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Onyx Pharmaceuticals Reports 2008 First Quarter Results
Date:5/6/2008

lion, or $0.09 per diluted share. The net loss for the quarter ended March 31, 2007, included employee stock-based compensation expense of $3.0 million, or $0.06 per diluted share.

Net Revenue from Unconsolidated Joint Business

In the first quarter of 2008, Onyx reported net revenue from unconsolidated joint business of $37.7 million compared to $3.0 million for the first quarter of 2007. The net revenues from unconsolidated joint business were based on total Nexavar sales of $151.9 million in the first quarter of 2008. The increase in net revenue from unconsolidated joint business over prior year is due to the increase in Nexavar revenue recognized by Bayer offset by the increase in combined commercial and research and development expenses for Nexavar. The calculation of this line item is shown in the table following the Condensed Statement of Operations.

Operating Expenses

In the first quarter of 2008, Onyx recorded research and development expenses of $7.4 million, an increase of $1.9 million over the first quarter of 2007. The increase in expenses incurred in the first quarter of 2008 was primarily due to higher costs incurred for the breast cancer program. Research and development expenses included $0.6 million of employee stock-based compensation for the first quarter of 2008 and $0.5 million for the first quarter of 2007.

In the first quarter of 2008, selling, general and administrative expenses were $19.8 million, an increase of $6.7 million over the first quarter of 2007. The increase in selling, general and administrative expenses was primarily due to increases in stock-based compensation, other employee-related expenses and increased marketing expense to support Nexavar. Selling, general and administrative expenses included $4.6 million of employee stock-based compensation in the first quarter of 2008 compared to $2.5 million for the first quarter of 2007.

Cash, Cash Equivalents and Marketable Securities

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SOURCE Onyx Pharmaceuticals, Inc.
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