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Update: Onyx Pharmaceuticals Reports Record Full Year and Fourth Quarter 2008 Financial Results
Date:2/23/2009

e U.S., European Union and other territories. In accordance with Onyx's collaboration agreement with Bayer, Bayer recognizes all revenue from the sale of Nexavar.

"This has been a year of remarkable growth and advancement for Onyx, as we increased year-over-year sales by 82% and achieved profitability for the year. We've leveraged our successes to invest strategically in the long-term growth potential of the company, creating a rich pipeline with Nexavar and beginning to shape a diversified portfolio beyond Nexavar through strategic but disciplined corporate development activities," stated N. Anthony Coles, M.D., president and chief executive officer of Onyx. "With continued sales growth from Nexavar, a comprehensive development program with near-term value drivers, and a strong financial position, we believe we are well-positioned to drive growing shareholder value in 2009 and the years to come."

Revenue from Collaboration Agreement

As of December 31, 2008 and for earlier periods presented, Onyx has adopted a new financial statement presentation based on guidance from the Financial Accounting Standards Board's Emerging Issues Task Force (EITF) 07-1, Accounting for Collaborative Arrangements. This new presentation changes the classification of amounts included in specific lines in the Statement of Operations, but does not change net income (loss) or net income (loss) per share.

Under this new presentation, the Statement of Operations includes the line item "Revenue from Collaboration Agreement." This line item consists of Onyx's share of the commercial profit generated from the collaboration with Bayer, reimbursement of Onyx's shared marketing costs related to Nexavar and Nexavar royalty revenue. Onyx's 50% share of collaboration research and development expenses is included in the research and development expense line item.

For the full year and fourth
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SOURCE Onyx Pharmaceuticals, Inc.
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