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Onyx Pharmaceuticals Reports Second Quarter 2011 Financial Results
Date:8/3/2011

mparable GAAP measures is provided in the accompanying table entitled "Reconciliation of GAAP to Non-GAAP Net Income (Loss)."

Revenue from Collaboration AgreementGlobal Nexavar net sales, which are recorded by Onyx's collaborator, Bayer HealthCare Pharmaceuticals Inc., or Bayer, were $245.7 million for the second quarter 2011, an increase of $9.6 million, or 4%, compared to $236.1 million for the same period in 2010. Onyx and Bayer are marketing and developing Nexavar® (sorafenib) tablets, an anticancer therapy currently approved for the treatment of unresectable liver cancer and advanced kidney cancer in over 100 countries worldwide.

For the second quarter 2011, Onyx reported total revenue from collaboration agreement of $68.0 million compared to $68.8 million for the same period in 2010.

Operating ExpensesOnyx recorded research and development expenses of $63.0 million in the second quarter 2011 compared to $43.3 million for the same period in 2010. The increase in research and development expense was primarily due to investments in the development of carfilzomib, particularly the Phase 3 ASPIRE and FOCUS trials.  

Selling, general and administrative expenses were $38.2 million in the second quarter 2011, compared to $26.6 million for the same period in 2010. Higher selling, general and administrative expenses between periods were primarily due to planned increases in employee headcount and related costs, legal costs, and selected pre-launch spending for carfilzomib.

Onyx recorded $5.8 million of non-cash contingent consideration expense in the second quarter 2011 associated with changes in the fair value of the liability for contingent consideration recorded for the potential milestone payments under the Proteolix acquisition.

As a result of consolidation of its facilities, Onyx ceased the use of facilities it previously occupied in Emeryville and in South San Francisco, California. In connect
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SOURCE Onyx Pharmaceuticals, Inc.
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