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Onyx Pharmaceuticals Reports Third Quarter 2010 Financial Results; Japan License Leverages Worldwide Potential of Carfilzomib and Contributes $59.2 Million of License Revenue
Date:11/3/2010

EMERYVILLE, Calif., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) today reported its financial results for the third quarter 2010. Onyx reported non-GAAP net income of $55.3 million, or $0.84 per diluted share, for the third quarter 2010 compared to non-GAAP net income of $22.2 million, or $0.35 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 net income of $41.5 million, or $0.66 per diluted share, for the third quarter 2010 compared to net income of $8.2 million, or $0.14 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)."

"In the quarter, we were pleased to announce our partnership with Ono Pharmaceutical Co., Ltd., which will accelerate the development of carfilzomib in Japan," said Matthew K. Fust., executive vice president and Onyx's chief financial officer.  "Innovative corporate development transactions such as this one, in combination with our successful Nexavar business, provide Onyx with the resources to execute on our strategic priorities.  In the near term, we expect to build a franchise opportunity in the multiple myeloma market with carfilzomib and ONX 0912, our next-generation proteasome inhibitor and first-generation oral proteasome inhibitor, respectively.  Importantly, we are also generating additional data for potential new indications for Nexavar as well as ex
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SOURCE Onyx Pharmaceuticals, Inc.
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