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

nds and commercial activities and the timing, progress and results of clinical development, regulatory filings and actions. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated. Reference should be made to Onyx's Annual Report on Form 10-K for the year ended December 31, 2007, filed with the Securities and Exchange Commission, under the heading "Risk Factors" for a more detailed description of such factors, as well as the company's subsequent quarterly reports on Form 10Q. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. Onyx undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.

(See attached tables.)


                               ONYX PHARMACEUTICALS, INC.
                           CONDENSED STATEMENTS OF OPERATIONS
                         (In thousands, except per share amounts)
                                       (unaudited)

                                   Three Months Ended  Twelve Months Ended
                                        December 31,        December 31,
                                   ------------------  ------------------
                                      2008      2007      2008      2007
                                   --------   -------  --------   -------
    Revenue from collaboration
     agreement                      $49,650   $26,101  $194,343   $90,429
    Operating expenses:
      Research and development (1)   59,905    27,226   123,749    83,306
      Selling, general and
       administrative (1)            22,008    16,406    80,994    60,546
                                   --------   -------  --------   -------
    Total operating 
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SOURCE Onyx Pharmaceuticals, Inc.
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