Puma is a debt-free oncology value play where mature NERLYNX cash flows fund a binary alisertib pipeline option before the 2030 patent cliff arrives.
Overview
Puma Biotechnology is a commercial-stage oncology company built around NERLYNX, an FDA-approved oral HER2 tyrosine kinase inhibitor for extended adjuvant and metastatic breast cancer, and alisertib, a clinical-stage Aurora Kinase A inhibitor. U.S. NERLYNX sales dominate revenue, while international markets are served through licensing partners. The business offers stable but mature cash generation, a debt-free balance sheet, and meaningful pipeline optionality. However, the company remains highly concentrated in one commercial asset, with long-term value increasingly dependent on alisertib clinical success before NERLYNX faces generic erosion after 2030.