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Onyx Pharmaceuticals Reports First Quarter 2011 Financial Results
Date:5/4/2011

ib; competition; failures or delays in our clinical trials; dependence on our collaborative relationship with Bayer; if approved, we may be unsuccessful in launching, maintaining adequate supply of or obtaining reimbursement for carfilzomib; market acceptance and the rate of adoption of our products; pharmaceutical pricing and reimbursement pressures; serious adverse side effects, if they are associated with Nexavar or carfilzomib; government regulation; possible failure to realize the anticipated benefits of business acquisitions or strategic investments; protection of our intellectual property; the indebtedness incurred through the sale of our 4.0% convertible senior notes due 2016; and product liability risks. Reference should be made to Onyx's Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission, under the heading "Risk Factors" for a more detailed description of these and other risks. 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.ONYX PHARMACEUTICALS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(unaudited)Three Months EndedMarch 31, 20112010Revenue: Revenue from collaboration agreement$  67,145$  62,903Total revenue67,14562,903Operating expenses:Research and development (1) (2)62,49443,575Selling, general and administrative (1)34,47124,721Contingent consideration11,4953,448Total operating expenses108,46071,744Loss from operations(41,315)(8,841)Investment income649789Interest expense (5,002)(4,724)Other expense (3)(3,462)-Loss before provision (benefit) for income taxes(49,130)(12,776)Provision (benefit) for income taxes32(732)Net loss$(49,162)$(12,044
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