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

Nine-Month Results

For the nine months ended September 30, 2008, Onyx recorded net income of $32.1 million, or $0.57 per diluted share, compared with a net loss of $22.5 million, or $0.45 per diluted share, for the same period in 2007. Nexavar net sales, as recorded by Bayer, were $501.3 million and $246.8 million for the nine months ended September 30, 2008 and 2007, respectively. Excluding employee stock-based compensation expense, non-GAAP net income for the nine months ended September 30, 2008 was $45.9 million, or $0.81 per diluted share, compared to a non-GAAP net loss of $12.2 million, or $0.24 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.

New Presentation of Statement of Operations Beginning Next Quarter

In December 2007, the Financial Accounting Standards Board (FASB) ratified Emerging Issues Task Force (EITF) 07-1, "Accounting for Collaborative Arrangements". Onyx has elected to adopt this new accounting guidance as of December 31, 2008. As a result, the company's Statement of Operations for the year ending December 31, 2008 and prior periods will be reclassified to conform to this new guidance. This new presentation impacts the classification of amounts included in specific line items, but has no overall impact on net income (loss) or net income (loss) per share. Quarterly financial data for 2007 and 2008 will be presented with the new presentation in Onyx's 2008 Form 10-K to be filed next year.

As a result of this new presentation, the Statement of Operations will include the line item "Revenue from Collaboration Agreement." This line item will consist of the company's share of the commercial profit generated from the collaboration with Bayer, the reimbursement of the company's shared marketing costs related to Nexavar and royalty revenue. Onyx's 50% share of collaboration research and develo
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SOURCE Onyx Pharmaceuticals, Inc.
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