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Onyx Pharmaceuticals Reports Second Quarter 2012 Financial Results
Date:8/1/2012

SOUTH SAN FRANCISCO, Calif., Aug. 1, 2012 /PRNewswire/ -- Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) today reported its financial results for the second quarter 2012. Onyx reported non-GAAP net loss of $43.6 million, or $0.68 per diluted share, for the second quarter 2012 compared to non-GAAP net loss of $27.2 million, or $0.43 per diluted share, for the same period in 2011.

"Onyx's transformation in 2012 has been remarkable, with the recent accelerated approval of Kyprolis in the United States and the continued momentum with several upcoming regulatory and data milestones," said N. Anthony Coles, M.D., president and chief executive officer of Onyx. "As part of our growth strategy, we are making important investments in developing Kyprolis across additional lines of therapy and advancing our oral proteasome inhibitor, oprozomib, to further unlock the value of our pipeline. In our kinase inhibitor franchise, Nexavar is contributing increasing cash flow and Bayer's regorafenib is under FDA priority review, setting our business up for future success globally."

On a GAAP basis, Onyx reported a net loss of $106.0 million, or $1.65 per diluted share, for the second quarter 2012 compared to $54.5 million, or $0.86 per diluted share, for the same period in 2011. 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 Loss."

Operating RevenueRevenue from the collaboration agreement with Bayer on Nexavar® (sorafenib) tablets net sales was $72.7 million for the second quarter 2012, an increase of 7% compared to $68.0 million for the same period in 2011. Nexavar net sales, as recorded by Bayer, excluding Japan, were $214.5 million and $206.6 million for the three months ended June 30, 2012 and 2011, respectively. Onyx and Bayer are marketing and deve
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SOURCE Onyx Pharmaceuticals, Inc.
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