Puma Biotechnology Inc (NASDAQ:PBYI) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 04:30 pm ET


Puma Biotechnology Inc (NASDAQ:PBYI) Q3 2019 Earnings Conference Call - Final Transcript


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Good afternoon. My name is Doug and I will be your conference call operator today. [Operator Instructions].

I would now like to turn the conference call over to Mariann Ohanesian Senior Director of IR for Puma Biotechnology. You may begin your conference.

Mariann Ohanesian

Thank you, Doug. Good afternoon and welcome to Puma's conference call to discuss our financial results for the third quarter of 2019. Joining me on the call today are Alan Auerbach Chief Executive Officer President and Chairman of the Board of Puma; and Maximo Nougues Chief Financial Officer. After market close today Puma issued a news release detailing third quarter 2019 financial results. That news release the slides that Alan will refer to and a webcast of this call are accessible via the homepage and investor sections of our website at pumabiotechnology.com. The webcast and presentation slides will be archived on our website and available for replay for the next 90 days. Today's conference call will include statements about the company's future expectations plans and prospects that constitute forward-looking statements for purposes of federal securities laws. Such statements are subject to risks and uncertainties and actual events and results may differ from those expressed in these forward-looking statements.

For a full discussion of these risks and uncertainties please review our annual report on Form 10-K for the year ended December 31 2018 and any subsequent documents we file with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this live conference call November 6 2019. The company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call except as required by law. During today's call we may refer to certain non-GAAP financial measures that involve adjustments to our GAAP figures. We believe these non-GAAP metrics may be useful to investors as a supplement to but not a substitute for our GAAP financial measures. Please refer to our third quarter 2019 news release for a reconciliation of our GAAP and non-GAAP results.

I will now turn the call over to Alan.

Alan H. Auerbach

Thank you, Mariann and thank you all for joining our call today. Today Puma reported total product revenue for the third quarter of 2019 of $53.5 million. Total product revenue consisted of product revenue for sales of NERLYNX. Net sales of NERLYNX were $53.5 million in the third quarter of 2019 a 0.6% decline from the $53.8 million in net sales reported in the second quarter of 2019. I will begin with a review of some of the highlights of the quarter and then provide some more detail on the NERLYNX commercial activities in the U.S. Maximo Nougues will follow with highlights of the key components of our financial statements for the third quarter of 2019. In July we announced that our licensing partner in Canada Knight Therapeutics received marketing authorization from Health Canada for NERLYNX for extended adjuvant treatment