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Onyx Pharmaceuticals Reports Full Year and Fourth Quarter 2010 Financial Results
Date:2/23/2011

EMERYVILLE, Calif., Feb. 23, 2011 /PRNewswire/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) today reported its financial results for the full year and fourth quarter 2010. Onyx reported non-GAAP net income of $39.2 million, or $0.63 per diluted share, for the full year 2010 compared to non-GAAP net income of $54.4 million, or $0.89 per diluted share, for the same period in 2009. Onyx reported a non-GAAP net loss of $17.4 million, or $0.28 per diluted share, for the fourth quarter 2010 compared to non-GAAP net income of $8.8 million, or $0.14 per diluted share, for the same period in 2009. Non-GAAP net income excludes, among other items, adjustments to contingent consideration expense in connection with our acquisition of Proteolix Inc., or Proteolix; employee stock-based compensation expense and non-cash imputed interest expense related to the application of Accounting Standards Codification ("ASC") 470-20.

On a GAAP basis, Onyx reported a net loss of $84.8 million, or $1.35 per diluted share, for the full year 2010 compared to net income of $16.2 million, or $0.27 per diluted share, in the same period in 2009. On a GAAP basis, Onyx reported a net loss of $17.1 million, or $0.27 per diluted share, for the fourth quarter 2010 compared to net loss of $5.5 million, or $0.09 per diluted share, in the same period in 2009. A description of the non-GAAP calculations and reconciliation to comparable GAAP measures is provided in the accompanying table entitled "Reconciliation of GAAP to Non-GAAP Net Income (Loss)."

"Strong Nexavar sales for the fourth quarter and full year 2010 provided accelerated momentum across our business," said N. Anthony Coles, M.D., president and chief executive officer of Onyx. "We start 2011 well positioned to drive our Nexavar and proteasome inhibitor franchises forward. The NDA for carfilzomib in relapsed and refractory multiple myeloma is on track
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SOURCE Onyx Pharmaceuticals, Inc.
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