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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

general and administrative expenses were $25.9 million in the third quarter 2010, compared to $23.4 million for the same period in 2009. Higher selling, general and administrative expenses were primarily due to planned increases in spending as a result of the acquisition of Proteolix and an increase in employee-related costs.

Onyx recorded $5.6 million of non-cash expense in the third quarter 2010 associated with the increase in the fair value of the liability for contingent consideration that is recorded for the potential milestone payments from the Proteolix acquisition. The increase in the fair value is due to the passage of time.

Interest ExpenseInterest expense of $4.9 million for the third quarter 2010 primarily relates to the 4.0% convertible senior notes due 2016 issued in August 2009 and includes non-cash imputed interest expense of $2.3 million as a result of the application of ASC 470-20.

Cash, Cash Equivalents and Marketable SecuritiesAt September 30, 2010, cash, cash equivalents, and current and non-current marketable securities were $588.0 million, compared to $587.3 million at December 31, 2009. This excludes restricted cash of $31.9 million and $27.6 million at September 30, 2010 and December 31, 2009, respectively.

Nine-Month ResultsNon-GAAP net income for the nine months ended September 30, 2010 was $56.6 million, or $0.90 per diluted share, compared to non-GAAP net income of $45.6 million, or $0.73 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, employee stock-based compensation expense and non-cash imputed interest expense related to the application of ASC 470-20. 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 nine months
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SOURCE Onyx Pharmaceuticals, Inc.
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