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Onyx Pharmaceuticals Reports Third Quarter 2009 Financial Results; Nexavar Global Net Sales Top $229 Million, 27% Increase Over Third Quarter 2008
Date:11/3/2009

EMERYVILLE, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) today reported its financial results for the third quarter 2009. Global Nexavar net sales as reported by Onyx's collaborator Bayer HealthCare Pharmaceuticals, or Bayer, were $229.2 million for the third quarter 2009, a 27% increase compared to $180.9 million in the same period in 2008. Onyx and Bayer are marketing and developing Nexavar(®) (sorafenib) tablets, an anticancer therapy currently approved for the treatment of liver cancer and advanced kidney cancer in the U.S., European Union, Japan and other territories.

Onyx reported non-GAAP net income of $22.2 million, or $0.35 per diluted share, for the third quarter 2009 compared to non-GAAP net income of $16.6 million, or $0.29 per diluted share, for the same period in 2008. Non-GAAP net income excludes employee stock-based compensation expense, non-cash imputed interest expense related to the application of Accounting Standards Codification ("ASC") Subtopic 470-20 (formerly known as Financial Accounting Standards Board Staff Position, or FSP APB, 14-1), acquisition related transaction costs and a payment to BTG International Limited in connection with the achievement of a development milestone in the ONX 0801 program. Net income for the third quarter 2009 reflected growth in Nexavar sales and lower Nexavar commercial expenses, offset by expanded clinical development efforts, lower investment income and interest expense on the convertible senior notes issued in August 2009. On a GAAP basis, Onyx reported net income of $8.2 million, or $0.14 per diluted share, for the third quarter 2009 compared to net income of $12.2 million, or $0.21 per diluted share, in the same period in 2008. A description of the non-GAAP calculations and reconciliation to comparable GAAP measures is provided in the
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SOURCE Onyx Pharmaceuticals, Inc.
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