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

ion with the exits of these facilities, the Company recorded $10.7 million of non-cash lease termination exit costs.

Interest ExpenseInterest expense of $5.0 million for the second quarter 2011 primarily relates to the 4.0% convertible senior notes due 2016 issued in August 2009 and includes non-cash imputed interest expense of $4.9 million as a result of the application of ASC 470-20.

Cash, Cash Equivalents and Marketable SecuritiesOn June 30, 2011, cash, cash equivalents, and current and non-current marketable securities were $550.6 million compared to $577.9 million at December 31, 2010. This excludes restricted cash of $31.9 million at December 31, 2010.  

Six-Month ResultsNexavar net sales, as recorded by Bayer, were $481.1 million and $450.5 million for the six months ended June 30, 2011 and 2010, respectively. Non-GAAP net loss for the six months ended June 30, 2011 was $41.4 million, or $0.66 per diluted share, compared to non-GAAP net income of $1.4 million, or $0.02 per diluted share for the same period in 2010. Non-GAAP net income excludes employee stock-based compensation expense, non-cash imputed interest expense related to the application of ASC Subtopic 470-20, non-cash items related to the advance funding and impairment of equity investment in S*BIO, lease termination exit costs  and adjustments to contingent consideration expense in connection with our acquisition of Proteolix. A description of the non-GAAP calculations is provided below in the accompanying table entitled "Reconciliation of GAAP to Non-GAAP Net Income (Loss)." For the six months ended June 30, 2011, on a GAAP basis Onyx recorded a net loss of $103.7 million, or $1.64 per diluted share, compared with a net loss of $109.2 million, or $1.75 per diluted share, for the same period in 2010.

Management Conference Call TodayOnyx will host a webcast and teleconference with management to discuss second quarter 2011 fi
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SOURCE Onyx Pharmaceuticals, Inc.
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