of 2008, selling, general and administrative
expenses were $19.8 million, an increase of $4.1 million over the second
quarter of 2007. The increase in selling, general and administrative
expenses was primarily due to increased marketing and employee-related
expenses to support Nexavar. Selling, general and administrative expenses
included $3.4 million of employee stock-based compensation in the second
quarter of 2008 compared to $2.9 million for the second quarter of 2007.
Cash, Cash Equivalents and Marketable Securities
As of June 30, 2008, the company had cash, cash equivalents, and
current and non-current marketable securities of $471.2 million compared to
$469.7 million at December 31, 2007. This increase was primarily due to
cash provided by operations in the first half of 2008.
For the six months ended June 30, 2008, Onyx recorded net income of
$19.9 million, or $0.35 per diluted share, compared with a net loss of
$23.0 million, or $0.49 per diluted share, for the same period in 2007.
Nexavar net sales, as recorded by Bayer, were $320.4 million and $142.2
million for the six months ended June 30, 2008 and 2007, respectively.
Excluding employee stock-based compensation expense, non-GAAP net income
for the six months ended June 30, 2008 was $29.4 million, or $0.52 per
diluted share, compared to a non-GAAP net loss of $16.4 million, or $0.35
per diluted share for the same period in 2007. A description of the
non-GAAP calculations is provided below in the accompanying Reconciliation
of GAAP to Non-GAAP Net Income.
Conference Call with Management Today
Onyx's management will host a teleconference and web cast to provide a
general business overview and discuss second quarter 2008 financial
results. The event will begin at 5:00 p.m. Eastern Time (2:00 p.m. Pacific
Time) on August 5, 2008. Interested parties may access a live web cast of
the presentation on our website at:
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|SOURCE Onyx Pharmaceuticals, Inc.|
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