PBYIPUMA BIOTECHNOLOGY, INC.

Pharmaceutical Preparations

Revenue: $228M; 0.9% YoY
Operating margin: 16.3%; 22% YoY
EBITDA: $48M; 14% YoY
Market cap: $534M
Employees: 179; $1M revenue each
Net debt / EBITDA: -0.5×; −$25M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
134% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeNo
$1M · 83rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 14th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$534M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$253M	$228M	$236M	$230M	$228M	0.9%
Operating income	$1M	$24M	$33M	$31M	$37M	20%
Net income	$29M	$2K	$22M	$30M	$31M	2.8%
Operating cash flow	$21M	−$16M	$27M	$39M	$42M	7.4%
Capex	$0	$0	$140K	$56K	$71K	27%
Stock-based comp	$33M	$12M	$10M	$8M	$7M	16%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 6, 2026	AUERBACH ALAN H	SCHEDULE 13D/A	16.0%	Passive
Dec 13, 2022	AUERBACH ALAN H	SC 13D/A	20.5%	Passive
Mar 15, 2022	AUERBACH ALAN H	SC 13D/A	—	Active
Feb 14, 2019	AUERBACH ALAN H	SC 13D/A	17.6%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 17
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$4M	58	125
FY2024	$4M	$3M	30	93
FY2023	$3M	$3M	42	94
FY2022	$3M	$3M	41	90
FY2021	$18M	$15M	30	100