Nexavar Net Sales increase 149% over First Quarter 2007
EMERYVILLE, Calif., May 6 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) today reported its financial results for the first quarter ended March 31, 2008. Onyx reported net income of $15.4 million, or $0.27 per diluted share, for the first quarter of 2008 compared to a net loss of $12.2 million, or $0.26 per diluted share, in the same period in 2007.
Nexavar net sales as reported by Bayer HealthCare Pharmaceuticals, Inc., or Bayer, were $151.9 million for the first quarter ended March 31, 2008, a 149% increase over the $60.9 million reported in the same period in 2007. Onyx with its collaborator, Bayer, is marketing and developing Nexavar(R) (sorafenib) tablets, an anticancer therapy currently approved for the treatment of liver cancer and advanced kidney cancer in the United States, European Union, and other territories internationally.
"We are pleased with Nexavar's strong performance in the first quarter of 2008, generating worldwide net sales of $151.9 million, which we attribute to the continued successful launch of Nexavar in liver cancer in both the United States and in the rest of the world," said Tony Coles, M.D., president and chief executive officer of Onyx. "While we continue the global launch of Nexavar in liver cancer, we are focusing commercial efforts on the further development of this new market to support the long-term growth of this important opportunity. At the same time, we are investing in a broad clinical program to realize the potential benefits of Nexavar in numerous other tumor types."
The net profit for the first quarter ended March 31, 2008, included
employee stock-based compensation expense of $5.2 mil
|SOURCE Onyx Pharmaceuticals, Inc.|
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