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Onyx Pharmaceuticals Reports Third Quarter and Nine-Month 2008 Financial Results
Date:11/6/2008

as to explore in- licensing opportunities to grow Onyx strategically over time."

Net Revenue from Unconsolidated Joint Business

For the quarter ended September 30, 2008, Onyx reported net revenue from unconsolidated joint business of $39.9 million compared to $17.6 million for the same period in 2007. The increase in net revenue from unconsolidated joint business over the prior year is due to an increase in Nexavar revenue recognized by Bayer and royalty revenue offset by an 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 third quarter of 2008, Onyx recorded research and development expenses of $11.0 million, an increase of $3.0 million over the third quarter of 2007. The increase in expenses incurred in the third quarter of 2008 was primarily due to higher costs incurred for the development of Nexavar in breast cancer. Research and development expenses included $0.7 million of employee stock-based compensation for the third quarter of 2008 compared to $0.8 million for the third quarter of 2007.

In the third quarter of 2008, selling, general and administrative expenses were $19.3 million, an increase of $4.1 million over the third quarter of 2007. The increase in selling, general and administrative expenses was primarily due to increased employee-related expenses to support Nexavar. Selling, general and administrative expenses included $3.6 million of employee stock-based compensation in the third quarter of 2008 compared to $2.9 million for the third quarter of 2007.

Cash, Cash Equivalents and Marketable Securities

At September 30, 2008, the company had cash, cash equivalents, and current and noncurrent marketable securities of $488.2 million compared to $469.7 million at December 31, 2007. This increase was primarily due to cash provided by operations.
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SOURCE Onyx Pharmaceuticals, Inc.
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