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Onyx Pharmaceuticals Reports Fourth Quarter and Twelve-Month 2007 Financial Results
Date:2/19/2008

Annual Nexavar Net Sales Increased 125% to $372 million in 2007; Fourth

Quarter Sales up 96% over same period last year

EMERYVILLE, Calif., Feb. 19 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) today reported its financial results for the three and twelve months ended December 31, 2007. Onyx reported a net loss of $11.7 million, or $0.21 per share, for the fourth quarter of 2007 compared to a net loss of $20.7 million, or $0.47 per share, in the same period in the prior year. For the twelve months ended December 31, 2007, Onyx recorded a net loss of $34.2 million, or $0.67 per share, compared with a net loss of $92.7 million, or $2.20 per share, for the same period in 2006.

Nexavar net sales were $124.9 million for the quarter ended December 31, 2007, which represents a 96% increase over the $63.7 million reported in the same period in 2006 and a 19% increase over the $104.6 million reported in the quarter ended September 30, 2007. Nexavar net sales were $371.7 million in 2007, a 125% increase over the $165.0 million reported in 2006. Onyx, with its collaborator, Bayer HealthCare Pharmaceuticals Inc., or Bayer, is marketing and developing Nexavar(R) (sorafenib) tablets, an anticancer therapy currently approved for the treatment of advanced kidney cancer and liver cancer in the U.S., European Union, and other territories internationally. In accordance with Onyx's collaboration agreement with Bayer, Bayer recognizes all revenue from the sale of Nexavar.

"We are pleased with Nexavar's continued commercial growth, generating worldwide net sales of $124.9 million for the fourth quarter and $371.7 million for 2007," said Hollings C. Renton, president, chief executive officer, and chairman
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SOURCE Onyx Pharmaceuticals, Inc.
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