Puma Biotechnology Inc. reported a 41 percent jump in sales of its signature breast cancer drug to $51 million in the second quarter.
The West Los Angeles drug maker reported on Aug. 9 that net product revenue from sales of its Nerlynx drug in the three months ended June 30, 2018 was $50.8 million, compared to $36.0 million in the first quarter.
At the same time, the biopharmaceutical company reported a net loss of $44.3 million (or $1.17 a share) for the second quarter, compared to a loss of $77.8 million ($2.10 a share), for the same period in 2017, according to a filing with the U.S. Securities and Exchange Commission.
Net revenue for the first half of 2018 was $117.3 million.
Shares in Puma fell 8 percent on Aug. 10 to $44.70, a 43 percent drop from a year ago.
Puma’s Nerlynx drug, designed to prevent early stage HER2-positive breast cancer after chemotherapy, was approved by the U.S. Food and Drug Administration in July 2017.
The company is awaiting a vote by the European Commission on a committee recommendation to approve drug sales in Europe, after earlier resistance. It has also applied for regulatory approval for drug sales in Canada.
Health business reporter Dana Bartholomew can be reached at email@example.com. Follow him on Twitter @_DanaBart.
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