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

net (as recorded by Bayer)

$ 245,665$ 236,122$ 481,132$ 450,483Nexavar revenue subject to profit sharing (as recorded by Bayer)

$ 206,600$ 202,979$ 399,770$ 388,846Combined cost of goods sold, distribution, selling, general and administrative expenses

89,53083,022163,540158,720Combined collaboration commercial profit

$ 117,070$ 119,957$ 236,230$ 230,126Onyx's share of collaboration commercial profit

$   58,535$   59,978$ 118,115$ 115,063Reimbursement of Onyx's shared marketing expenses

6,6876,47511,29112,299Royalty revenue

2,7342,3205,6954,314Revenue from collaboration agreement

$   67,956$   68,773$ 135,101$ 131,676ONYX PHARMACEUTICALS, INC.RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (LOSS)(In thousands, except per share amounts)(unaudited)Three Months EndedSix Months EndedJune 30, June 30, 2011201020112010GAAP net (loss)

$(54,543) $(97,182) $(103,703) $(109,227)Non-GAAP adjustments:Contingent consideration5,755 92,037 7,250 95,485 Employee stock-based compensation8,344 5,776 3,699 ,718 Imputed interest related to the convertible senior notes due 20162,509 2,222 4,944 4,379 Advance funding to S*BIO- - 2,666 - Impairment of equity investment in S*BIO- - 3,000 - Lease termination exit costs,727 - ,727 - Non-GAAP net (loss) / income (5) $(27,208) $
2,853 $  (41,417) $
,355 Computation of non-GAAP diluted net (loss) / incomeNon-GAAP net (loss) / income (5) $(27,208) $
2,853 $  (41,417) $
,355 Add:Interest and issuance costs related to dilutive convertible senior notes (6)-   -   -   -   Non-GAAP net (loss) / income - diluted (5) $(27,208) $
2,853 $  (41,417) $
,355 Computation of non-GAAP diluted sharesBasic shares3,415 2,627 3,212 2,491 Dilutive effect of convertible senior notes (6)- 73 - 222 Non-GAAP diluted shares (5)3,415 2,800 3,212 2,713 Non-GAAP net (loss) / income per share (5) $
(0.43) $
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SOURCE Onyx Pharmaceuticals, Inc.
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