Puma Biotechnology Inc., which launched its signature breast cancer drug last summer in the U.S. before running into resistance in Europe, on March 1 reported a nearly $300 million loss for 2017.
The West Los Angeles drug maker, in a filing with the U.S. Securities and Exchange Commission, reported a fourth quarter 2017 loss of $64.1 million (or $1.71 a share), compared with $72.7 million (or $2.04 a share) for the same period a year earlier.
Puma reported a net loss of $292 million (or $7.85 a share) for 2017, compared with $276 million (or $8.29 a share) in 2016. Its revenue last year was $26.2 million.
The results topped Wall Street expectations, according to the Associated Press. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of $1.98 per share.
Shares of Puma dropped 5.5 percent to $61.75 at the close of market trading, a 38 percent drop from early this year when it announced regulatory headwinds in Europe.
The biopharmaceutical company posted revenue from the sales of its Nerlynx cancer drug at $20.1 million in the three months ended Dec. 31. Sales for 2017 were reported at $26.2 million.
Three analysts surveyed by Zacks expected $19.7 million, the AP noted.
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.
Last month, however, regulators in Europe declined to approve the company’s only commercial drug without more data.
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.