	-1.52	-0.72	0.00	0.45	0.62	0.61
Shares, basic (weighted)	33.3	37.2	37.9	38.8	39.6	40.6	44.7	47.1	48.6	50
Shares, diluted (weighted)	33.3	37.2	37.9	38.8	39.6	40.6	44.9	47.6	49.1	50.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	194	81.7	108	60	85.3	63.1	76.2	84.6	69.2	29.6
Short-term investments	35		57	51.6	8.1	19	4.87	11.4	31.7	67.9
Receivables		9.67	20.8	28.9	25.5	32.5	40.4	47.8	32	53.7
Inventory		2.03	2.63	3.17	3.45	7.11	4.53	7.08	8.72	5.52
Other current assets	7	13	1.79	0.32	3.64	0.45	2.43	0.91	0.09	0.26
Total current assets	236	106	203	166	146	140	134	156	148	163
Property, plant and equipment	5.15	4.47	3.96	3.3	2.48	1.76	1.15	0.86	0.52	0.19
Lease right-of-use assets				18.5	16.4	14	11.4	7.79	4.58	5.37
Intangible assets		48.4	44.4	40.5	74.1	66.1	70.6	60.9	51.1	41.4
Total assets	253	166	259	235	244	227	222	231	213	216
Accounts payable	20	27.7	20.7	19.2	12.1	11.2	6.44	6.89	5.51	5.06
Accrued liabilities	17.4	30.6	46.4	69	61.3	92.6	53	52.7	36.9	50
Short-term debt					14.3	0	0	34	45.3	22.5
Total current liabilities	37.5	58.3	67.1	90.8	114	110	77.5	99.4	96.1	81.3
Long-term debt				95	84	97.1	98.3	65.7	21.7	0
Lease liabilities				22.6	19.5	16	11.8	7.03	1.49	4.71
Other non-current liabilities								0.12	0.12	0
Total liabilities	43	112	225	217	250	229	200	177	121	86
Total debt		48.5	152	95	84	102	102	102	68	22.7
Paid-in capital	1,006	1,142	1,236	1,295	1,332	1,364	1,388	1,399	1,407	1,414
Retained earnings	-797	-1,088	-1,202	-1,278	-1,338	-1,367	-1,367	-1,345	-1,315	-1,284
Other comprehensive income	-0.01		-0.01	0.06	0	-0	0	-0	0.01	0.04
Shareholders' equity	210	53.3	34.3	17.5	-5.95	-2.45	21.6	53.4	92.1	130
Total equity	210	53.3	34.3	17.5	-5.95	-2.45	21.6	53.4	92.1	130
Total liabilities and equity	253	166	259	235	244	227	222	231	213	216
Shares outstanding	36.8	37.6	38.3	39.2	40.1	41.2	46.3	47.6	49.1	50.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-276	-292	-114	-75.6	-60	-29.1	0	21.6	30.3	31.1
Depreciation and amortization	1.15	2.81	7.38	8.08	10	11.3	9.84	11.5	11.5	10.9
Stock-based compensation	117	109	86.9	57.3	36.6	32.6	11.8	10.2	8.25	6.94
Deferred income tax							0	0	-7.08	3.25
Change in receivables		-9.67	-11.1	-8.12	2.35	-5.98	-7.82	-8.37	16.3	-21.3
Change in inventory		-2.03	-0.6	-0.55	-0.28	-3.66	2.58	-2.55	-1.64	3.21
Change in payables	2.23	7.66	-7.01	-1.53	-7.11	-0.9	-4.73	0.45	-1.38	-0.45
Cash from operations	-142	-172	-24.1	22.4	0.77	20.7	-15.8	27	38.9	41.8
Capital expenditures	-4.29	-0.43	-0.44	-0.31	-0.05	0	0	-0.14	-0.06	-0.07
Purchases of investments	-81.8	-79.7	-108	-127	-29.8	-38.1	-4.84	-23.8	-76.2	-108
Sales and maturities of investments		115	50.5	105	73.3	27.2	18.9	17.3	55.8	72
Cash from investing	142	-15.4	-57.6	5.16	33.4	-10.9	7.1	-19.1	-20.4	-36.2
Debt issued		50	105	25	8.44	98.5	0	0
Debt repaid				-80	-8.44	-100	0	0	-33.3	-44.4
Stock issued	162
Cash from financing	162	75.1	108	-67.1	-9.93	-31.9	12.2	0	-33.8	-45.2
Net change in cash	163	-113	26.7	-39.5	24.2	-22.2	3.5	7.88	-15.4	-39.6
Free cash flow	-146	-173	-24.5	22.1	0.73	20.7	-15.8	26.9	38.9	41.7
Interest paid		0.34	8.06	11.7	9.7	10.3	10.3	11.6	10.8	5.82
Income taxes paid			0.02	0.05	0.21	0.32	0.38	0.74	1.22	1.27

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.8%	Gross profit / revenue.
Operating margin	13.2%	Operating income / revenue.
EBITDA margin	16.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.5%	Pre-tax income / revenue.
Net margin	11.6%	Net income / revenue.
FCF margin	17.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.8%	Cash from operations / revenue.
Return on equity (ROE)	19.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.9%	Net income / average total assets.
Return on invested capital (ROIC)	23.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	30.9%	Research and development expense / revenue.
SG&A / revenue	30.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-1.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	20.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	13.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	2.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2,396.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-1.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	7.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	122.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	7.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	124.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	41.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	82.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	1.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.91x	Current assets / current liabilities.
Quick ratio	2.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.88x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	28.1%	Total liabilities / total assets.
Net debt	-$93.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.45x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.65x	Operating income / interest expense.
Working capital	$95.2M	Current assets - current liabilities.
Tangible book value	$138.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.20x	Revenue / average total assets.
Fixed asset turnover	2,245x	Revenue / average property, plant and equipment.
Inventory turnover	4.37x	Cost of revenue / average inventory.
Days inventory	84 days	365 x average inventory / cost of revenue.
Receivables turnover	6.79x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	19 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	118 days	Days inventory + days sales outstanding - days payables.
FCF conversion	154.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.51	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.40	Revenue / diluted weighted shares.
FCF per share	$0.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.78	Cash from operations / diluted weighted shares.
Book value per share	$2.71	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.71	Tangible book value / shares outstanding.
Cash per share	$1.84	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$504.3M	Share price x shares outstanding.
Enterprise value	$410.4M	Market cap + total debt - cash - short-term investments.
P/E	18.9x	Market cap / net income. Only when net income is positive.
P/S	2.18x	Market cap / revenue.
P/B	3.64x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.64x	Market cap / tangible book value, when positive.
P/FCF	12.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.3x	Market cap / cash from operations, when positive.
EV/Sales	1.77x	Enterprise value / revenue.
EV/EBIT	13.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.97x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.2%	Free cash flow / market cap.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).

What was PUMA BIOTECHNOLOGY, INC.'s revenue in fiscal 2025?

PUMA BIOTECHNOLOGY, INC. reported revenue of $228.4M for fiscal 2025, 0.9% lower than the year before.

Was PUMA BIOTECHNOLOGY, INC. profitable in fiscal 2025?

Yes. Net income was $31.1M, a net margin of 13.6%.

How much free cash flow did PUMA BIOTECHNOLOGY, INC. generate in fiscal 2025?

Cash from operations of $41.8M minus capital expenditures of $71.0K left free cash flow of $41.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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