Onyx Pharmaceuticals Reports Third Quarter and Nine-Month 2008 Financi... ( Nexavar Net Sales increase...)

Onyx Pharmaceuticals Reports Third Quarter and Nine-Month 2008 Financial Results

Date:11/6/2008

Nexavar Net Sales increase 73% over Third Quarter 2007

EMERYVILLE, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) today reported its financial results for the three and nine months ended September 30, 2008. Onyx reported net income of $12.2 million, or $0.21 per diluted share, for the third quarter of 2008 compared to net income of $0.6 million, or $0.01 per diluted share, in the same period in 2007. Excluding employee stock-based compensation expense, non-GAAP net income for the third quarter of 2008 was $16.6 million, or $0.29 per diluted share, compared to a non-GAAP net income of $4.2 million, or $0.08 per diluted share, in the same period in 2007. A description of the non-GAAP calculations are provided below in the accompanying Reconciliation of GAAP to Non-GAAP Net Income.

Global Nexavar net sales as reported by Bayer HealthCare Pharmaceuticals, Inc., or Bayer, were $180.9 million for the quarter ended September 30, 2008, a 73% increase over the $104.6 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 U.S., European Union, and other territories internationally.

"As demonstrated by Nexavar's continued sales growth, we are further building our leadership in the liver cancer market with ongoing product launches in multiple countries, including Italy and China," said Tony Coles, M.D., president and chief executive officer of Onyx. "The significant growing commercial contribution from Nexavar allows us to continue to invest in additional possible indications for Nexavar, as well
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Onyx Pharmaceuticals Reports Third Quarter and Nine-Month 2008 Financi...( Nexavar Net Sales increase...),Health